the first one is going to be iron ore. below the $50 a ton level. it are well extend the defiance. other chart. this is the aussie dollar. you can see that we have had a slide in the aussie dollar ever since the stock market started to fall. you have seen it right there below that 75 per u.s. cents level. let's get back to my coanchor. joe: thank you. i am here with a member of parliament. everyone is curious. members of your government are in brussels today. are you optimistic they will get a deal? >> yes. i have heard from several persons including from the minister of finance reports that the claimant was cordial -- climate was cordial. pursue thee able to strategy that finds common ground with our creditors and partners and we very much look forward to tomorrow. some nervousness that representatives of your government showed out -- up without anything written. you are optimistic the talks can move forward. >> if the prime minister that we will be introducing the key negotiating team, that will be following him, following up after him. where optimistic that the grounds upon whic

be a day or even tuesday. what the sticking points are whether there are further details to be ironed out or whether they are significant details. ali velshi is here with us. ali was there anything you didn't feel comfortable report being the last couple of weeks at a you feel comfortable reporting now? >> we go with a minder whether you go reporting. there are cameras all over the place. everywhere we would stop to take our camera out we would get stopped within minutes. you could guarantee there would be some version of a police officer checking on what you were doing. so you learn to behave certain way when you don't attract more attention than necessary. and with the people i was interviewing you couldn't get them into trouble either. understand everybody was being recorded and if they said something to me that was not allowed they might get a visit a little bit later. so frens for instance you can't criticize the ayatollah or anything he has to say. i don't have any particular criticism but you can't get into conversation like you and i have when you are covering a piece of news. you have to be cautious. they have

or even on dues. what's not clear what the sticking points are whether there are further details to be ironed out or whether they are significant problems. >> suspected boko haram fighters have launched two suicide attacks killing at least 12 people and injuring a soldier in cameroon. the first explosion happened at a bar close to the military camp. then the seconds bomb went off minutes later behind the settlement. there has also been a bomb blast at a checkpoint outside of a nigerian city. one person was killed when a suicide attacker detonateed the bomb on the bus. three others were hurt. no one has claimed responsibility although it is described as the birthplace of boko haram. >>> and recently elected niger januaryelect nigerian president has fired the chiefs of army, navy and air force. >>> a car bomb targeting a u.s. army base has killed 33 people. afghan troops, civilians including 12 people are among the dead. we have reports from kabul. >> a morning after a suicide car bomb exploded near an u.s. military base. women and children were killed along with women and men of the afghan security forces. t

or even on tuesday. what's not clear is what the sticking points now are. whether they are further detailed to be ironed out or whether there are significant problems. >> now germans basis in--that was ask james bays in vienna. >> i really think that the deal is now within sight but not within reach because there are few last minute snags that the negotiators need to deal with, and no one expected the final few steps to be ease, and it's really hard. and the process is really at the mercy of a single miscalculation. because if either party believes that the other one needs the deal more than it does, it risks making the miscalculation that could squander this unique opportunity. >> they said that this is the last chance for quite some time to reach a deal with iran. well news of progress was met in washington where some are expressing concerns with the prospect of that deal. lice lisa stark has more from washington. >> even without specific there is a lot of concern on both sides of the aisle. concerns that the u.s. conceded too much in these talks with iran. negotiations appear to reach a turning point

they might not be big on iron ore.ake power tools, rechargeable battery systems, emergency battery supplies and they predict the chinese market will grow 5.3% this year. not as high as 2014, but they are still buying. goldman sees an upside for nickel prices. there is some maintenance for the refineries, but it's a very good bullish china indicator. we keep talking about the bearish. joe: i want to talk about the fact that many more banks have the exit. we think they will get the deal but it's unlikely. now there are seeing the exit of more than 50%. citi, rbs, bmo. this is kind of bad karma because i never like to point out the flip-flopping. they said 90% odds were really strong. as we know, that did not happen. earlier this year, they said it was not going to happen and they felt confident that was -- the vote was going to go in favor of yes. once again, they have said it's the base case scenario. exit it could be a quick's or could be one to three years. that's what happened. it's not like tomorrow. if they get a d

this notion that young people have lost their idealism or being cynical or ironic, it's not true.give them pathways to get them involved. and so we've tried to expand things like americor as much as possible. part of what we want to do is hopefully tie it more to getting a lower cost college education so they get scholarships in return for the work they're doing. i think that would be a good place for us to start. we're talking earlier about the middle east in an issue like iran. i really want people to pay attention to this issue. and learn about it, and then contact your elected representatives and express your opinions. i mean maybe not everybody's going to agree with me on this but this is an example of where we have a huge issue of war and peace either the stopping nuclear weapons through diplomacy or potentially we have a military option. you've got a bunch of hot heads and pundits and folks who are not going to be making sacrifices if in fact you end up in a conflict. who are reprizing some of the same positions we saw during the iraq war not asking tough questions. and if

