would remain in the eurozone as he relieved further 82 briefing thing. the latest from. betty: google talk has been flat for the past year. investors want to eat bigger revenue growth, especially on mobile. came the search giant delivered ? trumpbreaking down donald net worth. if he really worth $10 billion that will bring the analysis of donald trump empire. betty: good afternoon. i am betty liu. crumpton. mark thank you for joining us on bloomberg market day with a look at the markets on this thursday. citigroup, intel, netflix, and even a beating analyst or cast, along with the ease be or cast zoneedge to live the euro

economy lifting wall street higher. at 21 20. point 75% dow jones up nearly a quarter of her percent at 18,085. at that composite up nearly a old percent today. -- nasdaq composite. gold futures at the low was november, investors leaving the precious metal after janet yellen told washington interest rates will probably increase the year. to 1100 44 perwn ounce. nymex crude nearly down half a percent. a record high refinery run. nymex crude 51.16 per barrel. treasuryer in the markets, you have seen yields come down just a little bit on the 10 year. pretty much flat here. investors oscillating between being worried about rising interest rate and at the same greece hasf that

passed the bailout measure. speaking about greece in europe, take a look at the currency markets. the stronger dollar partly based on the ecb saying they will continue with the stimulus. the euro falling in reaction to that to a seven-week low against the dollar. -- found as well well as dancing to the strongest level in more than seven years against the euro. -- the pound. some of that has to do with the weakness in the euro. the u.s. navy has confirmed a shooting at a building in chattanooga, tennessee. according to the cities they are and the u.s. navy, mayor and andy burke" it is a horrific situation" and also said there is an officer down but did not release any other details. police have set up a command

post near the site. it was not immediately clear how many people may have been hurt or whether the shooter had been caught. much-needed got good news. opening a third bailout package to provide more support to the shattered banks and give the country and inner loan to cover upcoming debt. is uncontroversial the debt relief is necessary. i think nobody has ever disputed that. the issue is, what is the best form of debt relief within our legalork, within our institutional framework? i think we should focus on this point in the coming weeks. --ty: also today, freeze's greece's fellow state said they were worth -- willing to open talks. the move comes after athens taxoved a series of hack --

hikes overnight. goldman sachs in citigroup's reported second earnings earlier today. goldman sachs reported profit that dropped 49 from a year ago. the firm had higher leave -- legal cost related to former mortgage litigation. at citigroup revenue drop but so did operating profit. the yield michael corbat has been selling businesses and getting out of consumer banking and more than a dozen markets. -- ceo michael corbat. mark: initial jobless claims have stayed below 300,000 for 19 weeks in a row, the longest streak since 2000. jobless claims often sees this time of year because carmaker shutdown plans to retool for new models. mortgage rates have risen to the highest level since october, and janet yellen maybe be one reason. the average rate for a fixed 30 year low was just below 4.1%. yesterday chair yellen said the fed is likely to raise interest rates this year. industry experts say speculation

about her rate hike is helping to boost mortgage rates. tonight -- janet yellen returns to the hill today for a second day of questioning. follow this line that starts at 2:30 new york time. betty: ebay selling the enterprise unit to a group led by primera. the price tag 920 $5 million. the online auctioneer also reported second order sales that beat wall street estimates. on the use the breakup from transaction business paypal. invested -- investors are eager for indications how will will perform on its own when even starts trading as a separate company monday. ebay has struggled with sluggish sales after a major data breach that -- last year. any nominations are out. a big leaderones" so far. this score is nomination for outstanding drama series. a sign that tv is becoming more

diverse, henson for empire and feel the davis for how to get away with with murder becoming best actress. no african-american actors have one the top drama acting award. know game of thrones. betty: i think a of thrones was also snubbed accordingly. -- i think empire was snubbed accordingly. speaking about the emmys, a big day for netflix. the companies or dirty for emmy nominations, including outstanding drama. " orange isarfor the new black" and " house of cards." 73% of the subscriber growth was from international markets. so let's bring in cory johnson. he has already brought himself in. editor at large will slide

in every once in a while. that is what it means. you know me. so let's talk about the netflix number. there was one number and one number alone netflix -- we should look at. earnings growth, forget that. flow you do- cash not want to look at the numbers were so bad. the one number, subscribers. when we look at those numbers, the greatest interest is international subscriber growth. we have this question, how big can this is missed the internationally -- business the internationally yet: the numbers crossed the tape yesterday and the international number it looked great. they added so many more than work that did and the growth rate improved. , look at mypected expected to add

