sandra: breaking news, 50,000 jobs get the ax and a massive overhaul at your biggest bank hsbc. recently nuclear proposal to the european commission. the ceo of christ yet pushes with general motors and given the cold shoulder. alibaba jack mob has an op-ed in "the wall street journal." he pushes u.s. businesses to sell their product to china on alibaba. all this talk u.s. index futures move into the down side, but also turned negative for the year as of yesterday's close. good morning, everyone.

i'm sandra smith joined by lauren simonetti and nicole petadilles. the latest breaking news on what to expect that they had. breaking news coming major shakeup at hsbc holdings, europe's biggest bank planning to cut costs by $5 billion in layoff as many as 50,000 workers as part of the major overhaul of its soap operations. hsbc saying it will cut its risk assets by about $290 billion so it's turkey's and brazilian operation. from greece, moments ago grace has offered up a new bailout plan to the european commission. nicole will bring us up-to-date on all of that. what is the latest. nicole: this has been down to the wire. kris reportedly now submitted a three page, only in the last hour, a three-page reporter.

kris is also giving creditors a separate note seeking to use e.u. funds to repay bonds held by the european central bank. kris also seeking access to bailout funds for this so they can buy more of the government's short-term debt. we learn greece's bailout plan may be extended until the end of march. in the year 2016. "the wall street journal" reports they are just pressing the option as well. sources say the offer is persuading the government to agree to the painful concessions they need in exchange for aid. european officials have been breaking the stalemate over a deal to him that badly need a bailout funds and avoid a default on its debt. the greek prime minister alexi tspiras tells the italian newspaper ato cou be reached if the creditors dropped demand to cut pension and that it's been a real sticking point,

sandra appeared me sick with a three-page proposal came out over the last hour is one idea and the other would be to push it all off for another nine months. by the way, always extended from february. sandra: as news continues to pour in, we have a lot of movement overseas particularly in asia. the japanese stock market, the nikkei is dropping nearly 2% on the session. this is the worst single day drop for the stock market index in about a month. we also have some weak data coming in from china weigh in on the market initiative. european stocks. the german index, the tax falling further into correction territory, dropping by more than a full%. let's see how that is translated to u.s. stock futures. dow futures to a point signaling another lower open today after the dow closed in negative territory for 2015 as of

yesterday's close. we watch all of that for you. meanwhile tesla ceo elon musk will face a lot of questions from investors today. what do we know about that? lauren: and testers want to know what cars will look like if the model x suv. when can we buy? publicly august or september. gas prices down come suvs are hard. the model three is the smaller, cheaper tesla car. we want the details. i spoke with the analyst at tesla's price target yesterday to $335. the median should address weakness in china and batteries powered homes and businesses. a few have been following the shares coming up 15% this year but you've are down from last year's record about 12% in the

pre-market share slightly higher. >> tesla doesn't exactly target the average can number. when we know the car buyer earns over 300,000. lauren: that is why the model three will be hot if we can find out more about it. sandra: the ceo of struggling fiat chrysler. he isn't giving up hope of a new deal there. nicole: they have contacted hedge funds and activist investors to help persuade general motors to read to a deal. sources told the journal they have been inspired by recent successes at general motors and see that as a way to consolidate the idol industry more. the automaker holds its annual meeting later this morning. expect it to face questions about auto strike this fall. shareholders will vote on the

ceo. it will be interesting to see whether there would be interest right now. right now marchionne has set some goals that don't involve fiat at all. it's about return on equity. a lot of risks. industry downturn also feature regulations could hurt the company as well. sandra: mary barr has not had a dull day since taking over. train for this something gm has worked on for years. their model is something fiat should follow. sandra: we will keep watching all that for you. alibaba jack mob making his pitch to american businesses today. lauren has that story. lauren: it is a road trip, baby. alibaba making deals with china. here's why.