or even on tuesday. what's not clear are the sticking points, whether there are further details to be ironed out or they are significant problems. >> suspected boko haram fighters launched two suicide attacks killing at least 12 people in cameroon. the blasts targeted a special forces camp in a northern town. the first explosion happened at a bar close to the military camp and a second bomb went off minutes later behind the settlement. >> there's been a bomb blast at a czech point. at least one person was killed when a suicide attacker detonate add bomb on a bus. three others were hurt. no group has claimed responsibility, although that area is often described as the birth place of boko haram. >> recently elected nigerian president has tired the heads of his early navy and air force. he has been under pressure to deliver on campaign promises to destroy boko haram. replacements are expected to be announced in the next few hours. >> in eastern afghanistan a suicide car bomb, targeting a u.s. army base has killed 33 people. afghan troops and civilians are among the dead, including 12 children. we have this

iron ore is down. australia will be hit quite bad . and this. i mean, you have futures a little bit higher, but i mean you look at these three. these were limit down yesterday. that is a little bit lower. let me end with this -- volatility. this next board basically tells you it will not be a good day in the markets. everything from wall street to hong kong. look at the nikkei, up 30% yesterday. we are talking about all of these broad things, but steve, you were talking to some of these investors yesterday's. what did they have to say? the feeling on the ground is a little bit of frustration because not only are there 1300 plus companies that have halted their shares, but then there are all those other companies that are limit down. so, thereofre, th -- therefore they are untradeable as well. 70% of stocks were untradable at any given time yesterday. we were outside a brokerage trying to talk to some of the people coming to check on their portfolios. and many of them could not trade. also in beijing, and this is typical in beijing, many people t

let's look at two charts of why you should be scared about china. is iron ore. they broke through their $50 a ton level. orekson security says iron will extend those declines. take a look at this other charge. is the aussie dollar as the proxy for china. around 35% of australian exports are consumed by china according to deutsche bank. we have had a slide in the aussie dollar since the stock market started to fall. it below that 75 per u.s. cents level. let's get back to my coanchor who is on the ground in athens. thank you. i'm here with a member of parliament. to buy during much for joining us. -- thank you very much for joining us. are you optimistic they will get a deal? >> yes, in fact, i have read from several persons, including from the minister of finance who report that the climate was cordial and he is quite optimistic that we will be able to pursue a strategy that finds common ground with our creditors and weopean partners very much look forward to tomorrow. was some nervousness today that the fact that representatives of your government showed up wit

iron ore or's deal. -- iron ore or steel. prices are falling down to that are not being exercised and they are forcing supply rationing.y that destruction of supply, the rationing of supply that is creating this tour of -- correlation. because the different metals price out at different points, that's where we are, really. erik: how long is it going to take for that supply destruction to rebuild in the metals markets such that we see prices rise? francisco: i think that it all is dependent on the business cycle. we are rejecting at the house 3.9% global gdp growth next year. even though we have a lot of weakness right now because of emerging markets being kind of soft, the emerging markets will become a collapsed swing following the first fed hike with outside pressure on commodities. in september, maybe in december, that is when we will really start tending a signals for commodities. we are very much of the view that we need to see the first fed hike. alix: that was the head of global commodities research at bank of america, speaking there and pushing commodities lower. gold prices are up today, calling for gold futur

when commodity that might be in a bull market is iron ore.ron ore is terrible, one of the worst performing metals and it's in a bull market. there is speculation that steel --ls are buying a barn or iron ore. it is in a bull market. think about that. it is so geared towards china and its expansion and industrialization. most analysts say this is a short-term phenomenon. bydman sachs sees $40 a ton 2017. let's see if that holds. scarlet: they are writing it off as an extended bound. the fate lies with china. thank you so much. alix steel will take you through the market close. this can you look at the top stories at this hour. expenses climbed and profits fell at mastercard. -- ad quarter earnings stronger dollar has heard mastercard overseas. that is where the property generates most of its revenue. hurt mastercard overseas. shares up in arab red is setting a record day after the bakery chain reported that sales have rebounded -- shares of nara ra bread.pane the next round of job cuts could hurt users. -- chevron00 jobs eliminating 1500 jobs.

