a very good morning to you. welcome to worldwide exchange. >> these are your headlines from around the world. >> the deal is done. world powers agree to lift sanctions on iran in return for teheran curve teheran curbing the nuclear program. >> the price of oil falls amid fears of a growing supply gut put sanctions are restored within 65 days if terms are violated. >> tee sis faces a rebellion as

the bailout vote looms. meanwhile opposition from european finance ministers. >> the wall street journal reports the unit group is readying a $23 billion bid for what could be the biggest chinese takeover of a us. firm. >> you're looking at live pictures of brussels where european finance ministers are ai'ving ahead of a meeting to discuss the latest bridge financing agreement for greece. u.k. chancellor george osborne has just arrived and gone straight in. it's a follow up meeting made by eu leaders. >> let's get back to our top

story. the price of oil is moving lower against expectations that the six world powers and iran are due to announce they finally reached a nuclear deal. in around 30 minutes time that will be followed by a press conference and we'll bring you that live when it happens, of course. brent crude off by 1.7%. 56.86. wti up by almost 2%. >> let's have a look at the rouble. that sold off this morning as well. the dollar strengthening by .8% against the ruble off the back of the news. the canadian dollar also suffering in today's trade by around .5% and i suppose there's a big unknown as to how many capacity can come on to the oil market. we've seen 200,000 barrels a day up to a million but there's a lot of unknowns out there. effecting the oil price

yesterday and today. >> we had a guest on 20 minutes ago and she said the oil that's coming back from iran is really only going to effect the oil market ballots in 2015 2016 2017 even. it has around 30 to 40 million barrels in floating storage. that could be sold off quite quickly but the bigger amounts we're talking about will only effect the markets come 2016. >> different parties watching this deal very closely and wanting more detail. what does this newfound relationship mean? what does foreign policy look like for the u.s.? it's going to become much more complicated when looking at the u.s.'s position in the middleeast. of course security experts are saying what military actions will be if place to make sure that iran is not building nuclear weapons. how can we ensure this does not

happen? >> the dynamics in the middle east increasingly complicated and the u.s. involvement, the relationship they already have israel. very strong with saudi arabia but neither state happy about this deal. that's something to watch going forward. >> let's fill in some of the blanks. according to reuters the un weapon's emotionsbargo will remain in place for five years and iran will restore sanctions if the country violates the deal and if that happens the sanctions could be restored within 65 days and this last minute stalemate had really been about the arms embargo and now it will be in place for five years so i think the likes of china, they will be disappointed some what because they were hoping they could supply arms to iran a little bit quicker than that and coming

back to your point it will be key for congress which is obviously gop run whether that's enough for them. whether five years will placate them. >> congress has 60 days to review this agreement but they're in recess until september so that could delay the process further. >> historic development this morning. still more details to be released. for more news and analysis on the historic nuclear deal between iran and the six major powers, cnbc.com has it for you. >> trouble at home for mr. tsipras. rebels prepare a fight against the nation's bailout but the interior minister is confident that they'll pass the new deal. this as they consider the financing for the cash strapped nation. after yesterday's euro group meeting nancy caught up with a number of finance ministers to

ask them what would happen if they defeated wednesday's reform vote. >> the outcome, i hope that everybody, you know will realize that this has been enough and have it in place. >> coming i don't want to comment on. the situation isn't grey anymore. it's white. i'm looking at the white side and seeing the smoke coming out of parliament and we get a decision there. if the decision on the greek parliament side is positive that would facilitate life for the rest of the euro zone and we're all actively trying to find a solution into this crisis. >> if greece does not pass the reforms you agreed on here what happens next. >> you know the answer.

>> the stage is set for a grexit. these are the words of richard fisher earlier, the failure to strike a deal sooner came down to greece's lack of discipline. >> a lot has to do with the horrible legacy of the second world war. the greek lied to get into the union and you can understand the german perspective but feel sorry for the greeks. this is a long-term project. whatever the election outcome is on wednesday this is going to take year after year after year and i think the stage has actually been set now for a greek exit if they fail to perform. >> six pieces of legislation will need to be passed by wednesday night and 30 of 149 lawmakers will vote against it. this was a huge huge turn by

mr. tsipras and people have questioned whether he'll survive this politically. >> it probably gets passed because they experienced capital controls and people don't want to continue but if he does get this pass as you're saying with a lot of people in our own party and other right wing coalition party on the far side -- i've lost the name of the party, the independent greeks pothboth of them turning against him. he's going to get this passed with some supporters from the previous government. new democracy and that real areally surely is the writing on the wall. >> despite the push back he's still relatively popular among greeks because he's the only man that can help in helping greece move forward and get it out of this challenging financial state. >> i don't know. i i haven't seen the latest polls

but what the greeks have got now, what they need to ill ple implemented, that would be worse austerity wise than what they societied down in the referendum last week. i don't see how they want to implemented it. >> alexis tsipras is his own worst enemy at this point. >> he got an extraordinary vote of confidence in the referendum but that was based on the false premise that he would deliver them staying in the euro zone with less strict turns and clearly it's the opposite direction. anyone from the outside would assume it's tough for him to survive after this. nancy is in brussels and joins us now. >> hey, guys. well just about 24 hours since we had a sigh of relief here but we're facing serious hurdles and the main agenda today with the euro zone and european finance

ministers is to come to an agreement on bridge financing. they're trying to agree on 7 billion euros in funding. this is to help greece stay afloat as they prepare to make that repayment to the ecb and a lot of concerns about the current state of the greek banks and insolvency fears so there's a sense of urgency to come to some form of agreement. we talked to the euro zone president and asked if he was optimistic about the talks today. >> we're still continuing to work. we'll probably have a conference call either today or tomorrow. >> what's holding up a teal at this point? >> we're looking at the instruments and funds we could use and all them to have disadvantages or legal objections so we're still working on it. >> we're told there's almost six different options being considered at the moment for the bridge financing. one of which is to use the 11 billion euros of remaining

funds. however that would require european union members such as the u.k. to participate as well. earlier george osborne arrived and said that was not something the uk. would stand for. >> across europe this greek deal is now signed and sealed but let me be clear, britain is not in the euro so the idea that british taxpayers will be on the line for this greek deal is a complete nonstarter. the euro zone needs to foot it's own bill. >> a very clear message there so the question remains what kind of form of bridge financing will the euro zone leaders come up with and will it come in time before greece faces that crucial ecb payment. >> thank you so much. be strong in the face of adverse adversity. check out my article online of why entrepreneurs may hold the key to greece's recovery. >> you're going to read that. >> i have already.