china's middle class tremendous. well in seven years. that's a lot of customers for u.s. businesses. this is the op-ed in "the wall street journal." alibaba group was founded in china but created for the world. that is key. he takes his pitch to the economic club of new york this afternoon. he's in chicago. chinese customers will spend a trillion dollars online over the next 40 years. they are craving western american goods and that is why that's excellent of revenues from outside china to 50%. that is a huge goal because it's only 4% right now. anonymous stocks, 8825 with the close yesterday. deutsche bank analyst said last week meeting with merchants this is their take away. spending too much money that will hurt the operating margins that they've lowered their price target. not by much.

nicole: there will be 100 journalists there today. sandra: when jack ma speaks, the world listens. writers say in germany submitted this with a hair care business. end quote he also made an offer for the fragrance unit and its cosmetic business. this comes as png try to have several asset that considers non-core. chipmaker out now exploring strategic alternatives including a possible sale. reuters working with an investment made in the sale process. the san jose company has a cap of $4 billion. i dollars. i have no makes microcontrollers that in the internet technology. the obama administration fed to raise wages for millions of americans. they could propose a new world that would double the overtime threshold as early as this week.

the current cap is $455 per week for workers eligible for overtime pay. critics say will kill jobs and forced businesses to cut hours for their employees. the government intervention on wages does not need congressional permission. coming up, check of the latest weather on this busy news. the tampa bay lgtninstrike quily i e snleyup ckefina le lt niht. t us women' socr am rvivg a eay aren he wodcp we willhae helatst nthat checng u. sck index futures fall into an yesterday's in negative territory's. for the year now, 21 points as he started the morning. you are watching "fbn:am," your first look at tuesday morning markets. everything you need to know. breaking news this year. -- is here. there's not on turn

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sandra: welcome back. let's get you caught up. asian markets finished into the down side. the nikkei suffering its biggest single day drop in over a month. weakness in asia also weakness sec trading in europe. major averages falling, moving to the downside in germany by 1.2%. i will point out the indexes falling further into correction territory down more than 10% from its recent high. there you have u.s. stock index futures taken away from from asian and european markets. building speculation interest rate hike might be closer under her breath and then predicted that more economic data pours and and that is leading to weakness in global stock markets this morning. the u.k. trade deficit narrowing to a one-year blow.

lots of news coming in locally on the economy. we will keep a watch on it. turning to his forthcoming case you missed it last night, the tampa bay lightning have taken a two-game to one lead in the stanley cup. brian callahan scored the first goal of the night. also assisted on the game-winner. three minutes remaining with a score. a three to win over the chicago by cox. also in chicago tomorrow night. the u.s. women's soccer team wanted the world cup opener with the scoring of her first of two goals. the americans will play again on friday. the kansas city royals the kansas city royals move back into a first-place high with minnesota in the american league central. henry's morales that the royals ahead with a two run homer in the second inning. the royals beat the twins three to one.

coming up, grace offering a brand-new plan out moments ago to avert a default. we will have the latest details on that as market around the globe continue to react. also this morning a huge overhaul at hsbc. the bank slashing 50,000 jobs from its payroll. the bank is making big changes. checking u.s. stock futures. s&p, dow, nasdaq, all lower. that continues as we start off on this tuesday. you are watching "fbn:am," you're forced look at morning markets and breaking news. ♪ hey america,

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dream to breaking news. 50,000 jobs get the ax in a

massive overhaul of u.s.'s biggest bank ages pc. restricting the ballot proposal moments ago. the ceo of chrysler fiat pushing a merger with general motors in gm giving the cold shoulder. alibaba'seeuve ce jack ma pitching u.s. businesses to sell products to china on alibaba today. future is moving to the downside is that that was negative for the year. good morning. i am sandra smith joined by lauren simonetti and nicole petadilles. welcome to "fbn:am" come your first look at what is moving in today's markets and what to expect for the day ahead. within the last hour greece has offered up another new bailout plan to at today. nicole: this is down to the wire. greece has reportedly submitted a three-page proposal over the last couple of hours.

to its creditors, this is a bid to unlock bailout funds. seeking to use e.u. funds to repay bonds that are held at the european central bank. greece also given access to the euro bailout fund to be able to buy up more of the government's short-term debt. "the wall street journal" reported in the bailout program may be extended until the end of march of 2016. european officials have been working to break a stalemate over a deal to unlock these badly needed bailout and avoided default on the net. the greek prime minister, alexi tspiras to an italian newspapers that a deal could be reached at creditors dropped the demand to cut pensions. a few things going on here. a three-page proposal for the new york charm for the sake of funds to pay off the ecb. you also have the pushoff idea, another nine months.