be compensated for time spent in those checks. ahead, we go to mumbai for the details in the plunge and iron ore prices. ♪ rishaad: -- yvonne: we areeeing a rebound in oil. we are heading into what could be a three week decline for oil. the focus is on this glut that may stick around. 100 million barrels above average for this time of year. barclays talking about what could happen with the iran deal. they are talking about exports potentially jumping into the market. they may still weigh on prices even if gains are gradual. goldman sachs saying exports or not be felt until 2016. copper also down. trading low since november. we are seeing some weakness there. 13% down for the past 12 months. platinum near six-year low as well. ore prices have rebounded the last two days. last week, when we saw prices plunged to $45, plunging 10% in one session, so levels around -- rio tinto down this morning. rishaad: let's have a look at what else is going on. our guess produces commodities in russia. great to see you. guest: it is a tough time in bulk commodities. life is not over. there are certain companies that have an exciting future. i like t

be pizza shops and iron foundry. there will be people who make cars or the equivalent of cars.e who, you know provide all kinds of services. and all kinds of manufacturing. it will be its own economy. and if you look back in history on earth, whenever there's a new outpost like in the americas, for example, when the europeans invaded, you find that salaryies in the outposts are higher than they are in the old world. there's more demand for people and there's more demand for services. also there's -- there may be fantastic mineral wealth not only on mars but reachable from mars in the asteroid belt much closer. >> so we could take this show ari, to mars then maybe we could do even better. >> it is a thought. it's far out. you can be the first ones. >> wow. >> somebody's got to be first. >> ari, why don't you explore that possibility for us? >> you want know go first? >> mars office politics mixed aston my there. thank you for joining us. >> my pleasure. >>> next we have a star of a whole different sort. you may not know her face but she is behind one of the best movies we have s

whether it be cell phones or iron ore or copper they are full up. they are full up oil. when you have this country that's been a major part of the growth of the world that is now really a drag on the world growth, you have to factor that in. >> carl points an interesting one. carl icon aicon. at mna market which is going gang busters but feels like it's getting a little -- >> the european numbers i have seen in the last two weeks are really pretty extraordinary. the comeback in europe now that greece is over. brazil horrendous. venezuela, we are beginning to see write offs finally. >> that sort of points to what some of the automakers have said. thank goodness for europe. that's sort of where we are. >> europe is getting better. remember, 25% of china's exports go to europe. all i'm saying is that it is mixed. i don't buy this end of the world thesis. i don't buy the excitement thesis. it is a mixed picture. it has been mixed for all 2015. it is consistent. this is a consistently incon ses stent tent year. >> one thing that is consistent facebook. expenses, up 82% during

iron ore price, just above $51 a ton. so, a lot of people out there saying, if the price of iron ore drops below $50, then they will be ablemaintain the dividend. manus: the whole language. this is the whole point. we had -- an analyst talking about the producers and iron ore. the language and the mood has changed. it is about how do you manage the expectations of the investors. but there is one company under pressure. and that is longman. they announced more job cuts on top of 1500 already. ryan: so, they are going to cut a total of 6000 job. anglo american is also going to cut 6000 jobs but that is out of more than 100,000. a much bigger head for a company like lonmin. normally when a ceo announce they're going to cut jobs and governments do not like it. it is good for the share price. not in the case of lonwim. the two day share price tanked. that's because these job cuts come at a cost. effectively reducing output. not just idling mines. they are closing mines. that means less production of platinum. platinum is something where we have seen a huge decline in prices 45% over the last year. if you cannot produce as much,

iron ore comes out of everybody's building. >> they are just tossing it out. they don't know where to put it all. i have new core on tonight, a user of iron ore to be able to make steel. >> we are friends with china. >> talk about dumping something. sisco got rid of its box business. >> they take no prisoners. they buy for 6.9 billion and sell technical for 600 million. this shows me robbins has no sacred cows. i am going to buy it. my charitable trust owns sisco. i would buy sisco right here. robbins is saying we are clearing the desks. get out of these low-margin businesses. cisco is a buy. >> you mentioned companies benefiting from low input cost. southwest airlines is up about 8%. $1.03 beats by a penny. gary kelly on "squawk" says the outlook remains good. last year, one of the best stocks in the s&p. this year down 17%. >> gary kelly came on "mad money" when stock was much much lower. he was saying enough. whoever is saying we are going to do that it is not going to happen. doug parker had been on "mad money" for the americans saying if they are going to add a lot, we are going to add a lot. spirit simple save did not save money for investors