it's well worth a read. >> this is the time for solitarity in the business community. >> of course a disappointment for greece at the moment but what comes out of that will hold the answer to their future. >> we were higher for the last four trading sessions and in the last seven days. the euro stoxx 50 almost rallied 9% but the stoxx europe 600 is lower by a third of 1%. but you have concerns he has to get everything through parliament and get everything implemented. let's have a look at the markets. the dax lower and ftse 100 off and italy down by 1%. in the bond markets we saw the big sell off with the yields going higher on the back of the relief over the debt deal but today a little bit of bund

buying with yield back at 83 basis points. there's a lot of doubts in the market whether tsipras can actually get everything done through parliament. in the currency markets it's a little bit quiter today. overnight we did see dollar strength but that's waning a little bit now. 123 is the level we're seeing now but today largely unchanged on the day. the aussie dollar did get a little bit of a boost from better business sentiment in australia. not really doing much. we're back below 110. >> coming up on worldwide exchange, netflix shares hit a record high but find out what is going to be worth a lot more. >> plus walmart steals amazon's thunder by launching it's own special sell. who will come out on top? profiting from volatility.

seedic bank beats forecasts in q-2 helped by market swings. we speak to the cfo jan cfo jan erik back after this break.

higher demand for hedging amid increased volatility. shares are trading lower after net interest income missed expectations with analyst citing the impact of rates. thank you for coming on the show. can you quantify the impact of negative rates? how are you planning to offset that? >> the negative rates are effecting us. particularly in the retail side where we're not charging depositers through the bank. we are absorbing that cost and that's costing us about 300 million crona per quarter at the moment t. way to compensate for that is to continue to offer a

good set of offerings to our customers and bump you have margins a bit. >> i mean how is your business going to do when things are not as volatile in q-3 or q-4 for example? how are you going to improve your numbers then? >> well i think if you go back over five years you will see how this bank improved it's operating leverage. average quarterly income has increased quarter by quarter for five years now and it's been different market circumstances all throughout. sometimes volatile. sometimes not. and i think the diversification of the business is such that we keep to our business plan and we continue to generate top line growth in a good way. at the same time we contain costs and create operating profit growth and i think that that is a strategy that's worked for us and i think we'll stick to that in q-3 and q-4 as well.

i think in short-term of course the negative interest rates are difficult to compensate for fully but we'll do our best. >> let's talk about the negative interest rate dynamic. what do you make of the central banks plans to keep interest rates in negative territory. you just said there's no plans to charge retail customers for their deposits. volume not profit on that particular side of things. if you're not passing through that negative interest rate how will it have any effect on the economy? there's still an incentive for people to save rather than spend if you're not offerings negative rates. >> we have taken the view in this bank in the segments where we are market leaders which would be large corp. institutions mid corp. to an extent we do charge and pass on that cost. for corporates we do that as well.

if there's extraordinary deposits made for the bank. not the normal deposit levels but extraordinary levels we do. it's the retail deposit where is other banks that are market leaders will have to take that initiative. we have about 16% of the retail market which you charge ahead and do that. we'll take a strategy in that segment. we do to your point pass the cost through to more professional parties. >> how long do you think the central bank's policy can last? is it responding to fundamental factors at home in sweden or purely a response to european qe? >> you're on to it in that last bit. it's a response to the european qe in my mind. i can't see anything on the ground here in sweden is giving reasons to track the way they're doing today.

i think a lot of people doubt what effect that will have if any. >> thank you for joining us. much appreciated. jan erik back. the eco at seb. >> u.s. earnings kick off in earnest as jp morgan reports second quarter results at 7:00 a.m. eastern. they're expected to earn revenue of $24.5 billion. trading revenue was unlikely to stand up to first quarter levels. updates on job cuts and any other major fines. >> wells fargo reports at 8:00 a.m. eastern. revenue of $21.7 billion. mortgage results are in focus as well as the largest u.s. lender. home loans typically pick up during the second quarter. jpmorgan and wells fargo, let's have a look at how they have done recently as you have seen in german trade. both in the green positive results probably expected.

let's talk more about the banks. i'm particularly interested in the wells fargo side of things to see about that home lending. the core retail bank as opposed to the investment bank and to see if it has picked up seasonally but also ahead of potential rates going up wells fargo could be in a nice position. >> they could be but housing number versus been very volatile as has retail sales numbers. so i think it will be maybe other early to see whether we see a very very strong trend. look for more than a year we talked about rates going up. it didn't really happen that much. i think homeowners will have a couple of months left to lock in the rates. >> there's been external factors like greece and china weighing on investor sentiment and driving volatility. that could be a boom for trading revenue. in terms of price action

jpmorgan, it's up about 9% year to date. goldman sacks up about 8%. a lot of analysts are thinking about the global uncertainty and helping trading revenue for a company. >> although of course the strong u.s. dollar more likely to have an effect on jp as opposed to that. another factor to watch. >> jp morgan has already tried to bring down expectations after really strong q-1. that benefitted every investment bank across the board and also wells fargo of course. >> low balling expectations. >> it's seasonally always the strongest. in q-2 you'll see a dip. >> let's osei what happens. with earnings season getting underway in the u.s. and the greek crisis resolved for now do you think the conversation is heading back to the fundamentals? is it all about the fed and earnings. joining in on the conversation on worldwide exchange what will drive price action in the weeks

coming up. e-mail us or tweet us @cnbcwex. we're very active on social media. we want to hear from you. what do you think will drive stocks going forward. i really hope it certainingsearnings and fed. it would be a welcomed gattis traction to focus on. >> i'm sick of the greek story. i'll put it out there. u.s. stocks held up incredibly well this year despite lots of issues. i have said this before i think the main theme of this calendar year for investors has been what is attractive relative to everything else. not in absolute terms and thus u.s. equities have attracted some investment. i don't think in absolute terms that they're that well valued and earnings brings the focus back to those issues. >> nothing too serious.

>> european markets compared to u.s. markets. >> very very different dynamics though. >> that's true. but you can't say if you put in money into the us. markets this year you wouldn't have made a lot of money with all the volatility. >> if you timed everything correctly and barely everyone does that maybe you made 1 or 2% and that's it. >> we're coming to the end of a massive six year rally and on the face of rates going up with global growth disappointing. stocks being flat is the minimum we should expect. having very top evaluations. >> this volatility due to greece, that's why u.s. markets have been seen as a safe haven for investors increasingly so over the last couple of weeks. >> people are investing for relative reasons and earnings brings the focus back on to the fundamental valuations. >> earnings will confirm the bullish trend if not anything else. >> also want to mention euro dollar. that big slide in the euro

yesterday and that tells you that we're back to fundamentals. not just earnings but yield differentials and monetary policy divergence. >> did you see the dollar-yen? that's an indication that markets are focused more on fed policy and not on the greece situation in terms of what drives price action in the currency market. >> do send in your thoughts and still to come on the show iran and world powers finalize a historic agreement. we cross live to vienna after the break for an announcement. stay with us.

foreign ministers are expected to hold a press conference in the last few minutes. >> the agreement allows sanctions to be restored within 65 days if iran violates the terms. >> mutany in athens. tsipras faces a rebellion as the bailout vote looms. meanwhile greece seeks a bridge loan but he tells cnbc it won't be easy. >> looking at the instruments and funds we could use and all of them have disadvantages or ims possibilities or legal

objections. >> a historic deal is brewing. it could be the biggest chinese take over of a u.s. firm. >> oil prices are trading lower right now. we're expecting u.k. inflation to come out at the month. down 1.5% year over year. we're looking at may housing prices up 0.9% month over month. oil prices as well as discounting on the high street did lead to inflation prices being pressured over the past couple of months cpi as well