another idea if you lay out the pensions, maybe we can make a deal. that's what they're considering at the moment. this remains the law card for the markets. sandra: the major uncertainty. globally you talk to anyone about it in the market. nicole: it is all about greece in interest rates. oracle warned yesterday time is running out and to send an urgent message to the market. we got in his moments ago about the proposal. the greek stock market went up 3%. it goes to show you there's anxiety to get the deal done. sandra: meanwhile tesla ceo elon musk. transfer shows the cars. gas prices are down. are people still going to want an suv that possibly $75,000.

also the model three, the smaller, cheaper tesla will absolutely broaden tesla's audience. we want details on when that will hit the market. we hear later next year. the price at 335 yesterday said the meeting will address the china black tie white tesla is not selling there. plus the latest on the factory in nevada and the tesla batteries powering our homes and businesses soon. we will show you the shares. 15% this year but have year but i miss it down from the record we saw last year. sandra: have you ever been to a store that has those electric charging stations? we're in a whole new world. lauren: i never see anyone parked into them. that's a problem or trying to fix. sandra: nickel will talk about major laughs of yet another bank that continues to struggle on it tastefully zero interest rate.

transfer europe's biggest bank plans to cut costs by $5 billion the year by 2017. they'll be laying up as many as 50,000 workers at hsbc. 25,000 jobs will be eliminated from the expect sales of hsbc brazil and turkey unit. another 22,025,000 jobs. 10% of the workforce will come from the consolidation of the i see office, also branch closures. hsbc will cut its risk assets by $290 billion. the bank also plans to reinvent a u.k. bank aimed at making us safer for the customers and accelerate in asia. last week on morning with maria, talking about the bank has been noting jpmorgan. they were in fact cutting up her than 5000 jobs on the heels of bank of america. 20% of peak employment in

citigroup about 9%. so we have seen a wave of these banks with regulations as well. sandra: we are showing the premarket check of hsbc shares before the open this morning slightly lower. meanwhile, alibaba founder jack ma making pitches in a dork. lauren: is that the economic club having lunch. it is huge, people. it is as large as the entire u.s. population and will only get bigger, doubling in seven years. that is a lot of customers for our businesses. this is why it jack ma writes. alibaba group was founded in china but created for the world. how are we going to do business with china. like i said, he's on a road trip in the u.s., new york and chicago tomorrow. chinese customers don't have the layout or a national change the way we do in the u.s. so they buy everything online. the online buying will reach the

dollars fight 2019. if they can do this great business, how do u.s. businesses want to be part of that with all the counterfeit issues than everything else? nicole: i have a quick thought that alibaba is taking a big push to take on amazon and cloud. anytime you mention the cloud that seems to be the buzzword. sandra: jack ma will make his pitch today. let's get caught up in the global markets. a look at the nikkei had in its biggest selloff in nearly a month. down went 20%. pahang thing in the singapore and decks also lower. inflation data did show that it used in the most recent month. weakness over their leading to weakness in europe. the cac is overcome and adapt as

the market everyone is watching down 1.2% falling further into correction mode. it is now off 12% from its record high in april below the 11,000 mark and that is leading to weakness here at home. u.s. stock index futures point to a lower open. when the bell ring for a few hours from now, continued in about greece as the proposal comes in and also about when this interest rate may soon start to rise. before you head out the door, we dedicate a book a year forecast from from fox meteorologist maria molina. she's got that for you. reporter: good morning, sandra and everyone at home. severe storms or portions of the northeast including parts of pennsylvania and new york state and the storm system is on the move today. looking at areas of rain across parts of virginia and north carolina stretching up into parts of new england. later on today looking at additional strands across portions of the northeast and