1.9 4 million subscribers. instead 2.37. 438,000 -- 400 30,000 more than expected. 0,000 more than expected. guess how many they gave away internationally? a surprise 430,000. free subscriptions. subscribers who don't pay. >> 1.6 million freebies. the surprise 430,000. they told everyone, look at this number but give away one point million internationally. betty: explain what you mean by giving away? cory: freebies. they are hoping that people paying customers. netflix can decide how many they want to give away. they are hoping they will be paying customers. is that usually the case? at

some point they say i like this let me pay for this now. cory: every analysts on wall street would love to know. here is what we do know, they have always done this. let's say 60% of the new subscriptions were always going to be freebies. the number is all over the place. this quarter. a year as though was 80%. long it willer how keep the $7.99 price. the mistake with this for one second. when wall street focuses on this number, you have to think about how it was created. they can actually control this number himself. that is why the subscribers grew fantastically and revenues do not. i think it is a big part of that but i think wall street will deep -- ag -- dig a

bit deeper. someday subscribers is not the number that will matter or the stock. -- for the stock. betty: stay with us. we want to turn our attention to google. joining us from chicago, rich summers who covers google and currently has a buy rating on the stop. thank you for your time today. appreciate it. what are we watching for today ec? results for google are always a mixed bag because we do not get a lot of information. we are looking primarily at three things. a new cfo that we can talk about. revenue growth has decelerated. understanding the celebration is important. secondly there is hope and promise of market expansion. -- margins have

declined by about 500 basis points and understanding the trajectory of how we can it band is critically important. , in situ that the bit of regulatory insight going on with reese to europe. betty: what i get -- what gets attention is the moonshot project, the driverless car and nest and others. is it fair to devote some time to looking at those projects, or are they just too small to impact google? >> it is absolutely fair, and i think one of the things we're this era ends and a new era beginning, a little bit more transparency around that, understanding what milestones there are. our own internal estimates look at $2.5 billion in annualized rmb put on the discretionary projects.

normalizing means an extra 2.5 of eps if we really view that as a discretionary bucket. understanding how they are measuring, how they are managing the projects absolutely are key. history as shown they do not like to give a lot of details to that. cory: you wonder if the new cfo will bring wall street spending or will be a real numbers person and try to bring those things in. conferencehe first call as cfo of google, this bigger issue for google, at least in my opinion, the cost for collapse. as we have gone from desktop to mobile, they have a lot more impressions, clicks, but a lot there is oh isd the hope it would stop falling. with every report and click the

cost continues to fall, do you see an end in sight ever to this? are couple of things we're really encouraging our clients to look at. first of all, the way google has always presented is overly aggregated. we did not understand which properties are going to. a little bit of insight that was being dragged down by youtube as an example. these are entirely different advertisement unit participating in the market funnel. we like and internet to the magazine with unlimited amounts of inventories. if advertisers are continuing to increase budget toward google, that is by and large a fantastic thing for google at the platform. getting lost in the new wants in cost per click is very troubling. on hand, 69 cash billion. is the company's ending it spending it wisely?

>> our answer is yes. we start to ask when to receive cash return to shareholders yet that the question of dividend absolutely should be the top of investors minds and something management starts to address. joining us. you for rick sommer, morningstar senior analyst on google. you johnson, before we let go, we're looking at some of the day, sold on amazon prime so if i were in japan i would have gotten you a green smoothie mix. mark: does anything on that graphic surprise you? no, it does not. this is an interesting day. an important thing for amazon. they are trying to boost made summer sales. the biggest days are the days

after thanksgiving. the same way we were talking about netflix under -- able to control the one metric. the one thing that matters for amazon, topline revenue. selling stuff four less than a cost, they confuse the revenue. betty: sandals and monopoly board game. thank you, cory. stay with us. bloomberg market day continues in just a moment. ♪

betty: welcome back to the bloomberg market day. i am betty liu. mark: going to julie hyman with a look at the market. taking a closer look today at the auto section.