0.0% for the month. that number coming in in line with expectations. just down fractionally from the month before. it's been hovering around deflation versus inflation and come in largely where we expect it. >> here we are confirming that it is plat for the month of june. markets not pricing in a rate rise until 2016. that's something we're keeping an eye on. moving on to oil. oil prices are trading lower on reports of a historic deal on iran's nuclear program. a meeting of ministers and six world powers is due to start now in vienna. that will be followed by a press conference. a deal would allow for the restoration of sanctions if iran violates the terms of an agreement. let's get out live in teheran with the latest. >> that's right.

after 20 months of negotiations they have finally come to an agreement. it's going to bring iran hundreds of millions of dollars in sanctions relief. the details are still to come. as you mentioned there's going to be a press conference with the foreign minister of iran and the eu foreign policy. we'll get a lot more details of that right now but the things we heard so far is there's going to be a five year embargo in iran's arms trade. there isn't going to be that anymore, anywhere inspections. they're going to be some what managed and the head of of the iea said he had signed a road map. and that's due to be completed by the end of this year. there's still details to get over here but they made their

agreement. it's probably going to be on some presidential lefld today. this will be announcements. we're expecting rohani to speak in iran in the next few hours. the authorities have given us a warning that the president is going to address the nation. i have been hearing from people i know in the city that as soon as the announcement is made official and it's broadcast on tv they're going to go out on to the streets in teheran and celebrate. people in iran have been yearning for this for a long time and they're hoping this will change their fortunes now. >> but this late standoff in the last couple of hours and days has been about when the un sanctions embargo will be lifted and now that could be lifted in five years. the five years mark would that be seen as a defeat for iranians? >> you're breaking up a little

bit but i think the iranians won't mind that too much. the main thing is to get rid of the main sanctions they've had here. so it's a bit hard and fast. so it's not going to worry them too much and if they're adhering to the program or the road map that they designed with the iea that embargo may not even last five years so it's something that they were able to work on and any negotiation there has to be a little bit of give and take in order to push this through and i think the iranians had to give a five year embargo or wouldn't fly with congress. we'll get a lot more details in the coming hours of what's going

to happen and people will be pouring over these details in the coming months. that will all unravel in the days to come. >> thank you for your perspective. in the meantime our viewers will be keeping a close eye on vienna. we're expecting a statement and we'll bring that to you. >> meantime let's take a quick check of european equity markets. we're lower to the tune of around a third of 1% t.ftse is hovering below the flat line. the cac 40 off by 0.2%. this is after four days of gains. the markets cheering the greek deal. >> let's have a look at bonds as well. the last week of developments on greece is seeing a little bit of risk on solidified of course. that has seen some selling of the safe havens the likes of germany which has seen yields push up. interestingly having crossed above 0.9 yesterday the 10 year

german bund back below that level. as you can see some of the bonds just unwinding some of the big moves yesterday. 2.12 on the spanish and also on the italian. let's talk a little bit more about bonds and strategy. peter chatwell is with us. peter, very good to see you today. now euphoria yesterday. a little bit more tempered today. are people skeptical that the original agreement is going to be ratified and become a full deal on greece. >> there was a few minutes of euphoria of a deal having been struck but once everybody dug into the details of that deal it was a huge amount of austerity. it was the austerity that was already voted down at the referendum by the greeks plus more.

so it's really difficult to see how this can be implemented within greece without causing a lot more problems. so i think this is actually moving now from being a financial risk you know? i think we're moving away from there being a risk of an imminent grexit and risk of default for greece. this is putting political pressure firstly on the euro zone and firstly on greece and second on the euro zone. the sheer force of the austerity that was put on the table here is quite surprised. >> so in the short-term are there ways that you're advising people to trade this? >> so it's now the core markets look to be very attractive. i'm not suggesting we look at peripheral markets underperforming. i'm not going to say there's an

imminent rise in default probabilities. this is going to be an issue for the euro zone that proves to be a drag on growth and i think that it's something which is going to mean the investors continue to look for convertibility risks. so i think that's why there's going to be a demand for investors to be looking at overweighting the core paper. and i mean germany. i mean france. france is going to be attractive because it's probably going to be lower volatility and also going to allow someone to maintain some exposure to a healing of the euro zone if this rift does get overcome. >> is that one way to diversify your portfolio? >> i think the extension of qqe

is probably underpriced and there's still a lot of really good stories outside of china and even outside of japan. countries like korea and indonesia for the investors but i think for fixed income europe is a pretty attractive story still because fixed income thrives on glue essentially and whatever the current yields is 84 basis points is still an attractive risk-reward given that if things really do reach stress levels in europe then by owning a bund you're owning marks. that needs to be taken into the price. >> why did they sell off more than bunds yesterday? was it still a hang over from the budget last week? or what was it? >> the technical reason behind it was their expectations of some very long end supply in the

guilt market hence there was some underperformance there as dealers would have been starting to think about their hedging strategies. >> and you like france over germany but you really want to focus on the belly of the curve and not so much the tenure why is that? >> that's a bit congested where as the five year is cheep compared to the 3 year and the 7 year and i think it just offers a lot of upside because five queer yields year yields are still above 0% so that means that no major investors are prohibited from buying those bonds so they can go and perform. if there's expectations of pspp being extended then i think that the five year can head back to 0% and regain it's expensiveness on the curb.

right now it's cheap. >> thank you for joining us. peter chatwell. >> now chinese tech is preparing a $23 million bid for microtech. it would be the largest chinese take over of a u.s. company. they're offering to pay $21 a share. that's a 19% premium to the closing price on monday. micron won't comment on speculation but says it has not received an offer. let's show you how they performed. up in today's trade by 12%. >> i wonder if he saw that coming. he thinks highly of mirks,cron. he thinks shares have fallen this year and the company will be worth more than netflix in a few years. >> inditex has a net profit jump

in the first quarter. it's being watched closely to gauge the health of the consumer in the country with the nation's economy set to grow about 3% this year. let's have a look at shares in inditex. up 28% this year. slightly below flat today. >> meanwhile, qatari sheikh acquires 10% of major spanish retailer. we have all the details. >> it's the first time a company soaping capital to foreign investors. according to the newspaper this could pave the way for stock market listing. that is no confirmation at this stage. it would make sense for a few reasons. they would raise enough money to finance the international development. the plan was cancelled a few years ago because of the economic crisis. second reason why it would make sense is the timing. with the economic recovery. the market conditions in spain are much better. much more positive today than

they were a few years ago. it's like an institution in spain. it's like the markets in the u.k. but even bigger, it's the biggest department store group in europe with 52,000 employees and 14.3 billion euros in 2013. that being said on the negative side the company really suffered from the crisis. it lost 2 billion euros in annual sales between 2010 and 2015. back to you. >> thank you very much for that. still to come on the show are emerging markets company better placed for a fed rate hike this time around compared to the taper tantrum? our next guest tells you yes and he'll tell you why after this break. are you moving forward fast enough? everywhere you look, it strategy is now business strategy. and a partnership with hp can help you accelerate down a path