tracking a secondary area further to the west across parts of the upper midwest and isolated tornadoes and large hail will be possible for tomorrow across parts of the planes and stretching across the midwest and into the northeast a small risk for severe as dorms. temperatures across the nation today are really heating up across the center of the nation. temperatures well into the 90s across texas and parts of oklahoma, kansas and the far north as rapid city in minneapolis at those areas seen temperatures climbing into the 90s. meanwhile the posada passed parts of new england and take a look at the west. temperatures are warm out there as well. 93 missoula and operates across parts of utah. parts of of the southwestern u.s. up a lot of tropical moisture across the eastern pacific ocean. the system is going to enhance the showers and storms across parts of arizona and further

west across parts of nevada. this is welcome news but nonetheless you're still dealing with possible localized flash flooding over the next several days. sandra, over to you. sandra: thank you very much. we will have followed the latest for you. meanwhile, the tampa bay lightning struck quickly in the stanley cup hockey final and the u.s. women's soccer team survived an early scare in the world cup. we will have all of the latest in checking u.s. stock index futures. pointing to a lower open this morning we have everything as you start your day with "fbn:am," your first look at morning markets and breaking news. ♪ only pay three-quarters of what it takes to replace it. what are you supposed to do, drive three-quarters of a car?

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on into the morning. taking a look at crude oil prices dipping below $60 a barrel, but now a bit of a rebound in today's session back up 1% on the day. still not 60 bucks again. you've got the euro and the u.k. pound down against the u.s. dollar. the canadian dollar exiting pays out are up in the japanese yen continues to rise against the grain that. the tampa bay lightning have taken a two-game lead in the daily cup finals. former ranger ryan callahan scored the first goal of the night and insisted on the game-winner. senator cap with three minutes remaining to give tampa bay the lead over chicago blackhawks. game four tomorrow night also in chicago. the u.s. women's soccer team won the world cup opener. make it worth the know with first of two goals and chris then adding the u.s. australia.

rita won the americans to play again on friday against sweden. kansas city royals moving back into a first-place tie with minnesota and american league central. congress morales puts the royals ahead in the second inning. royals beat the twins three to one. coming at the disney morning. i had to see a price tag to push for a merger with general motors. why is he so desperate? alibaba is jack ma looking to use alibaba to sell their goods in china. checking on the stock index, the weakness we continues to this morning on what will happen with grease, interest rate. you are watching "fbn:am," your first look this morning on what you need to start your day. ♪

sandra: breaking news this

morning, 50,000 jobs could be asked in a massive overhaul in europe's biggest bank hsbc. a new bailout proposal just moments ago. we will have the latest. ceo presser fiat pushing a merger with gm motors. gm given the cold shoulder. alibaba executive jack ma pushing to sell to china. all the u.s. futures moving down. down 32 points. concern about when the first interest rate is coming and of course what will happen with grease. i'm senator smith joined by lauren simonetti and nicole petadilles. welcome to "fbn:am" come your first look at what is moving in today's markets. breaking news coming major shakeup at hsbc. europe's biggest bank they need to cut costs by $5 billion in my billion dollars in my half as many as 50,000 workers as part of a major overhaul of its

global operations. in a filing to the hong kong stock exchange, hsbc will cut its risk assets by $300 billion fell off the turkish and brazilian operations. breaking this morning, news from greece within the last hour greece has offered a a new bailout plan to the e.u. the call will bring us up to date on all of that. nicole: you may consider moving headquarters in initiative funded. as far as greece, breaking news this morning that greece has submitted a three-page proposal to creditors to a lack bailout funds. greece has given creditors a separate messaging to use e.u. funds to pay the bonds held by the european central bank. greece also seeking access to yours on bailout funds in the country banks to be allowed to buy more of the government short-term debt. "the wall street journal" reported in the program may be suspended until the end of march

of 2016. guess i said in march of 2016. european officials working to break a stalemate will not have the needed funds and also avoided default on the debt. the greek prime minister alexi tspiras telling the italian newspaper as you could be reached to creditors dropped a man to cut pensions. those are some of the sticking points for some of the poorer people there. also that would raise the electricity costs for people there. what is on the table right now is a three-page proposal and trying to get the funds in the short term and also extending the whole thing until 2016. which by the way they party time since february. they party gotten an extension which i didn't actually realize until this morning when i was looking more closely at that. lauren: at the expansion is really affecting germany. from the beginning of the year to mid-april, that is up 26%.

