brent: you are watching dw news. we will take a break. brent: this is dw news live from berlin. good to have you with us. u.s. president barack obama has announced the former restoration of diplomatic ties between the u.s. and cuba. the two countries will reopen embassies in their capitals later net -- this month after more than 50 years of facilities. the greek people urged to say no on the new bailout. called an undemocratic way. strong words. then is here to talk about more behavioral problems. the therapist? ben: maybe greece. i don't know. the governing council has been meeting and there are reports that they decided against increasing the liquidity lifeline. the situation is getting desperate in so many ways. the greek banks reopening on wednesday. many waited for hours. and global investors in new york more and more traders say a greek exit could be a good thing. on wall street for us. why do they want greece out? >> traders and also academia calling for a greek exit. for greece it might be better to leave the eurozone. economists like paul krugman and others saying that

brent: let me ask you. the political reporters all over the entry were tweeting all day about this. >> it has been the talk of the town. i was not very surprised it first. it is very like her. rational and to the point. the problem came when she approached a little girl and the problem is it not like her. she does not handle emotions very well. she is a scientist, after all. brent: a couple of tweaks that we want to share with people. once we says send the girls family to grief. maybe the greek state is not rich enough but there is a lot of sun. and others say sorry, she only said the truth, even if it is cool. she cannot promise her to day in germany. you're getting to see those tweets now. let me ask you, we were talking earlier. we talked last year when a report came out about child refugees in europe and use day this girl represents the fundamental flaw in the refugee policy in europe. how so? >> if you want to solve the story of the family, the chancellor is not risk possible but if there is a will, th

brent: let me ask you. the political reporters all over the entry were tweeting all day about this. >> it has been the talk of the town. i was not very surprised it first. it is very like her. rational and to the point. the problem came when she approached a little girl and the problem is it not like her. she does not handle emotions very well. she is a scientist, after all. brent: a couple of tweaks that we want to share with people. once we says send the girls family to grief. maybe the greek state is not rich enough but there is a lot of sun. and others say sorry, she only said the truth, even if it is cool. she cannot promise her to day in germany. you're getting to see those tweets now. let me ask you, we were talking earlier. we talked last year when a report came out about child refugees in europe and use day this girl represents the fundamental flaw in the refugee policy in europe. how so? >> if you want to solve the story of the family, the chancellor is not risk possible but if there is a will, th

brent: you are watching dw news. we will take a break. brent: this is dw news live from berlin. good to have you with us. u.s. president barack obama has announced the former restoration of diplomatic ties between the u.s. and cuba. the two countries will reopen embassies in their capitals later net -- this month after more than 50 years of facilities. the greek people urged to say no on the new bailout. called an undemocratic way. strong words. then is here to talk about more behavioral problems. the therapist? ben: maybe greece. i don't know. the governing council has been meeting and there are reports that they decided against increasing the liquidity lifeline. the situation is getting desperate in so many ways. the greek banks reopening on wednesday. many waited for hours. and global investors in new york more and more traders say a greek exit could be a good thing. on wall street for us. why do they want greece out? >> traders and also academia calling for a greek exit. for greece it might be better to leave the eurozone. economists like paul krugman and others saying that

brent: good evening to you. greek state television reporting that separates has just turned in -- alexis tsipras has just turned in those reform plans. what do we know? >> this is apparently the case. the greek proposal has been adopted today by the cabinet. it is supposed to have been submitted just minutes ago to brussels. apparently, according to what we're hearing, or are alexis tsipras has a last-minute surprise for his peers in the party and in the parliament. he will bring the proposal tonight. perhaps one or two hours before the greek parliament. tomorrow he will discuss this proposal in his own parliamentarian faction. he will discuss the same proposal asking for authorization to negotiate on this basis in brussels. this is what we are hearing so far. brent: do we know what the surprise is? >> there are no official statements on that. it is the fact that the proposal has been adopted in the cabinet. there are new austerity measures that the proposal provides for the greek government to impose austerity

i'm brent goff, good to have you with us. now more than never the people of greece and everyone in europe are counting on the greek prime minister to keep his word. he will deliver reform proposals tomorrow to satisfy creditors that stand between him and a life-saving bailout package for his nation. after five long years it's come down to one head of state doing his homework. to possibly keep the eurozone intact. most want him to succeed. far fewer trust that he will. >> alexis tsipras was welcomed with open arms at the european parliament. a clear sign that his handling of the debt crisis has polarized institutions. >> what we call the greek crisis is the manifestation of the inability of the eurozone to find a lasting solution. >> from the far left and the far right. >> people have had to put up with so much. >> alexis tsipras said he was preparing sweeping reforms. they brought accusations that he was done doing his job. >> it will be left to the farmer and portugal and the nurse in slovakia to pay off your debts. >> presi