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investors continue to look for clues as to the timing of a rate rise. speaking on squawk box earlier former dallas fed president said incremental rises were important amid wage inflation. >> monetary policy takes a great deal of time to work it's way into the system. the markets already discounted a first rate rise.

chair yellen just spoke last week and made it very clear it's being considered. it's on the table. the minutes show that from the meeting. i view it as a large tanker at sea that takes a long time to turn with highly explosive fuel on board. these excess reserves we piled up on the federal reserves balance sheet. 2.65 trillion. it's a whole probably 5th or 6th total liquidity around in the hull of the u.s. economy so it's only a matter of time and it will be highly accommodated monetary policy. that done mean it will follow through at the toingfollowing meeting. the economy is strong in the united states. we're growing at the right rate and we're beginning to see a little bit -- a little bit of wage price pressure which is the key indicator that one looks at. so i would personally expect the

odds are higher and you could have a reaction that would be perhaps more exaggerated. >> so what does raising rates mean for emerging markets? joining us is investment manager at aberdeen asset management. thank you for joing us. emerging markets underperformed this year. is it country specific reasons? >> it's a combination of both. there's certainly country-specific examples. clearly the relative levels of currency depreciation show you the way in which the market views the various vulnerabilities of those countries. i think in part it's been the fact that increasing currency come pettiveness for some hasn't

resulted in a meaningful increase in volumes and that's partly to do with the commodities collapse. but to the core of your question whether or not the rate rise is actually priced in i think, certainly that is. particularly for the most dollar sensitive currencies. if you look at the fragile five for example and you see the way in which budget deficits have come in but also particularly em foreign currency borrowing relative to gdp has actually come down then you can see they're in a stronger position and we see that also in relative bond yields. real interest rate which is are now higher building in a portion of resilience than they were in 2013 and the last point i'd make is that if you look back to 2013 at the time of the taper tantrum, first of all, the move by the fed was much more sudden

but also the net flows of funds then out of em were only a little bit larger than actually we have already seen year to date. year to date is 80% of the total amount that left in 2013. we've seen no net supply of funds moving into em which means that capital outflow risk is smaller. >> tell us how you want to play this. you look at a couple of specific companies here. where do you see opportunity if you say that the risk of a fed hike for emerging markets isn't going to be as great as in 2013. >> the first point i make is that aberdeen is a bottom up stock picker but it's on a top down bases. what we would argue is that top down basis needs to be measured against not an additional corporate risk premium but discount where you see real quality companies. to take a particularly topical

example given the moves in oil if you look at russia which within em is being hit more in terms of economic growth by the fall in oil prices and look down at the corporate level you have the fact that they're shielded by the tax burden on oil companies becoming less as prices fall and exxon guarenteed it in dollar terms and although the oil reserves are 45% higher market cap is ten times higher. >> to what extent does someone face an overall political risk

that it has to become a national server moving forward? sanctions still imposed on russia. surely there has to be a big discount that a country at some point has to do national service. >> for sure. i think that's absolutely true and the point i make earlier oversimplified the situation. our point is that there is a relative balance to be met. is that justified? and the only thing that a company in that situation can do to reassure investors is to increase engagement with investors, increase corporate access to management and increase transparency generally. >> we'll have to leave it there. time is upon us. investment manager at aberdeen.

>> tennis star novak djokovic says he's probably at the peak of his career and life at the year he won the wimbledon championship for the third time and got married and had a son. he said it was important for him to move on from a disappointing loss at this year's french open. >> it was not easy to digest that french open loss in the finals but i lost to a better player. i had to congratulate him and move on and over the years one thing i have learned playing professional tennis at a high level is to leave whatever happened behind me and kind of reset and move on and find another motivation and another opportunity to win big trophy and luckily for me wimbledon was just around the corner and as soon as i played the first point on the center court as the defending champion this year i understood why this tournament is so special and understood

that it's where i belong and it's time for me to try to get a trophy again. a couple of weeks later i'm here with you talking about the victory which is incredible. deeply fulfilling even though it's a third title it feels like the first one to me because it's always so special to win wimbledon. >> is this your best yet? >> probably my best season. 2011 was so far, until now, the best season results wise. but this year has been incredible with marriage as well and fatherhood. i'm just completely you know satisfied and happy person in my life and that's why i think i am at the peak of my career and my

life and i tried to be grateful and nurture every second of it. >> you now have nine grand slam titles. federer is still quite a ways away. what else do you want to achieve because you have dominated the game over the last two years or so. you achieved so much. is paris the missing piece of the puzzle for you? >> well it is but again i don't want to direct all of my attention and focus to the tournament that i never managed to win. i had so much success. over 50 titles and nine grand slams and davis cup and medal from olympic games. i've had a career that i always dreamed of having and i never knew that i could achieve so much. i'm still 28 and i want to keep going and hopefully one day i'll be able to win french open as

well. >> you're now even with your coach. he also has three wimbledon titles. how much credit goes out to him for this specific win because you're incredibly calm in the very decisive moments it seems? >> generally i'm an emotional guy. i like to express my emotions but he has brought that serenity in important moments and the peace of mind you need when you're break point down and fighting against the biggest rivals for the grand slam and the results of that we can see and i can experience that yesterday. >> that was the three time wimbledon champion. the foreign ministers of the six powers in iran are set to hold a press conference in vienna any moment now after they reached that landmark nuclear deal. you're looking at live pictures

of the foreign ministers and other officials being united in that room and we're awaiting them to start speaking any moment now. what a huge deal. reuters was reporting the u.s. weapon's embargo will remain in place for five years. this is one of the sticking points that cost us these talks being delayed by a couple of days. and iran also according to reuters will have a snap back plan that will restore sanctions if it violates the deal. >> the iranian state agency says the nuclear facilities -- we have leaders speaking. let's listen in. >> for us all today is the result of a very hard work of all of us all of you and i would like to thank our teams

working for weeks, days nights months, and years in some cases to bring us here and i think we all know that the decision we are going to take today is not only on iran's nuclear program but much more than this. it is is a decision that can open the way to a new chapter in international relations and show that diplomacy, coordination corporation, can overcome decades of tensions and confrontations. i think this is a sign of hope for the entire world and we all know that this is very much needed in these times. thank you for all the work that each of us around this table has put into the negotiations. >> let me begin by expressing my appreciation to everybody. to those that started this

process and those that continued this process, in order to reach a win-win solution on what in our view was an unnecessary crisis and new horizons for serious problems that effect our international community. i believe this is a historic moment. we are reaching an agreement that is not perfect for anybody but it is what we could accomplish and it is an important achievement for all of us. today could have been the end of hope on this issue but now we are starting a new chapter of hope and let's build on that. let's consider this everybody's achievement and let's thank all of our colleagues. particularly the political directors and deputy ministers that have done much of the work