or whatever per fibre. >> but while the city of chattanooga may be contemplating a 10 gig or even 100 gig future, the gap between the internet-haves and have nots is widening ... ironically at the stem school where students use a 4k microscope and ipads have replaced books, some of the students have trouble getting their assignments done when they go home. >> is doing your homework hard on your satellite internet? >> it can be. >> tell me. >> well, it's satellite internet so it is based on weather and stuff so if its really. cloudy out then i am going to have trouble going on to web pages and stuff. >> have you ever not been able to do your homework. >> yes. >> do you tell the teacher sorry my internet died? >> i've told them, but they're teachers so... (everyone laughs). >> currently in 19 states it's prevented from municipal broadband to exist, why has that happened? >> we get poised a lot of time uh, it's big bad epbs picking on these little mom and pops like at&t and comcast that are significantly... i think they're 1200 times our size... >> those poor guys! >> i don't know of any reason why that would be a good thing. i think competition tends to raise the bar for e

be run back. we are probably not too far off from a global industrial recession. that did continue to trend. ryan: a quick word of iron orehat the price of iron ore is going down. the average price around $53 upon -- a ton.. at what price to the deceased to be sent to go for them to get it out of the ground? colin: they can produce. it is the marginal players that are under pressure. we've lost 200 million tons, and we will have to lose some more. it will be much more pressure. ryan: we get earnings on friday. do you think the dividend in general and energy companies is under threat? colin: for many of these companies dividends are always tough to do. we see a key part of the portfolio there has to be pressure on them. anna: were you surprised at how the gold prices performed at the height of the greek crisis? it's not see the flight to safety. colin: we had china greece falling apart, and goal to did nothing. to be fair, we thought at that point gold would continue to do nothing. and the time sense, it is strange, gold is not reacting the way it used to. that is not the say it is not a safe haven. ryan: quick hit on oil?

being done by a contractor called flat iron. cal osha found the structure failed. the structure called false work was not properly designed orrected as per plans and deficiencies not identified when inspected by the project engineer. flat iron is working on the doyle drive replacement project leading up to the golden gate bridge, working with another contractor called dasilva gates. they face $165,000 in fines. most to be paid by flat iron. flat iron sent a statement saying we'll continue to cooperate during this process. caltrans said this. safety remains caltrans' top priority. we'll continue to work to ensure the safest work place possible while we move forward on this critical project. the collapsed section has been rebuilt. flat iron will pay additional costs. caltrans estimates it will cost taxpayers $300 million. there is no word on whether the companies or caltrans will appeal. >>> in the north bay a bridge will be moved close to cars and trucks so it can be replaced. it will turn into a bridge for bicycles and pedestrians only. a new span will be built next to it. the current bridge is 98 years old, and considered h

be closely watched. angie: paul allen, thanks for that. the recent earthquake in the markets in china has sent tremors through corporate earnings around the world. companies selling things like fried chicken, trenchcoats, iron oreave taken a hit. is here with details and the aftershocks of china's meltdown. yvonne: looks like it could be felt for a couple weeks as we see the biggest brands report earnings for the second order. for the past decade, china has been one of the biggest markets for these products, including cars, luxury goods, and raw materials. this could be a welcome sign for many of these companies when we see markets like brazil and russia not picking up the slack. talking about some of these conference calls and ceo's tired of being blamed for the slump in profits. y, sharesc maker rem dropping the most in and let them months -- 11 months. china wholesalers are holding back on car net orders, so they saw a slump. you can see the demand for drinks, wallets, down after this anti-corruption campaign. let's talk about how they exposure to china is -- big exposure to china is. slumping 10% in china. the pizza hut taco bell owner. 62% of the revenue comes from china. ore, first-half profits bumping 61

being done by a contractor called flat iron. cal osha found the structure failed. the structure called false work was not properly designed ors per plans and deficiencies not identified when inspected by the project engineer. flat iron is working on the doyle drive replacement project leading up to the golden gate bridge, working with another contractor called dasilva gates. they face $165,000 in fines. most to be paid by flat iron. flat iron sent a statement saying we'll continue to cooperate during this process. caltrans said this. safety remains caltrans' top priority. we'll continue to work to ensure the safest work place possible while we move forward on this critical project. the collapsed section has been rebuilt. flat iron will pay additional costs. caltrans estimates it will cost taxpayers $300 million. there is no word on whether the companies or caltrans will appeal. >>> in the north bay a bridge will be moved close to cars and trucks so it can be replaced. it will turn into a bridge for bicycles and pedestrians only. a new span will be built next to it. the current bridge is 98 years old, and considered historic.