julie: that is after we got a call out of barclays downed grady -- downgrading the whole sector to negative from neutral. , so autootors, delphi and auto parts maker. that stock trading lower today. it all has to do with china. the barclays analyst led by brian giant -- brian johnson chinese production turns negative. not only that, but the weakness in china that will not be offset by gains in the u.s. the u.s. on this industry has peaked according to johnson. those that he highlights in particular as not being desirable right now. i want to look at the one he , whichy is desirable makes sense or imaging technology that goes into cars. atsaid it is very little

this point. also, the technology it has is a little more agnostic, depending on whether the auto industry is strong. more of a technology company. jeffries making a call on toyota , upgrading the japanese traded shares in particular. we can see they're up by 1.25%. jeffries saying share buybacks should be good for the company. there is good knows -- good news flow including headlines on the new prius, and the companies stock performance has been lackluster. i wanted to look at how it is doing versus gm and ford. you have the green line toyota. i believe the white line g.m., the yellow line ford. you can see where they start the year. gm and ford are lower. toyota, u.s. shares, are actually up 8%. they have outperformed versus

competitors. interesting thing know the performance has been lackluster. perhaps analysts were expecting even more from toyota shares. mark: julie hyman, thank you. betty: a look at the top stories crossing the terminal. a clash of the retail giants. walmart says the counterattack to amazon find a sales promotion paid off. ballmer put thousands of items on sale this week. yesterday the biggest day ever for same-day pickup. amazon has not released sale numbers but give a good picture of what happened. one analyst estimated sales were up around 80% and higher. pitt is urging cosco to stop selling eggs from caged hens. the 51-year-old actor says the to box chain is contributing animal cruelty by doing so. birds suffer cage atrophy of their muscles and bones from years of immobility,

adding they have been banned in california and much of europe. he is not the only high profile --ertainer collett challenging cosco. bill martin game at the company in an editorial published in the " new york times." many others, burger king and walmart and others have said they will stop doing this as well. once you have got one mover, the others follow. mark: costco has said they do practice this, but apparently either video or people have said they have seen what was doing -- what was being done to the hands so now brad pitt in belmar -- bill marr are trying to rally others to the cause. betty: the gloves are coming off. the sec charging this woman of fraud, and she is on the warpath. the sec, taking to social media to fight back. that story. ♪

betty: the founder of the patriarch witty firm partners per politician, part performer and on fire. fighting back against the sec, suing the agency after allegations she was cheating investors by buying and restructuring companies close to collapse. her priorities were always aboveboard she says. my reputation is severely damaged in the end, ultimately it could cost companies and cost people their jobs. fight for myed to people and their families. that is really what gives me the strength to battle. it is not about me, it is about the people i have the responsibility to protect. is the cover of

the bloomberg businessweek story. she left top car wrote this. -- sheila top car wrote this. in a type ofioneer distressed investing that allowed her to take poorly performing loans with companies close to think chris he, bundled them up. -- close to bankruptcy and bundle them up. she has pledged her career trying to save many of the bankrupt companies that she takes over and preserve jobs, rather than liquidating. the sec is now suggesting she has not been totally forthcoming with investors. betty: in what way? are saying she is been marking her loans and investments as being performing, doing better than they actually may be doing, and she has been doing that in order to allegedly collect fees and keep the companies going and under her control, rather than perhaps

defaulting and liquidating them. mark: she did not take this sitting down. she has been all over social media, a very angry lady. she's feisty. she is prepared to fight. she is very good at working the media. she prepared a pretaped againstw, a countersuit the sec charging them in federal court and has started to become very active on twitter and instagram. mark: you can read the story of bloomberg businessweek. thank you. betty: fascinating woman. mark and i leave you here. mark: i hope that means i am incapable hands. ♪

mark: welcome back to the bloomberg market day. i am mark crumpton in new york. topyou straight to your