most of the work throughout this process. i should also thank those that help this process. other governments, the two former high representatives. and also particularly other colleagues for their leadership in making this process some to fruition. thank you. >> thank you very much. we now proceed to our final planning for the adoption of the agreement and then we will move to the media. thank you very much. as in some other organizations is said this ends the public session. thank you. >> all right. that was the iranian foreign minister speaking along side the eu foreign affairs official

speaking in vienna there on that historic nuclear deal but as she has pointed out this is not just about the nuclear deal surrounding iran this is much more. this can end decades of tensions and adding this is now opening a new chapter of hope obviously both officials pointing out that this is not just taken hours and days and months but really taken years for both sides to come together for this historic deal and no doubt about it. >> reducing thedy diplomatic isolation has been one of his goals and this is seen as moving in the right direction. also seen as a win for president obama and his foreign policy and what this really means for u.s.'s role in the middle east going forward. >> let's also just recap what

this means for oil price which is have been off sharply over the last week but particularly yesterday relating to this deal when it was mooted that it would be agreed any time now. off sharply today. brent 56.8. wti 51.2 off 2% today. >> this after oil prices lost about 8% last week. some traders attributing that to this deal emerging. many analysts voicing into the conversation of what this deal means for iranian oil coming back on the market and how that changes the equation. citigroup believes export sanctions are unlikely to be lifted for six months after a signed agreement. but many different views out there as well. here's a reminder of your headlines as we watch oil prices. the deal is done. world powers agree to lift sanctions on iran in return for teheran curbing it's nuclear program. the price of oil falls amid fears of a growing supply glut.

>> tsipras faces a rebellion as the bailout vote looms. meanwhile greece seeks a bridge loan but the euro group chairman said it won't be easy. >> looking at the instruments and funds we could use and all of them have disadvantages or impossibilities or legal objections, we're still working on it. >> u.s. futures indicate a mixed open as investors turn their attention from greece to earnings season. jp morgan and wells fargo with numbers before the bell. >> a historic deal in the corporate sector too. the wall street journal reports that they're readying a 23 billion dollar bid for micron in what could be the biggest chinese takeover of a u.s. firm.

>> it's turning out to be a historic week for the markets. tsipras tries to pass reforms in parliament and we have iran reaching an agreement with nuclear powers. we'll see what that means. futures indicating a mixed open after stocks rebounded in yesterday's session. let's take a look at what's happening here in europe. they did out perform yesterday but as you can see in today's trade a bit of cautiousness as traders look for further steps and progress when it comes to greece and it's state of negotiations with creditors. can they pass those reforms? political activists say yes but there's been many surprises to this greek story so we'll wait and see. equities are trading lower across the board here. we did get data out on inflation in the u.k. british inflation at 0.0% in the month of june. ftse 100 not reacting much. basically holding on to the flat line at 6,736. it will be interesting to see how markets respond to key

economic data in the u.s. we have retail sales as well as business inventories coming out. also want to get a look at what's happening in asia. that has been a pivotal market that traders have been watching given the swings in china. as you can see in today's trade down 1.1%. the hang seng seeing a loss of around .4% and the nikkei seeing a gain of 1.5%. keep an eye on the dollar-yen. very interesting moves there. >> let's have a look at bonds because the german bond highlights the moves that we saw initial positivity yesterday on that greek deal. tempered over the last 12 hours or so as to whether greece will be able to pass this deal back home. yesterday, we saw the german tenure tick back above 0.9%. selling of the safe haven bond because it was a risk on day.

we're seeing it move back the other way. highlighting that aspect that there's still questions as to whether this agreement can be ratified by greece initially and then the rest of the euro zone economies. the ten year in the u.s. at 2.43 today. let's have a look at the example there italy 2.11%. let's move on. the euro sold off sharply yesterday. the way it's been moving conversely to european equity markets. it's bounced back a little bit today. it was below 110 earlier in trade. it's back above it. >> meantime i should tell you euro zone industrial production was really underwhelming. the greek prime minister faces backlash in athens with one mp re-signing as rebels prepare a fight against the nation's bailout. the country's interior minister is confident parliament will

pass the new deal. this as europe considers bridge financing for the cash strapped nation. let's get to nancy speaking to officials. nancy. >> thank you carolyn. well the muted celebration we saw here in brussels just over 24 hours ago after that deal was reached is a distant memory right now because the focus turned the issue of bridge financing for greece. the country needs up to 12 million euros of bridge financing to help them make the upcoming ecb payments. we have 3.5 billion due next monday so they're meeting as we speak to discuss how to come up with at least 7 million euros to meet that payment. a lot of political and legal issues are standing in the way and we spoke to the euro group president ahead of the talks and asked if he was confident that a deal will be reached today. >> we're still continuing to work. we'll look at it today and probably have a conference call either today or tomorrow. >> what's holding up a deal at this point? >> we're looking at the

instruments and funds we could use and all of them have disadvantages or impossibilities or legal objections so we're still working on it. >> and the european finance ministers indicated about six different options are being discussed in order to achieve this 7 billion or so in bridge financing. one of which is to use the remaining funds left over which is a european wide rescue mechanism. however that would require noneuro zone members including the u.k. to participate. that's something chancellor george osborne indicated this morning. here's what he had to say. >> across europe this greek deal is now signed and sealed but let me be very clear, britain is not in the euro. so the idea that british taxpayers will be on the line for this greek deal is a complete nonstarter. the euro zone needs to foot it's own bill. >> chancellor osborne sending a

clear message the u.k. has no intention to take part in financing for greek at this moment. a lot of questions as to what happened ifs they default on that ecb repayment. we can see the real concern is that the ecb could with draw the ela. the liquidity financing in place and if that happens we could again be having talk of a grexit. back to you. >> thank you for that. i'm interested by that sound bite from george osborne. there was a bit of a change of tone there. so far throughout the crisis even though we're not a member of the euro zone the rhetoric has been we want a deal to happen. we totally support greece. we were part of the earlier bailouts. osborne going in clearly on the brexit view. he knows there's real negotiation coming up and a hard outline. >> very strategic. it is still not off the table. perhaps for now but there's still a 65% of greece leaving

the euro zone in the next 1 to 3 years. >> 1 to 3 years. so that means more uncertainty for the next three years. >> exactly. >> thank you so much greece. we've only dealt with it for six years. >> poor old euro group finance ministers are meeting again today. it's just like how many times do they have to meet? they're moving european officials around. >> i don't think they're flying ryan air. >> last one flew easy jet which got a lot of attention. who knows. >> i wonder with this increased focus on greece and euro zone ministers and finance ministers allocating more time toward this, you have to wonder if that hinders the structural reform plans that are so important when it comes to the euro zone's recovery. >> you make a good point. do they have time to tend to their domestic issues? spain, for example, they have an

election coming up. do they have time to do any sort of campaigning? he is certainly very busy at home although his economy is growing nicely. 3.3%. >> interesting point because how little have we heard from him over the course of this crisis where as you know the two economies bigger than spain we have heard from constantly throughout it. he doesn't want to be painted at home as if he's supporting the creditor point of view. >> there's too many cooks in the kitchen. everyone wants a say on the fate of greece. i like that we don't have more people involved. >> you like to be home. >> i will cook you a nice turkey and salad on the side. >> let's do it. we'll come for dinner soon. >> moving on cnbc's 5th annual delivering alpha conference kicks off tomorrow in new york city. this year speakers include carl icahn, senator ted cruz and many

more. stay tuned for full coverage. worldwide exchange back in two minutes. can a business have a mind? a subconscious. a knack for predicting the future. reflexes faster than the speed of thought. can a business have a spirit? can a business have a soul? can a business be...alive?