brent: good evening to you. greek state television reporting that separates has just turned in -- alexis tsipras has just turned in those reform plans. what do we know? >> this is apparently the case. the greek proposal has been adopted today by the cabinet. it is supposed to have been submitted just minutes ago to brussels. apparently, according to what we're hearing, or are alexis tsipras has a last-minute surprise for his peers in the party and in the parliament. he will bring the proposal tonight. perhaps one or two hours before the greek parliament. tomorrow he will discuss this proposal in his own parliamentarian faction. he will discuss the same proposal asking for authorization to negotiate on this basis in brussels. this is what we are hearing so far. brent: do we know what the surprise is? >> there are no official statements on that. it is the fact that the proposal has been adopted in the cabinet. there are new austerity measures that the proposal provides for the greek government to impose austerity

brent goff. brent: what goes up must come down. don't forget the new air conditioner we need. >> wimbledon round to rolled on. roger federer and andy murray rolled on as well as defending women's champion patrick kvitova -- petra kvitova. after falling to dustin brown of germany, the 30-year-old ranked 102nd in the world. nifty shots close to the net and brown kept off his win with the service ace. they sent them packing in the heat. europe is feeling the heat right now. it rising and the continent sweltering in a heat wave. bracing for nine days of extreme heat with forecasters predicting temperatures of up to 44 degrees celsius. even britain has been sizzling in the sun. >> the heat wave is here to stay. the mercury hovering above 31 degrees celsius, it's a good idea to pack on the crane or get on an umbrella. fabulous blue skies. hive about 39 degrees and people here. it has always been chilly and raining so it a like this, we are making the most of it. >> the warm weather is making the daily commute unpleasant. in paris train s

i'm brent goff, good to have you with us. now more than never the people of greece and everyone in europe are counting on the greek prime minister to keep his word. he will deliver reform proposals tomorrow to satisfy creditors that stand between him and a life-saving bailout package for his nation. after five long years it's come down to one head of state doing his homework. to possibly keep the eurozone intact. most want him to succeed. far fewer trust that he will. >> alexis tsipras was welcomed with open arms at the european parliament. a clear sign that his handling of the debt crisis has polarized institutions. >> what we call the greek crisis is the manifestation of the inability of the eurozone to find a lasting solution. >> from the far left and the far right. >> people have had to put up with so much. >> alexis tsipras said he was preparing sweeping reforms. they brought accusations that he was done doing his job. >> it will be left to the farmer and portugal and the nurse in slovakia to pay off your debts. >> presi

brent goff. brent: what goes up must come down. don't forget the new air conditioner we need. >> wimbledon round to rolled on. roger federer and andy murray rolled on as well as defending women's champion patrick kvitova -- petra kvitova. after falling to dustin brown of germany, the 30-year-old ranked 102nd in the world. nifty shots close to the net and brown kept off his win with the service ace. they sent them packing in the heat. europe is feeling the heat right now. it rising and the continent sweltering in a heat wave. bracing for nine days of extreme heat with forecasters predicting temperatures of up to 44 degrees celsius. even britain has been sizzling in the sun. >> the heat wave is here to stay. the mercury hovering above 31 degrees celsius, it's a good idea to pack on the crane or get on an umbrella. fabulous blue skies. hive about 39 degrees and people here. it has always been chilly and raining so it a like this, we are making the most of it. >> the warm weather is making the daily commute unpleasant. in paris train s

. ♪ brent: i am brent goff, it is good to have you with us.or rallies in the greek capital taking place, one side urging a yes on a bailout package, the other side backing the no vote. this is what you are seeing right now. this is where prime minister tsipras was speaking. he warned against international predators. our correspondent is in athens there. matthew, you are on the ground can we even dare ask for an answer? what do greeks want to now? matthew: i guess if one believes what they were saying at the rally, this is simple. both greeks want to stay within the european union but they believe that staying in the european union is important for the yes votes whereas the no votes of believe they should not be paying back creditors. brent: you just heard the speech from the prime minister, he urged a no and spoke against ultimatums and those who terrify you. is he referring to the creditors to those who would be able to get a new bailout from? matthew: the thing he is not saying is that it is all creditors, and he is referring to his campaign