now it is an correction territory because germany's third-biggest lender to greece. sandra: they have a lot of risk and a lot to lose. the tax continues by more than a full%. speaking of which, let's get caught up in the global markets as they do look over in asia. more news on the economy pouring in. the big concern, interest rates in the united states and the great proposal what will happen there. the nikkei down 1.8%. significant losses there. the nikkei had been his worst day in nearly a month. there is the european markets. the cac down, the dax up 12% from its april high down 1.5%. this is a significant loss to report there. and now this weakness in u.s. futures pointed to a lower open. i will point out since the top of the hour, dow futures has sunk into negative territory after the dow closed for the year as of yesterday's close.

dow futures down 40 points indicating the door open a few hours from now. tesla ceo elon musk will face questions from investors today. whether they want to know? lauren: when are we going to see the model three, the smaller car, cheaper car, did they change it for the prototype earlier. you have to be apple went to buy new cars. they are making batteries to power homes. the residential part is coming in the second half of this year. what are the investors going to ask about shareholders. and finally, an update on the battery factory in nevada. the meeting is at 5:00. the stock was up in the premarket. as we saw, the broader markets fall a little bit. shares not indicate a lower open. sandra: will keep watching all of that come aboard. via chrysler talking up a merger with gm.

sergio marchionne given that the deal. nicole: the report is sergio marchionne has contacted investors to persuade general motors to agree to a deal. sources tell paternal marchionne has been inspired by investors that jihad and sees them as a way to consolidate the auto industry. the automaker holds its annual meeting later this morning so we will watch news from that. expecting to face questions about auto strikes this fall. shareholders will also vote on a proposal to prevent the ceo and chairman titles we've seen a lot of companies looking into that very closely. we know mary bharat has been very serious about her deals with general motors, tried to have the return on investment to remain in the top tier and whether or not they are sent via with fiat would that be any

beneficial move. at the moment we are not really seen that as a possibility. sandra: albright. nicole: there is some bad blood that goes back to the early 2000 years. we will see whether that plays a part. sandra: already. lauren: jack ma here starting to plead businesses with china because the middle class is bigger than our population. it will double in the next decade. lots of customers for our businesses. that is why jack ma writing this op-ed in "the wall street journal." here's a quote from it. we were founded in china but created for the world. so help us do that. they will be at the economic club of new york this afternoon. meeting with small businesses, meeting with the mayor there and american express. jack ma is china's customers spend so much money on mine.

that is expected to hit $1 trillion in the next four years. they are craving american goods. that is why alibaba wants to uproot revenue from outside from 4% now to 50%. the stock 8825 was the close yesterday. a little bit concerned about their spending. obviously you need to spend to attract more businesses here in the u.s. where there is some regulatory concern. sandra: that stock is such a dud. done about 15% this year. the annual high as 120 bucks. hopefully some cloud computing expansion as well as jack ma rhetoric will help the stock. sandra: we have a report from who love in reporting quarterly earnings considered a pretty impressive report for impressive stock. as the earnings come in at asap about 40% the past year. here is the news to watch.

the luzon man with earnings per share. this is the same they reported years ago. they stayed the 33 points per share. in fact 2.8% right now. the stock continues to climb. those earnings of 34 cents per share have dabbled from a year ago. we are going to continue to watch that story for you. of course the adventure company particular for a lot of folks who want to know if the trend was going to continue. certainly seems like they've been able to continue their profit for the time being. procter & gamble getting offers for its beauty businesses. the png haircare business worth between five and $7 billion had cody made an offer for the fragrance unit and cosmetic business. this comes as part in campbell

tries to shed assets considers non-core. exploring strategic alternatives including a possible sale. reuters says atmel is working on a sales process at the san jose-based company is the capitalization of $4 billion. atmel makes microcontrollers used an internet technology. the obama administration set to raise wages for millions of americans, the labor department could propose a new rule that would double overtime threshold as early as this week. the current cap is $455 per week per workers eligible for overtime pay. critics say could kill jobs and forced businesses to cut back hours for employees and what is considered a tough economic environment. that government intervention does not need congressional permission. coming up on a busy morning, a look at whether as you head out the door. the u.s. women's soccer times provides an early scare the world cup. we will update you on that.