welcome back. a deal is done with iran with sanctions lifted in return for a curb on teheran's nuclear development. they're reportedly preparing a $23 billion bid for micron in the biggest chinese takeover of

a u.s. firm and earnings season kicks off reporting before the bell. >> let's take a look at the other top stories at this hour. the chinese tech conglomerate is preparing a bid for micron tech. it would be the largest ever chinese takeover of a u.s. company. they're offering to pay $21 a share. a 19% premium to the closing price on monday. micron says it has not received an offer. let's take a look at how shares are trading right now. up 10.5% at frankfurt. >> but since the start of the year they have fallen 20%. david einhorn thinks highly of micron. he thinks shares have fallen too much and will be worth more than

netflix in a couple of years although that's a different business model. >> not a fan of netflix. in his investor letter he says the stock is overvalued as investors shrugged off the company's earnings on hopes of future growth. apparently redding is the new black and also says season 3 of house of cards looked like it was scripted to compete with ambien. >> harsh there. >> that series was disappointing. >> it doesn't ambien. >> it doesn't bad. you still wanted to binge watch. >> i got through it in a week. it was disappointing. season one and two is epic. it's hard for these things to go on. season one is great. season 2 can be a slight improvement but they send to tail off. >> sequels are hard.

>> game of thrones was appalling. i watched it too quickly. suits disappointing. >> suits was amazing. 24 did have a bit more longevity in it. the ultimate though the west wing. it was like 8 series and won every single year. >> who watches west wing aside from my parents. >> it was the greatest of all time. >> entourage and you saw the movie as well. >> entourage is great. >> that was just so easy watching. you never watched it for the story series because each episode was it's own mindless bit of enjoyment watching. it's not a classic. every going to win an award. >> friends ten seasons, did better every single year. >> only 10 seasons? feels like 20 seasons. >> because you watch the reruns. >> desperate housewives. >> shockingly bad, appalling, unwatchable. >> we have to move on. >> i like this. what other series do you like.

>> reality tv is doing well. might not be other seasons but people still become associated with these characters and they want to learn more about their lives. >> the best repeatable franchise is worldwide exchange though. >> gets better every day, doesn't it? >> much better than that show that precedes it. >> green light took small long positions in applied materials and bank of new york melon and continues to hold some greek bank stocks. einhorn said the party proposed a new bailout deal with even more austerity. quick look at netflix. german trading up by 0.4%. and let's give you a run down of what to watch this trading day. all eyes on the june retail sales number. that will be out at 8:30 a.m. eastern. sales are forecast to rise just 0.2% last month and remember that stellar month of may?

june import prices. kansas city fed president speaks about the economy and monetary policy this evening in addition to jp morgan and wells fargo's earnings. we also hear from johnson & johnson before the open and csx and yum brands after the close. >> let's bring you news coming out of the china bank. a senior official said they will continue to keep the exchange rate basically stable at a reasonable level. they said they will maintain prudent monetary policy and will maintain appropriate liquidity and they said that they will overall, in the long-term, push forward with interest rate liberalization. some of the financial liberalization they have been talking about has been retailed with these various members they announced recently. on interest rates themselves they plan to continue and keep it stable at a reasonable level. let's have a look at trade earlier today in chinese markets as you can see. shanghai composite off over 1%.

>> it's been a very busy month. moving on fed chair janet yellen is set to deliver her semiannual system as investors look for a clue as to the timing of a rate rise. speaking earlier today former dallas fed president said incremental rises were important amid wage inflation. >> monetary policy takes a great deal of time to work it's way into the system. the markets already discounted a first rate rise. chair yell loan spoke last week and made it clear it's on the table. the minutes show that from the meeting. i view it as a large tanker at sea that takes a long time to turn. these excess reserves we piled up on the federal reserve's balance sheet. 2.65 trillion. that portion of liquidity in the system is a whole probably 5th or 6th of total liquidity

slushing around the hull of the u.s. economy and it's only a amount of time. even if we had a raise of 25 basis points in september that doesn't mean it will follow through september or the following meeting. the point is to get it started as we begin to see wage price inflation. the economy is strong at the united states. at this point we're growing at the right rate and we're beginning to see a little bit of wage price pressure which is the key indicator that one looks at. so i would personally expect the odds are higher for september. you don't want to do something in december because that's when the markets are so thin and you could have a reaction that would be perhaps more exaggerated. >> so with earnings season getting underway in the u.s. and the greek crisis resolved for now and worries about china moving to the background do you think the conversation is finally heading back to

fundamentals? is it all about the fed? greece is far from resolved. the parliamentary vote will cause some issues so the focus is not off greece just yet. if you want to join the conversation get in touch with us by e-mail @at worldwide@cnbc.com. greece will never go away and china will never go away. >> earnings and economic data would be a good distraction from greece, it will continue to be a big part of the discussion. especially on this side of the atlantic. >> certainly but we've already seen a big rally over the last couple of days and weeks more to the point. and i think, yeah this earnings season absolutely crucial. because we've had -- >> why is it more crucial than the last one? >> the last one also very important. i just think that over the last six months let's say, we've seen equities testing highs, regularly and then coming off of

them. we had disappointing macro data to companies have to prove themselves for the levels the valuations are at. >> all right. scott walker making it 15. the race to the white house getting even more interesting. we'll discuss u.s. politics coming up after this break.

scott walker launched his 2016 presidential campaign on monday evening. threw his hat into the rounded republican ring. he not only fights for conservative values. republican ohio governor john kasich is expected to announce he's running for president. he made visits to early primary states new hampshire and south carolina in recent weeks. >> this as hillary clinton made a keynote speech on her economic agenda. speaking in new york clinton focused on ways to lift american workers incomes and called out the sharing economy as a potential factor in dampening wage growth. >> the measure of our success must be how much incomes rise for hard working families not

just for successful ceos and money managers and not just some arbitrary growth target untethered to people's lives and livelihoods. >> let's get out to james, economic policy analyst at american enterprise institute. great to see you. we know clinton has been campaigning for labor market reforms. should we be surprised by these remarks? >> it's interesting because uber and airbnb sound like very exciting new innovations, the issues about how this effects them should they be classified as full time workers or should they be contract workers with different sets of rights and

benefits? it's a huge issue on the left. so that was her appealing to the base but overall i was struck by that speech buzz how little she moved to the left to deal with challenges from senator bernie sanders. she didn't call a $15 minimum wage or call for expanding social security or dramatically higher tax rates. within the context of the democratic party this was a pretty centerist speech by hillary clinton. >> i want to touch on what she said about financial institutions. too many financial institutions were too complex and too risky. do you think she would hit the banks hard or is this a rhetoric to appease the left of her party? >> this was an opportunity. she could have gone further.