be an underlying profit of $650 million. clouding and otherwise good picture from bhp. fourth quarter iron ore production -- guidance for the coming year raised to 247 million tons despite the low price of iron ore. the hp happy to play the volume game. good story for petroleum as well. was all really clouded by the announcement of the underlying hit. they also took a hit on the dim e-merger of south 32. reporting, a mixed bag for them. aluminum production down. manganese performing strongly for south 32. shares just a fraction off in early trade. thanks for that. let's have a look at some of the other stories we are keeping tabs on. yvonne with the wrap up. yvonne: the recent earthquake in china sending tremors. cognac, taking the hit. china bearing the blunt for some of the bad in numbers. the company said wholesalers continue hold back on cognac orders. take a look at the exposures from names like young brand. they get half of their sales from china. the french supermarket operator chinese customers are spending less when they shop. customers and investors betting for a rebound with names l

being commodity rich, they are seeing some evidence of having losses and -- of having losses in the equities can is one of the short-term pressures. floor forere's the iron ore? tom: right now the trade should remain stable. stays very stable between may and august every year. back.t should pull steel prices will come under pressure there. an --could be a risk of of a correction. there can probably be a .hort-term price $50, expect the price at that level. pimm: where's the next trade right now? tom: probably the commodities that would be most insensitive to current selling pressure would be the cold space. -- the coal space. steel production has been harris so hard in the past two or three years. >> coming up on the bloomberg market day we will take a look at the employees behind the sharing economy, when will companies take them on all time. alix: the shanghai composite plunged by more than 8%. hong kong index slipped more than 3%. showing aeports decline to a 15 month low. and a sense of calm as foreman over the chinese markets since government intervention seems to prop up stocks. bloomberg surveillance team asked richard haas for his take on the chinese

iron out the final details. if this happens monday or tuesday, it will be historic.will bring to ahead, 12 years of diplomacy. sanctions were slept on iran and has limited its economy, as well as its scientific ambitions. the political agreement from diplomats involved was reached sunday in vienna, and the key issue is the u.s. arms embargo. that has also been addressed. the details on how that will work out is unclear at the moment, we are waiting for further clarity. u.s. secretary of state john kerry saying we had a very good meeting, real decisions. that is what they are getting towards. presidentn creed -- saying that the final few steps remain. all sides looking optimistic. rishaad: it has been a marathon. thank you for that. you can get more on that and all of today's top stories, if you download the bloomberg app. coming up next, how will chinese markets start a new after the turbulence of recent days? great wall, down 19%. they have had a $2.7 billion placement. the opening numbers, next. ♪ . . ♪ rishaad: a look at our top stories. eurozone leaders deliverin

after august come around september, october, they will cut production and iron ore and steel prices will come under pressure. it could be risk of a correction event around september, october, happens every year. he can probably see a short-term price of $40 during that time. the price available over the next couple of months. pimm: what is the best trade right now? defensive one. there are jiminy places to hide in commodity world. the commodities that would be most insensitive to the current selling pressure would be the cold base. coal thatetallurgical is used in power production have been hammered so hard, if you can find in equity to invest in their order pickup coal, itself, i would probably recommend that. joining us.you for our thanks to tom price, commodities analyst at morgan stanley, joining us from london. olivia: still ahead on the "bloomberg market day," much more aware square is heading for the public markets. it have an impact on his new -- interimerim of ceo twitter. don't go away. ♪ olivia: welcome back to the "bloomberg market day." i'm olivia sterns. pimm: i am pimm fox. let's check in with julie hyman

iron or. russia has its own specific issues going on being a country run by vladimir putin.der whether the brics acronym is relevant anymore. they are all big countries but so is indonesia. brendan: jim o'neill has wandered this out loud. we have tom orlick with us still. the slide in equity markets in china has taken a pause, problem solved? >> the government seems to have managed to calm down the market. the bigger question is with such massive government intervention and so many shares suspended and so many investors instructed not to sell what has been the cost of stabilizing the market? have they stabilize the market but killed market mechanism in the process? brendan: thank you very much. coming up, we see by -- why share buybacks could run into roadblocks. this is "bloomberg surveillance," and we are asking the twitter question of the day -- does the new york stock exchange matter? not really anymore. let us know. ♪ tom: good morning, everyone, crisis over, quiet in greece this morning but also the headlines of pepsi-cola doing better than good. it's a single digit wo