headlines at this hour. an update on one of our top doors. officials in chattanooga, tennessee say the active shooter situation is now over. at least two facilities attacked, including a navy recruiting building. >> we had somebody out there shooting at her army reserves enter. very terrible situation, and we need to go figure out how we can handle it. immediately not clear how many people may have been hurt. vice president biden back on capitol hill today trying to persuade in it -- senate democrats to support the nuclear iran.ith after meeting yesterday with congressional democrats, the vice president said quote i think we are going to be ok. the house minority leader said today the deal will have my strong support. still, many democrats are

skeptical in most republicans flat out opposed as is israeli defense minister n'djamena netanyahu. congress has two months to review the deal. pass a resolution rejecting it and the president can veto it. pushing for a ferret justice system today as he becomes the first sitting resident to the a federal prison. he visited l3 no federal correctional in two to show in, a medium security facility from male offenders near oklahoma city, oh homa. we have tobama: consider whether 20 or 30 life sentence for nonviolent crimes is the best way for us to solve these problems. mark: the president also met separately with law enforcement officials in nonviolent drug offenders. social media and germany kicks loaded today with a story about drivingor angela merkel a school girl to tears. it happened as the chancellor

met with three dozen students. the girl says her parents came to germany read -- four years ago and were waiting or a decision on the asylum application. at first the chancellor responded with talking points that apparently was taken aback when the girl began to cry, and she stepped over to comfort her. she told the girl politics and be tough, and there are thousands of people in refugee camps in lebanon, she said we cannot let them all come to germany. wisconsin supreme court has handed scott walker a major victory, ending an investigation into whether his 2012 recall campaign for donated illegally with conservative groups. the case revolves around political activity by the wisconsin club for growth and other conservative groups. warmer president george herbert hospitalized in man with a broken bone in his neck. he fell at home.

he is 91. a spokesperson said he is fine and will be wearing a neck brace . a new poll indicates hillary clinton's standing of falling among democrats. voters to her as less decisive decisive and inspiring than when she launched her campaign three months ago. s view her left inspiring. those are your top stories at this hour. half-hour,n the next can golf courses, hotels, tv shows and ties make you 10 billion dollars? we will dig through donald trump's financial disclosure to find out how much he is really worth. janet yellen back on capitol portion.the senate we will bring you live coverage coming up. since the greek parliament voted

late last night to accept fiscal reforms the neighbors have softened lightly. european finance ministers agreed to lend greece 7 billion euros in a bridge loan in part to allow it to pay european central due monday. after that phone was announced, the ecb said emergency support to greek banks will be increased, first step toward helping the country's banks reopened. of controlseness are hampering the economy there, so the idea is to move as fast as we can, but also with a degree of caution. go now to david gora in athens. what kind of difference could this kind of infusion of liquidity make for greece? >> people here have been waiting for the banks to reopen. they are saying the ecb has frozen the liquidity, about one

billion worth of what entity coming to greece in the past week, incredibly important for the country. he mentioned capital controls. the banks may reopen early next week. capital controls we expect will stay in place. couple of could be a months until those restrictions on how much money greeks can take out of money -- out of banks will stay in place. i want to pivot to the politics. obviously a big vote last night for the alexis prime minister having them both on the plan. it went well into the early morning hours in athens. party votedf his against that. there has been a lot of talk about what is going to happen next with his government and what will happen with whether or not they will have a unity in anment, have to govern

minority capacity. we are heard rumors that will be juggling at the. they said if they are asked to do so, they will resign from their position of government. all of that will shake out in the next few days in athens. mark: joining me from the headquarters in new york, managing director of sovereign risk at moody's. thank you so much for your time today. the capital controls on the greek banks, is this something that will last longer than most people expect? >> this week we have seen a number of important parliament moment. we have the bridge loan in place and the ecb actions. these are important steps along this long, arduous path to get a third bailout program in place for greece. the major risk is the political

aspect and the political implementation risk and creditors are looking for greece to show progress toward implementing these newly agreed terms and hammering out the detailed terms of the third bailout are really what we're looking tonight. the significance of that the international monetary is not part of this latest plan? >> that is right, the imf part of the latest plan. the imf has signaled he would like to see some good relief. that should come in a number of forms but the imf is looking for greece to make concerted progress in meat certain milestones before it starts to engage in the process. we do not fix it the imf will start to involve itself until later this year. we also do ask that their involvement could mean debt restructuring, which means haircuts for the official sector creditors. a conversation we are