all kinds of break up the banks out there. it was eliminated. when she had other candidates talking about that it to me suggests she may have some sort of extension of dodd frank but she's not going to go in there and break up the banks. >> let's switch over to scott walker. he said i'm a fighter for america. i'm not sure what he meant about that but how is he going to differentiate himself from the other people in the field. how is he going to achieve that? >> exponential growth. he is number 15. not only do i talk conservative

values but i fought for them in a blue state. i won three elections. the question about scott walker is is he scalable from wisconsin nationally? is he running for president of the united states or governor of the united states. there's a lot of questions about how fluent he is on national issues and particularly foreign policy. i don't think he's putting those concerns to rest so he has to show that he has a national vision beyond republicanism. i want to have deep across the board tax cuts and cut medicaid. right now that's where he's at. >> stick with us. before we take a quick break here are your headlines at this hour. a sign of hope for all the world. a historic deal in vienna that would see sanctions lifted in return for teheran curbing the nuclear program. >> it's to be restored within 65 days in iran violates the terms.

>> u.s. futures indicate a fixed open as they turn their attention to earnings season. >> a historic deal could be brewing in the corporate sector. the wall street journal reports that they're readying a 23 beside deal with micron in the biggest chinese takeover of of a u.s. firm. worldwide exchange is back in two.

>> welcome back to worldwide exchange. let's take a look at u.s. futures. broad risk on sentiment helping u.s. stocks in yesterday's trade thanks to positive news on both sides of the atlantic. news of a tentative greek deal plus june consumer confidence came in higher than expected. stocks moving to the upside here on tuesday while a mixed day of trade in premarket. the s&p 500 up just fractionally. the dow jones down about 7 points. nasdaq with a gain of around 4 points. a lot of big tech stocks hitting new highs. but in the meantime take a look at european markets. a positive session in europe as investors cheer the news of an agreement being reached. we want progress and we want to see if tsipras can pass the sweeping reforms in parliament. we'll see if he can get that done. a little bit of cautiousness

here as we look at the xetra dax down 48 points. cac 40 with a loss of around 7 points. the italian markets giving back some of those gains. we're down about 171 points. just a quick look at the u.k. market. not seeing a lot of movement but u.k. inflation came in at 0.0%. markets pricing a boe rate rise not until 2016. >> and another reason is the german numbers that came in at their lowest level last year. that was, in fact slightly better than forecast. let's have a quick look at oil prices. soft yesterday. soft over the last week. soft today as you can see down the best part of 2% for both brent and wti. 51.2 for wti. 56.8 for brent.

the reason of course today and yesterday relates to iran and in the last half an hour world powers confirmed a historic nuclear deal with iran. sanctions will be lifted on the country in return for curbing it's nuclear program. the eu policy chief said it offered a sign of hope for the world. >> it is a decision that can open the way to a new chapter in international relations and show that diplomacy, coordination corporation can overcome decades of tensions and confrontations. >> that sentiment was echoed by iran's foreign minister. listen in. >> today could have been the end of hope on this issue but now we are starting a new chapter of hope. and let's build on that. >> the economic policy analyst

at the american enterprise institute still with us here on worldwide exchange. historic day really james. how big of a deal -- how big of a win is this nuclear deal for president obama? >> well certainly the president has considered this to be a major piece of his legacy. is this a president that came in and had a really historic first two years. a big stimulus package and health care reform and the last two years a lot of presidents become lame ducks and have a loss of influence and here he is getting this huge deal with iran. also a big free trade deal and instrumental in an agreement in greece. so still a very relevant american president. >> is the u.s. relationship with other states permanantly damaged? the likes of israel and saudi arabia? >> the president is reoriented u.s. foreign policy from being obviously very focused on israel

and saudi arabia to sort of a multifocus, multipolar world. will that continue beyond obama? if a republican is the next president there will be a shift back to more focus on israel though this agreement will obviously outlive the presidency of obama. >> i want to pivot the discussion back to u.s. politics because we have been getting controversial statements from donald trump. do you think he could stop the gop from winning the race? >> well i think it could if a lot of candidates feel they need to sort of you know cater to donald trump and some what move toward his policies. the other, you know option is to sort of say i'm not him. i'm rebuking his policies. let all the people that don't want there to be more imfwranlts in this country they can flock

to donald trump. he can have those folks. i'm instead going to put forward an optimistic inclusive message for america. >> now we have 15 on the republican side. pleasure to have you on the show are you a netflix fan? forget orange. red is the new black according to one investor. we'll break down that story for you after the break.

all right. welcome back. several tech stocks hitting new highs. that's one of the reasons the nasdaq outperformed the major indices. facebook hitting a new high in yesterday's trade. amazon as well head of earnings. take a look at netflix up for a 7 for one stock split today. goldman sachs raising it's price target on the video streaming giant to $780 citing overseas growth. that stock up 4% in yesterday's trade. also keep an eye on fitbit. it went public two months back. morgan stanley says this wearable trend is not just a trend or a fad. they see meaningful growth. initiating coverage at equal weight. the stock gaining 3%. >> i don't get the story but it's done incredibly well proving me wrong. let's move on to another tech stock set to perform well for a

different reason. east meets west. a chinese con glomglomerate is setting it's sights on them. >> they are reportedly preparing a $23 billion bid for micron technology. it would be the biggest chinese take over of a u.s. company. they'll pay a 19% premium to monday's closing price. mic micron says it hasn't received an offer. they're the last maker of dram chips but trail samsung in that market and makes flash memory chips used to store data and smartphones. they slid on worries about the health of the pc market. the company reported a 39% drop in fiscal third quarter profit. shares lost nearly half of their value this year. they are controlled by beijing's

tsinghua university. it became the largest chip design firm after buying two companies in 2013. it has ties to the u.s. buying a control in hp and last year intel announced it would buy a 20% stake in unigroup. a takeover would trigger a review by the committee on foreign investment in the u.s. the panel rejected huawei's attempts in 2008 but allowed them to buy smithfield foods for $7 billion two years ago. one big name investor is high on micron. in a client letter he says he believes that micron will be worth more than netflix in a few years even though they're less than half of netflixs. micron shares have fallen too far. stock is up about 12%. back to you.