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sandra: welcome back, everybody. let's get you caught up on global markets. it's been a busy morning already. the nikkei suffered its biggest drop in nearly a month. down 1.8%. fears of an interest rate hike here. the greeks that proposal, the new one on the table how that

will play out. all the uncertainty that into global weakness. european shares continue to sink. further into correction territory that backs now at 34% from its april high, record highs. u.s. futures show with similar concern. dow futures sinking further into negative territory. 58 points on the overnight session. this is the lowest we've seen in the overnight session. weakness continues here at home. everybody continues to wonder when the first interest rate hike is coming and of course watch everything play out in greece. deutsche bank, nicole you have the latest. nicole: something -- a lot of news for deutsche bank. the bank of. the bank confirming officers in frankfurt have been searched by officers and investigators looking into evidence related to client transaction accused of

wrongdoing. the rate has been conduct on behalf of prosecutors and also seeking evidence of security transactions by the bank's clients. the stock closed yesterday at 30 to 15 minutes looking 3128 or so on the heels of the news yesterday where we talked about the co-ceo in changing of the guard for the former cfo of pbs's stepping into the top row. that is theirs as well. trade to which the market likes. it had a good week for now the excitable pullback. turning to sports this morning. tampa bay lightning taking a two to one blade. brad callahan with the first goal of the night. cedric scoring with three minutes to go. a three to two win over chicago blackhawks. tomorrow night in chicago.

the u.s. women's soccer team won its world cup opener. make and receive no opening the scoring with her first two goals increased in price with the americans playing again on friday against sweden. the kansas city royals moving into a first taste of minnesota and the american league central. can drive morale is up a two-run homer in second inning. the royals get between three to one. before you head out the door, let's get a look at your tuesday forecast. maria molina has that for you. reporter: hi, sandra. you will nature umbrella on parts of the east coast. already bringing in rain across parts of new england and damage parts of virginia and north carolina this morning. that is something to watch. later on today from isolated severe weather across portions of northeastern parts of the upper midwest. looking at some large hail and strong winds asked from the storms as they head into tomorrow more severe as arms

from parts of the plane into the interior northeast. temperature wise, you will really notice across the center of the 90s from minneapolis on the way down to the city of houston and intel brio across the eastern u.s. also a bit on the human side across coastal areas. new england to live that cannot highs climbing into the 60s today. meanwhile heating up across portions. basically the interior west. otherwise the southwest u.s. we have moisture on the increase year over the next couple of days looking at showers and storms and the potential for is to mobilize flash flooding across places like nevada and into parts of new mexico. sandra: thank you, maria. will rent on global actions for tomorrow before we handed over to maria bartiromo. stocks poised to fall for a fourth straight day.

dow futures sinking further into negative territory than 70 points now, pointing to a lower open. lots of concern out there. ♪ my school reunion. i don't know. who wants to play in idaho? gotta get milwaukee up to speed. we win in flint, we take the lead. we'll close the deal if we just show...

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sandra: albright. welcome back on this tuesday morning. a look at global markets. a big day for the nikkei. it's actually had its worst single day drop in nearly a month that continued concerns about the asian economy. weak data coming to china also weigh in market there. in europe, all about the dax is morning at 12% from its recent record high, falling 1.8% in today's trading session. the cac and the foot via monday and. u.s. stock index futures have some earlier losses adding to

the dow futures 63 points after the dow closed negative for 2015 yesterday. the weakness continues. look at oil. oil prices moving to the upside after the selloff yesterday at 1.2%. finally, the world is watching. when will the federal reserve find the raise interest rates? we are all watching the 10 year period 2.36%. a lot to watch this morning. a good time to handed over to maria bartiromo for "mornings with maria." maria: hey, sandra. see you in about an hour. small business owners feeling better about the economy. hitting the highest level of the year last month, nfib chief economist bill dunkelberg will join us in a fox business exclusives. good morning, everybody. this is "mornings with maria." it is tuesday, june 9th. average joe options as well