iron ore prices with a big drop overnight. the heaviestit was weighted stock on the index and if you strip that we are down 4%. this is supposed to be in the positive right now so that is really doing the damage. is a bit above water -- hang s water.volumesbove are flat. china is heading for the largest three-week drop since 1997 as david was alluding to. regulators vowed to punish anybody manipulating shares. it seems that don't serve mounting over the efficacy of government efforts to support the market. definitely panic going on in china right now. authorities making late-night announcements almost every day this week to stem the market slide that continues this weekend yet stocks have fallen sharply. in addition to last friday, the shanghai composite index closed for the largest three-week fall since the asian financial crisis began. thebenchmark down 28% since begun june 12 and shenzhen down 33% over that three-week period. three weeks ago today the shanghai index hit the. -- peaks. the size of the french economy. on friday the regulator announced using of market trading rules -- easing of market trading rules allowing investor

ironic or laughable. it makes you wonder. you are the guy to ask, being a former cyber security czar.so? i mean i know all the thing that is technology business, the confidentiality and everything else. you have to have data. unless you have it encrypted, it is necessary but cup ber some for the end user. you can't security. over the years, as we do businesses in an open environment, we wind up having to open it more and more. therefore, you have to secure everything. >> am i doomed to put my money under my mattress and only walk in and buy things in a brick and mortar store with cold hard cash? i mean how do we live in this new world order, howard? >> we are still establishing that. i just before i sat down here i was checking an ebay order thinking gee, that store sounds really good but i'm not sure. i think we have to just look at this with a risk management perspective, weigh the good with the bad and say, yeah you may have to go to the physical store. i prefer not. i have been very lucky. the bottom line is when the end user has to do the sort of things it's going to be set for f

be lifted or suspended. they don't mind seeing the nuclear program limited. what they mind is iran doing better economically. i think it's a correct statement that iron iran is able to access its own money in international banks, iran's economy will be in better shape. so that part of the statement is accurate. >> the counting the cost program looks at what opportunities could exist in iran as western sanctions are lifted. >> reporter: there is a flip side to years of economic isolation. that happens when you finally emerge from it. when its population of 80 million people waiting for foreign input businesses are keen to engage with iran. this is no sudden thing. the tentative steps have been taken in the past year as these nuclear negotiations have been happening. it means already iran is finalizing oil and gas deals with the world's biggest crude producers estimated worth $100 billion. tehran needs 400 new aircraft worth $20 billion. germany expects to sell more cars, more chemicals more renewable energies to iran. exports to soar to 10 billion euros. apple is looking for a distribution partner in tehran. the market is estimated to be $16 billion f

route has fallen an australian and japanese material stocks being heavily weighed down by falling commodity prices, particularly the iron orece which fell below $50 u.s. per metric time. the australian material sector at a five-month low but a lot of the focus has been on this region here. as you mentioned we did see about 50% of the market rosen. every attempt the central bank is trying to throw at it to stop this rout doesn't seem to be having the desired effect. if we look at some of the stocks were heavily watching in hong kong and china, we have seen a lot of the brokerage firms coming under significant pressure. they've all been under quite a lot of pressure and big selling coming through in tech stocks in hong kong. if you look at the big losers on the shanghai composite, one brokerage firm down by 9%. and the state run utilities under a lot of pressure as well. even companies that have been holding up white well over the last couple of sessions being sold off today. petro china is one of those down by 2.7% currently. certainly we are seeing a lot of fear driven selling coming through in the asian region, really cont

three ways, we felt that it would be easy to spend that type of money without a great deal of notice or even if they put it away, which to this day, we don't know. >> ironicallyy brothers lived just across the highway from the robbers roost golf club. in 2000, they were arrested and charged with numerous counts of bank robbery. they pleaded not guilty. but the forensic garment analysis was more than enough to satisfy the jury. >> most of the evidence they had was circumstantial. and this was the only forensic evidence that was basically a fingerprint that was very unique, that pointed to one of the bank robbers. >> all three were convicted. larry and claude were each sentenced to 50 years in the federal penitentiary. >> they were the men who had taken an oath to protect these people from violent criminal activity, and they're the very people preying upon them. and so we felt that there was a certain amount of culpability that went to those two that didn't go to alvin. >> alvin was sentenced to 15 years. >> and i think it was the shirt that an fbi investigator at the lab was able to identify that this is the exact shirt that was worn in this robbery, and it ma

be able to sustain at a price of $40 per ton. shipments it a record in june of 14%. that was outstripping the old record would -- which was set in may. -- the price of iron or did rise. exports did not meet expectations but normal services resumed. we assume the price drop by 6% on thursday, which was its biggest fall in more than a year. to make things worse, there is even more supply still to come. paul: the government itself expects exports to rise by 10% in 2016. rio tinto continues to expand. will player on the scene finally begin shipments later this year. plenty more supply to come. that means more downward pressure on the price. citigroup more bleak, seeing $40 per ton by the fourth quarter. paul allen joining us live from sydney. thank you. you down a number of big-name banks under investigation in brazil. find out why when we return.