heard, at least the information is greece is being thrown another lifeline, something that would last through august, and then they have to look a little further out. , does itof this address the fundamental structural reforms that greece needs to undertake to get back f its feet this silly?-- iscally? conditionsr of the are laid out in broad strokes for the third bailout, but the details will emerge over the coming weeks, exactly what kind of pension reforms, tax increases, additional structural changes will come in, and at what cost gekko we will learn more over the next coming weeks. we will see how challenging politically and economically some of these reforms will be. i think that is a critical issue how can this is

government stick together and how can it show progress and commitment to reaching these reforms and implementing them? this be the spark close that leads to more fiscal centralization throughout europe? think that is a possibility. i think our base case is greece will stay in the euro area. it will not exit from the euro area. bailoutlive by the terms of the third bailout. it will continue on the path of incremental reform. it will be a long time coming. deep economic problems. these are very challenging times for greece. i think reap warms will be a long-term progress -- long term

project for greece. even given the tenuous nature of what is going on right now, would it be the time for greece to undertake investment in europe or is it still to >> i think greece's economy was showing signs of healthy recovery. about a year ago it started to really make traction and progress. it was not until the election and new form of government came and that things started to go a little bit more south, and the economy has really come to a standstill. the state of the banking system is such that the banks have run out of liquidity. the latest ecb action today gives them a little bit of breathing room but they will run out of the limited headroom to have remaining.

so the banking system is not helping. it is quite a drive on the economy. i think economic numbers coming out of greece will be very challenging. it will create opportunity for investor is it could create opportunities or businesses to look to greece. it is a pretty lackluster, negative picture. mark: managing director of sovereign risk of moody's joining us from her office in new york. always a pleasure to have you on. thank you for your time. mark: still ahead, european stocks advanced for a seven day. a look at the winning streak in today's global market wrap next. ♪

mark: welcome back. i am mark crumpton. julie hyman standing by with the details. j stocks higher across the board. a couple of things contributing, one of them the situation in europe seems to be improving. in addition, earnings in the united states. a lot of earnings gains. leading gains. as we see u.s. averages up for the fifth day in six, we are seeing a pretty dismal stretch for the victims. we have had a bigger return to volatility. that is no longer the case, down another 8% today. if you look on the bloomberg terminal, you see the one-year chart of the victim and the

five-year decline we have now had. of the lows to the session, the biggest five-day decline ever since it began 1990. we will see where we track as the day goes on. we did have returned to volatility a lot of investors and traders have been calling for. now it is stopped off at the greek situation seems to be recalling itself. the situation in china has studied. germany would word from bgc saying we are still seeing a lot of investors by options. is going onat what in the bond market today, especially as we await the second day of janet yellen testimony. yields unchanged on the back of the tenure. i want to draw your attention to what is happening with the yield curve. for that, take a look at the bloomberg terminal.

this is the spread between the two year yield and 30 year yield . we are seeing it narrow to some extent. narrow to some extent. they are more sensitive to changes in policy from the fed. we've seen 30 year yield remain inflect. thank you. and look at the european market closed. manus has details from london. european equities are closing nicely. the death is up. every day of building block of good news that lets you refer back to normality, which is european central bank and quantitative easing. extraeeks getting liquidity to tide them over until next week. the head of the ecb talking about debt forgiveness or elongated maturity. seven days in a row.

the longest since the start of march. paris up for seven days in a row. the best since the start of the year. european stocks up 9% from midyear on july 7. autos and suppliers, what a great set of numbers in june. auto registrations up 15% in the month of june. bmw, vw swatting away the issues about the numbers in china. continental on the tire side doing quite nicely. you are seeing the autos do quite well. swatch of almost 5%. the watchmaker saying china mainland will help us of 5.2%. that will bolster us against what is going on with the slowdown in hong kong and delivery. manus cranny reporting from the london bureau. now to the top stories crossing the terminal at this hour. another big name leaving espn.

