it was an unbelievable move. , the ceoe now is dan of pfizer investment, which has 3.4 billion assets under management. how you view china. china?china -- view dan: it is messy. theeek that my feeling on way the market has rebounded and wipe them out in one day is investors are very anxious about the fact that this is such a controlled environment. the chinese government allows over 1000 stocks to trade. it plays around with the margin rules. it tells big investors do not sell. have a free market if the central bank is always getting in there and saying we don't like what is going on. doesn't mean that with the government did it didn't work? all of a sudden you turn around and went out. dan: saying something does or doesn't work in china -- it is a joke. this is a country that two weeks after the end of the quarter is able to tell you that growth was 7% per annum. economy and we are not going to get our first read on second-quarter gdp until later this week. china doesn't revise its numbers. what it says happen at the end of two weeks, done. say are doingey is working or not working,

it is interesting to see more executive from goldman , now coming to technology the ceoe as cfo therefo google, and interesting 20 -- trend we're seeing. matt: alibaba has long wanted to be a global player. emily chang, thank you for that. alix: thank you so much. coming up on the bloomberg it bone to pick with bank of america. we will tell you why. ♪ ♪ ♪ ♪ get excited for the 1989 world tour with exclusive behind the scenes footage, all of taylor swift's music videos, interviews, and more. xfinity is the destination for all things taylor swift. alix: welcome back. let's get straight to a look at the top headlines. escalated as the suspended deposit fund pays its obligation bond. one of its agencies defaulted for the first time. the come in play less than one that -- paid less than $1 million for a $68 billion payment. bill rhodes talks about it earlier on bloomberg. law thatis a 1968 cap's medicaid and medicare. others are much wealthier and you look at what they are getting and what the states are getting. it is basically not fair. that is why they should have another referendum on

shares are up today onward brazil'supreme court revoked a ceoe owner -- the former .as been holed uphome he was arrested in november on charges of obstructing a federal investigation. turner broadcasting teaming up -- teaming up. -- the subscription fee has not been announced. bywill be curated programmers from turner classic movies, the cable network. to give his 2000 full-time employee shares with up to 10 widelyp -- 10% considered to be worth billions of dollars. it could make some employees multimillionaires. turning back on the federal reserve this week. take a look. the current index of assets higher. i am sure tomorrow as well. joe weisenthal is here now. walk me through the chart and the significance of it. how have the bond markets reacted? of,here is always the sort it is always hard to disentangle market moves and the fed. saw basically everything bottom in the middle of february commodities,g from stocks, emerging markets, everything has rallied since then as it has been perceived that the fed has gotten more dovish. nobody expects the fed to do anything. the real questio

co-ceoe bank's new getting a revamp.ommittee that advises the day lord turned their under pressure to shore up profits. those are your top stories at the hour -- at this hour. matt: four's latest patent. plus, a look at oil, teetering on breaking the $40 mark. more on that is ahead. ♪ matt: your average sedan might feel like a private jet. it can also transform into a lounge while driving, adding swiveling speeds that created a more comfortable setting and an ottoman for your feet. i think we are a long way away from this happening. the ceo was asked about this when mercedes was showing its driving lounge. he said they are still quite a few years out and there is no rush this product. first, we have to get the lincoln continental. that is what i'm -- i'm excited about seeing from floyd -- from fort and then we will worry about not paying any attention to the road. they are driving in the left lane when they should not be there. olivia: that does it for me. stay tuned for more. ♪ matt: welcome back. in the sign of strengt

earlier today, matt miller and i ceoe with the founder and of foresight strategy and to medications.e discussed his contingency plans over greece. at this moment, the contingency plans have been exhausted. we have been redrawing contingency plans over the last four months. now time for leadership, regardless of what party they represent, to consider using russian now in boldness and come up with any solution, any settlement that will allow at least the business community and private sector to continuously move our country step by step forward, and hopefully at some point we will be able also to deal with the structural issues that we andnitely need to tackle get them behind us in order to move the whole country ahead. >> what about you personally? have you taken out enough cash to get you through next week, or are you not worried about it run? >> i have heard so many times that there is this issue, i didn't go. i'm not sure that we will have such an issue at the end of the day. get 1000ure that if i euros and put them in my home for the weekend, that will save me if we end up moving

keeping up with disruptive ceoes and technology, ibm's shows her insight at cornell tech. we'll bring you that conversation in moments. we want to get the u.s. markets, which was in about to -- two hour's time. very small movement. the major averages close at record closes yesterday. today, not so much. the dow is on pace for another record close. the s&p 500 earlier today could just put in an all-time high. these are very small moves. however, any green on the screen will mean new record closing highs. with the tiny moves, he probably won't be surprised to know today is the second smallest trading range of the year about five points after yesterday's very matching red below a day back in may. not a lot of conviction on the part of investors as to what is next. all the different factors from geopolitical tension to apple, little breather today. let us look at the big movers for the s&p 500. at the fact we see plunging 11%. senators are demanding a probe of the hat. plus, sale of the stock by executives. company's plan to aquire. chesapeake energy is up 7.4%. oil.ng a nice

keeping up with disruptive ceoes and technology, ibm's shows her insight at cornell tech.ersation in moments. we want to get the u.s. markets, which was in about to -- two

ceo -- ceoe bank john cryan canceling an appearance at the euro finance committee conference in frankfurtwhen to replace him at the event that is going to take place, and will be on the panel with the ceo of commerzbank. we spoke earlier to another man on the panel, from ing. it is a pan-european panel. john cryan is not going to be there. there is a lot of moving parts surrounding deutsche bank at the moment. we will see what is happening in the u.s. with the doj. a pretty important line for him to get solved at the moment. we will get some key guests from the conference of the later on, including one from the institute of monetary and financial stability in luxembourg -- financial stability, and luxembourg's finance minister as well. let's talk about banks. area.s a key john stafford joins us now, still on set. the banking sector in europe is a bit of a two-way street, in my mind. --itive influence potentially lower regulation, yield curve steepening up. we are going to see some negatives. we do not understand what is happening in italy. we do not understand what the regulatory story is

earlier today, vonnie quinn ceoe with the keen groune group and asked about the permian boom. >> it is call a boom with oil prices in the range of $50. and makes it economic to spend capital drilling. we will look for it to continue to grow over the next two or three years if oil prices stay stable. vonnie: we have a new president and administration. rex tillerson and rick they are part of administration. what do you hope comes into play? >> we will have to watch how it plays out with the new so aretration vonnie: you just waiting to see? is there anything that would benefit the hydraulic fracking industry? >> the lower corporate tax structure could help. vonnie: talk about the oil and gas. we have been does talk about the oil and gas capex. we have been waiting for it to turn around. >> the spending in the u.s. is generating% to 30%, new activity and creating a lot of demand for our completion services business. on end everyone says a lot of capacity has exited the market. even private equity firms say the same thing. but some say not as much. what is your take? have we seen a massive