or even pretended to be? >> they say pictures say a thousand words. you know for those of us who watch the situation for a long time ironically that might be the case with regard to that picture. it is an organization that had a long troubled history it was a funny joke and it's a shame he didn't take it that way. >> no he didn't. there's going to be an election apparently sepp blatter will step down. february, not that long, say short of a year from when actually this whole is scandal eruchted. is it tenable that sepp blatter will leave fifa after all this time? >> it's ironic, you have a man who announced he was resigning and reneged on an idea that he was resigning. we have to wait nine months for his departure. what's ironic is this is a man who has overseen this organization's very long history yet he deems himself right to oversee the reform of the organization. if we know anything from history it's that mr. blatter is exactly the wrong man to lead reform. >> do you think that's the last chance for fifa or us journalists we love to talk about it but actually when it's going to come round to the next world cup people will still love football and th

ironic situation to be in. >> in the past, you said that greeks need a solution or it would be exiting the solution.obviously this is not the solution you'd envisioned. do you still see grexit as a possibility in the future? >> >> if this deal doesn't go through and if the debt is not renegotiated in a serious way along the lines the i.m.f. is suggesting we'll be back round the table again and grexit situation will reappear. a solution needs to be found. hopefully something will be done to make sure we move dawn to path. >> thank you very much, speaking to us live from london. >> at least ukrainian troops have been killed in fighting in eastern ukraine in the past two days as fighting intensifies the death toll in the area is now at its highest in weeks. the ceasefire agreement signed five months ago between the ukrainian government and pressure separatists seem long forgotten. charles stratford reports from donetsk where some residents are living close to the front line. >> 76-year-old value len tina has got used to the gunfire and shelling close by. she built her house with her mother and she's li

iron or taking the biggest hit. but good or producers news for another industry. it could be, especially if they a down.m: trying to connect what is going on in the commodity world with the consumer world. what are the input cost for an automobile. you saw the chart showing all of these commodities are falling in price. the price of oil also falling. what does that mean for things like plastic and everything that comes out of oil-based products? matt: the input price could be lower. i called and talked to our intelligence analysts to talk about it earlier today. , 40% of all the 0osts are still of afford f-15 because the engine, the chassis, they talk about the aluminum body, but it does not weigh much. so steele is 40%. 10% of it is aluminum. he said they will probably make a couple of margin points on a drop in prices. they would really rather have sales for example. what about for a company that sells most of its products in the united states? 60 million unit run rate right now gekko matt: about 17 million. when oneem is automaker decides to pass the savings through to the consumer, everyone else has

be afraid to mix it up with the knives and forks facing down. do not cut or stab yourself. >> yeah, and the pans go ton bottom rack and do not use the dishwasher for cast iron or nonstick cook ware. my wife says that it's best to wash those by hand. >> she keeps on having to tell you that. >>> meteorologist jim on the outside. do you want to weigh in on this at all? >> i guess that he is not. >> look at the lightening storm there. drew, are you there? >> you can you hear me. i am awful loading the dishwasher. there's going to be a lot of that eating over the weekend. we have hot dogs and burgers and it's going to be perfect kbril grilling weather out there. let's go to live doppler and what we're seeing right now is a lot of nothing. we're seeing a couple of isolated showers and once gain they have moved out of here and in the north bay and now all is quiet. it's in the south bay and the camera is showing you a high thin vail of cloud cover and the sun peeking out and the clouds are coming down and good news not as hot in the afternoon and we're looking dry for the holiday weekend and comfortable. 64 in downtown and 62 in oakland. 75 in fremont coming in at

iron literally. a lot of the other videos that i've seen, you're guaranteed to be maimed or perhaps brain injured butyou're going to die. >> if this makes you nervous, brace yourself. they're just warming up. >> you see one of the guys hanging out on the side of the tower, basically using his hands and then removing them from the structure so he's literally floating for a split second. >> if he fails, the drop is 700 feet. that's about the height of a 65-story skyscraper. >> i can hear that guy's mother going, stop it, get down from there! get down from there. >> i think this guy in the green is like the most badass of them all, because he's all over the place. looks like he's wearing leggings, which is a great fashion statement. >> even if he's wearing leggings, he's definitely not wearing a harness, and he says he's got a good reason for that. >> translator: safety ropes and safety equipment are, first of all, a pain in the neck. you become excessively dependent and attached to them which means that you have to get everything right even more. >> as if there's any room for error when performing stun