there is a report he may be going to fox sports. earlier espn parted ways with keith overton. golfer jordan spieth wasted no time on seizing on his opportunity to win a grand slam. a 567 in the opening round of the british open estate andrews. he trails dustin johnson by two shots. even at him -- beat him by one shot at the u.s. open last month. the pens rate football team going back to the future. players will once again wear jerseys without their names on the back. that is the way was done in the first 125 years penn state played football. 2012 they put them on the uniforms to recognize those who stayed after the sex abuse scandal. a look at the top stories at this hour. of volkswagen in citizens returning to iran. economicd be -- he's

sanctions that restricted business for carmakers in the country. companiese german car are either return for germany this could mean as much as an additional $4.9 billion in export revenue. french automakers would also see a big used if the auto market reopens in our ron. matt miller joins me in studio. -- in iran. matt: i'm new to germany about 15 years ago, and i was surprised then and how much business the germans were doing with the iranians, and the french do even more. even during the time of sanctions, not everything was cut down. they have been selling cars over there. theywagen is not in set are having talks with politicians about doing that right now. daimlerchrysler has been doing

what they call individual business. vehiclesselling some and other industry that operate but the floodgates will open. mark: i was going to say, if goy go back into iran, they into these other markets that perhaps are not so welcoming? >> the germans have never shied away from those kinds of markets, and neither have the french. but it will be interesting to can make that much, $5 billion is how much the germans are expected to. it opens africa and a whole new way. in talks to put the manufacturing plant in iran. they would then be able to limit the currency risk and then export to the rest of the continent. they want to sell about one million cars in africa by 2025. mark: germany is on this.

what is coming up? >> we will talk a lot about commodities. alix steel always told me something new. yesterday was talking to her. in mexico is on their opening of that market for the first time as well. the oil market. it will be interesting to see who gets in there. expert, matto miller. thank you. still ahead, how much is donald trump worth? and how is he making his money? we will tell you what his campaign is saying after finding financials this closure forms with the federal election commission. -- disclosure forms. ♪

the: welcome back to bloomberg market day. i mark crumpton. donald trump campaign claiming his net worth tops $10 billion. this comes to presidential disclosure forms presidential candidates are required to i'll and a big jump from the 8.7 he claimed last month when he was running for president. richard ruben joins us from washington. is he worth that much money? >> may be. there is a difference between what he filed and what he said. what he filed is us standard federal form that requires you to report your wealth and broad ranges. what he said if more than $10 billion. we will see the form with the sec puts it out in the next month. mark: talk to us, why is this number, why has it been so

parsed, investigated, and why is it higher than what the campaign said just a month ago? people are curious, and unlike a lot of really wealthy people, he is one that likes to talk about how wealthy he is. skepticism.a lot of we will get a clearer picture in the months ahead about exactly what he has. this comes from what the campaign says that all -- as well. he has seen real estate growth since then. that accounts for the increase. mark: what do we know about his investments? >> we have some information about the traits he has made. there was a list in january 2014 including facebook, bank of america, and apple, showing he made profits on a budget stocks

at the time. not clear how big of a percentage of the stocks are, all of the stock holdings are of the 10 billion or whether a lot of that is the value of historians brand as he is claimed in the past. mark: richard ruben looking at donald trump. thank you. coming up in the next half hour, fed chair janet yellen set to testify before the senate banking committee as part of her semiannual policy report to congress. we will have that lives when market day continues in a moment. ♪

a 11:00 a.m. in san francisco. 2:00 p.m. in new york. matt: this is the bloomberg markets day. mark: janet yellen returns to

the senate for questioning. matt: mario draghi sounds off. the ecb president grants more assistance to greek banks. have we hit a turning point in the greek crisis? mark: jpmorgan in hot water -- we will tell you about a secret the bank cap from investors in one --kept from investors in one troubled health-care company. mark: good afternoon. welcome to bloomberg love headquarters in new york. i am mark crumpton with matt miller. matt: i would like to get straight to markets. we see reaction to mario draghi's statements. he did not touch interest rates, told us nothing new there, but made comments abgr