>> thank you very much. >> sticking with david einhorn he is not a fan of netflix. in his investor letter he says the stock is overvalued as investors shrugged off the company's earnings in april on hopes for future growth. apparently red ink is the new black. he also bashes netflix's original show saying season 3 of house of cards looks like it was scripted to compete with ambien. >> that was very harsh. >> got to love the colorful commentary from activist investors over the last couple of months. starbucks is entering the south african american by signing a deal to develop the company's outlets in the country and contains licenses for other african nations. take a look at taste holdings. shares have spiked nearly 20% on the news. >> amazon has announced mans to build a wind farm in north carolina in a deal it's expected to generate enough energy to

power 61,000 homes per year starting in december 2016. the project marks a turning point in energy production for north carolina as it's first utility scale wind farm in the state. and what are they going to use it for? of course their big data systems. >> yeah. >> meanwhile, amazon shares closed at a record high. it's the 4th best performing stock on the s&p 500 so far this year and retail rival with walmart is also heating up. to mark amazon's 20th birthday. it's announcing prime day tomorrow. a sale for prime members with more deals than black friday but walmart is crashing the party with an online sale that same very day offering over 2,000 products at a discount. walmart says there's a sale for everyone. it's not just exclusive to members. let's provide a little context here. we're talking about walmart. the biggest retailer in the u.s. they have been dealing with slowing retail sales. competition from the likes of

amazon and online players. you have to give it to them saying we're going to offer deals too and you don't have to be a premium member. >> interesting that they decided amazon in the first place. let alone after a push back just to prime customers. if they want to rival black friday and that's a pretty odd decision. >> but look i think that the bigger question is how much promotional activity are we going to be seeing outside of christmas and thanksgiving? usually you'd think the summer months and the spring months are the profit generators for retailers for the rest of the year when everything else is so promotional driven. if we get those big promotion heavy days throughout the year i just wonder how profitability is. >> don't we get summer sales? you always get sales in the summertime. >> but not a black friday like sales.

>> that's what they're attempting to do with the sale tomorrow. we'll see what happens. big sales coming up from not just amazon and walmart but target as well. >> right. before we go to break, let's just remind you of the headlines. a deal is done with iran with sanctions lifted in return for a curb on teheran's nuclear development. they're preparing a $23 billion bid for micron in the biggest chinese take over of a u.s. firm. and earnings season kicks off. worldwide exchange is back in two.

indeed in the latter half of last week relating to positivity relating to greece we corrected

a little bit today although most has come in the last hour or so. we're looking at .8% declines in italy. germany is down 0.5%. we did have data earlier in the year. economic competence indicator. that was a significant fall from last month but slightly ahead of expectations expectations. we have just heard from mark carney. he says there's still some risk of contagion but less than 2010 and in terms of rate increases in the u.k. he says we are moving closer to that but they will be, quote, gradual and limited. >> if you're sick of the greek story today may be the day that traders focus back on the fundamentals. retail sales and business inventories. let's see what to expect. traders keeping an eye on the greek debt deal but also the

nuclear deal being struck between iran and nuclear powers. president obama is going to speak today at 7:00 a.m. on the iranian deal. we'll be expecting a statement from the white house at 7 al. >> u.s. earnings season gets underway as jp morgan reports 2nd quarter results. the bank is forecast to earn $1.44 a share on revenues of $24.5 billion. management has said trading revenue is unlikely to stand up to first quarter levels but issues include updates on job cuts and any other major fines. >> wells fargo reporting at 8:00 a.m. eastern. forecasted to earn $1.03 on revenue of $21.7 million. home loans pick up during the second quarter. jp morgan wells fargo, ending higher in yesterday's trade. let's get the bank trade with dan nathan cofounder and editor

of risk reversal.com. thank you for getting up early with us. i hope it wasn't too much trouble for you. >> my pleasure. >> jp morgan the best performing bank up about 9%. goldman sachs up about 8%. where would you put money to work ahead of kicking off earnings season? >> you mentioned things that investors are focused on. expense control is a big one. loan growth is another number and as rates picked up in q-2 we know that net interest margin should help earnings here so when you think about jp morgan and dpoeld mangoldman sachs expectations are high. so if i want to put money to work right now in this environment and i continue to think that the trends if q-2 continue in the balance of the year you may want to look at a name like morgan stanley that has a bit more exposure on the

asset management side and less so on some of the trends that have gotten him here. i don't think you chase the winners. you look at a morgan stanley. probably stay away from citigroup. it had some starts over q-2 as the stuff in greece has been in the news here. obviously they have the most exposure, the european sovereign debt of that group. i don't think you chase jp morgan and wells fargo. morgan stanley looks attractive and bank of america is the one you probably get some beta. the stock is down about 5% on the year. so if you're looking for a play back to the highs toward 18 bank of america could be the one. >> i'm glad you mentioned europe because the european central bank loans are keeping banks on this side of the atlantic afloat. would you be starting to look for opportunity, some of the banks over here? >> once we get the greek can kicked down the road then you

get the focus here. that's something very beneficial to our banks. if that's going to be a trend we'll have over the next year or so you want to mention the word contagion and make sure that that's off the table and any deal with greece makes investors feel more comfortable about it but at this point europe remains uncertain. the u.s. much less so. so now the focus is what is the fed going to do in the fall? that's the one thing i think is going to be the most uncertain factor in the second half of 2015 once we get this iran deal done and the greece situation settled down a little bit then the focus is the fed. >> thank you for your perspective. you can catch him on cnbc's fast money as well. >> you're looking at a live shot

of the white house. president obama is due to make a statement on iran at 7:00 a.m. eastern time. so expect a statement from president obama at 7:00 a.m. eastern time. big victory for him. finally see a deal between the two sides. that's been in the works for months and years. >> let's just have a quick look at the sterling chart before we leave you today. it spiked significantly off of the back of the comments brought earlier. we're moving closer to an interest rate rise here in the u.k. sent cable just shy of 156 up 0.7% in the day. that's all we have time for today on worldwide exchange. thank you for watching. >> we will see you tomorrow. next up is squawk box. have a great day.

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iran and six world powers reach a landmark nuclear deal. oil prices dropping on the news. on the corporate front, a chinese chip maker is reportedly offering to buy micron for $23 billion. it could be the biggest chinese takeover of a u.s. company ever. on a mission, after a nine year 3 billion mile journey a nasa spacecraft will zoom by pluto this morning and snap some photos giving us a glimpse into the mysterious outer reaches of the solar system. it's tuesday july 14th 2015 and squawk box begins right now.

♪ >> live from new york where business never sleeps this is squawk box. >> good morning, everybody. welcome to squawk box here on cnbc. i'm becky quick with joe kernen and andrew ross sorkin. iran the u.s. and five other world powers reaching a deal. promising to curb it's nuclear program. economic sanctions will be eased. here's how iran's foreign minister described the deal in a news conference about an hour ago. >> i believe this is a historic moment. we're reaching an agreement that's not perfect for anybody. but it is what we could accomplish and it is an important achievement for all of us. >> the agreement itself runs more than 80 pages in length. it