iron ore. a huge mismatch there. this is the chart you need when you want to find out about global growth when you wake up. >> i want to stay on china. china may not be as bad as you think. investors may have gotten to o negative on the underlying backdrop. what's critical here is that this line, above zero indicates data is stronger than anticipated, below zero indicates the data was worse. there was a big drop here in the first part of the second quarter, but since early june, a little bit of a recovery. it looks like we have bottomed out. alix: the disconnect between fundamentals in the markets. i want to bring in wells fargo securities senior equities strategist. thank you for joining us. today was a crazy day. what was your reaction? >> i was pretty engrossed in what was happening between greece and china. i didn't notice at first. my big take away is that this is one other concern to add to a lot of uncertainty that investors are facing. alix: joe is not here, but i did bring in a tweet. greece, china, u.s., trading halt, maybe markets have found equilibrium. what you think about that? >> we were satisfied in the first half of the year. we basi

or the transpacific partnership could be the biggest trade deal. many are meeting in hawaii to iron out the details. andrew thomas joins us now. a lot of discussion about what this deal means for the u.s. >> absolutely. this is a big deal. i'm here in hawaii the geographic heart of what could become the biggest geographic trading area in the world, stretching from south america through to australia, new zealand, north asia and countries like that. canada and the united states as well. some of the countries involved - it's a difference in the g.e. p could be huge in vietnam, 14%. nothing like that level of growth in the u.s. more like 0.5%. nonetheless significant. what it could mean is cheeper goods in the united states tariffs from clothes, vietnam, coming here. trucks from japan as well. the risk that that could cost jobs. u.s. exporters right across that huge region. so the supporters of this deal say significant in economic terms. also politically, president obama in his first term as u.s. president made it clear that he wanted to give the united states more towards the asia pac

iron ore and copper, we can just move along. but there is a lot of uncertainty about how much the real economy will be slowing.just do not know right now. that might lead the fed to wait. yvonne: will it be a way for a sooner than later liftoff? what do you think? will the consensus be in line with that? --they left all oceans options open in the statement, but not so much that they made it seem like they had to move in september. we are not seeing wage pressure in the u.s.. commodity prices seem lower than higher. there is no pressure on september, but they may want to get started. employmenting two report, one in august, one in september, that will tell us about the labor market situation. we will see how things evolve with respect to china and commodities, whether pressures are falling off or maintaining steadiness. yvonne: maybe get the ball rolling in september. what happens after could be the big question. will it be another one in december or do we wait until january or march? >> that is really key. so many people focused on initial liftoff. .25% is not going to have much impact on the economy itself. b

or anything along those lines. you're looking for where the next threat might be. >> it was abraham lincoln who created the secret service 150 years ago. ironicallys on the very day he was assassinated. but he never intended the secret service to protect him or the office. it's sole purpose was to battle the rise of counter fit money. by 1865, amounted to as much as a third of all the money in circulation. today, fighting counterfeiters remains its primary investigative mission, although now it includes hacking and data breaches as well. most of what these agents do well we'll likely never know about. why it may be struggling with current problems the past 150 years shows secret service has had more successes than failures. >> it's up to us to live up to that legacy that those who came before us left us. the people we have coming on board i think the american people would be proud of. >> as for tim mccarthy he never did get his new suit back. he's now chief of police in other land park, illinois. >> he knows it's what he did that day 34 years ago that still stands for the best of what the secret service can be. >> did you feel like you were a her

be crushed in china as well. call we've seen bankruptcies, energy, copper, and it's going to keep coming. iron ore, that's a core short still for two years. i would find other ways -- >> the march low is 77, i think if you're long, you got to play the bet holds. >> people have been betting all day long on lower prices for cat. trading 3-1 puts to calls. i'm in the puts right now. but i intend on being out of this one, mel, not staying in the short. i think if you overstay your welcome on the short side you could get caught, with a dead cat bounce. so i'll be out before earnings tonight. >> programming note, ceo of caterpillar will be on "squawk box" tomorrow. >>> and three best stock picks, talking to portfolio manager nellie gilbert after the break. the mercedes-benz summer event is here. now get the unmistakable thrill... and the incredible rush of the mercedes-benz you've always wanted. but you better get here fast... yay, daddy's here! here you go, honey. thank you. ...because a good thing like this won't last forever. see your authorized dealer for an incredible offer on the exhilarating c300