. ♪ brent: i am brent goff, it is good to have you with us.wo major rallies in the greek capital taking place, one side urging a yes on a bailout package, the other side backing the no vote. this is what you are seeing right now. this is where prime minister tsipras was speaking. he warned against international predators. our correspondent is in athens there. matthew, you are on the ground can we even dare ask for an answer? what do greeks want to now? matthew: i guess if one believes what they were saying at the rally, this is simple. both greeks want to stay within the european union but they believe that staying in the european union is important for the yes votes whereas the no votes of believe they should not be paying back creditors. brent: you just heard the speech from the prime minister, he urged a no and spoke against ultimatums and those who terrify you. is he referring to the creditors to those who would be able to get a new bailout from? matthew: the thing he is not saying is that it is all creditors, and he is referring to his ca

i'm brent goff. it is good to have you with us. it was the vote needed to ensure that talks for a new greek bailout can begin. berlin delivered. germany's parliament on friday gave the go-ahead to start talks. it means the country can negotiate a deal for athens based on the tough austerity measures that germany wants. chancellor angela merkel told lawmakers that the bailout was not just good for the greek people, but also for germans. reporter: the session started with flowers for angela merkel's 61st birthday. but the mood was anything but celebratory good some members of her own party have had reservations about the deal. she acknowledged their concerns and urged them to rethink their position. "i know that many of you have doubts and misgivings about whether this is the right path, and whether greece will have the strength to stay on this path permanently, and no one should dismiss such concerns. but i am firmly convinced of one thing -- we would be grossly negligent, even irresponsible if we did not at least try this route." s

brent: simon, thank you very much. turkey has scrambled warplanes to the syrian border admitted at least or mesh with the us are mixed eight. i asked reportedly opened fire near the town, killing one soldier and wounding others. forces returned fire and destroyed several vehicles. it comes amid a surge of violence. 32 before killed in a suicide bombing in the turkish city. dorian jones is in istanbul covering the story for us. map out how serious this is. we have heard warplanes have been scrambled and ground troops have been sent in. dorian: this is the first military confrontation between the islamic eight and the turkish army. the exchange went on for five hours. tanks backed up by heavy artillery as they struck against the islamic they after the attack on their outpost. they claimed they killed one militant and destroyed three vehicles. this comes at an area where turkey has built up a massive military presence ahead of what the turkish government said. they would intervene it. if they felt order was threatened. an

i'm brent goff, good to have you with us. a late-night marathon for greek lawmakers and it's a vote to bring the economy back from the brink. parliament is facing a decision on economic reforms demanded by creditors. a bailout and the credibility of the prime minister are both on the line with this vote. we begin tonight in athens. >> another test for alexis the press. members of his party thou to vote against the bailout. they can only make real progress when the laws get the green light. athens had its back to the wall. >> the greek exit would not be painless. it would be detrimental to the poor and weak because the unemployed have a greater need than others. unemployed young people. >> society will be able to cope. they impose their will and are using blackmail i putting a greek exit on the table. >> opposition parties have provided crucial backing for the unpopular legislation that often guarantees its adoption. >> they support the country's european path and will continue to do so. expecting nothing in return. it hopes t

i'm brent goff. it is good to have you with us. it was the vote needed to ensure that talks for a new greek bailout can begin. berlin delivered. germany's parliament on friday gave the go-ahead to start talks. it means the country can negotiate a deal for athens based on the tough austerity measures that germany wants. chancellor angela merkel told lawmakers that the bailout was not just good for the greek people, but also for germans. reporter: the session started with flowers for angela merkel's 61st birthday. but the mood was anything but celebratory good some members of her own party have had reservations about the deal. she acknowledged their concerns and urged them to rethink their position. "i know that many of you have doubts and misgivings about whether this is the right path, and whether greece will have the strength to stay on this path permanently, and no one should dismiss such concerns. but i am firmly convinced of one thing -- we would be grossly negligent, even irresponsible if we did not at least try this route." s

brent: simon, thank you very much. turkey has scrambled warplanes to the syrian border admitted at least or mesh with the us are mixed eight. i asked reportedly opened fire near the town, killing one soldier and wounding others. forces returned fire and destroyed several vehicles. it comes amid a surge of violence. 32 before killed in a suicide bombing in the turkish city. dorian jones is in istanbul covering the story for us. map out how serious this is. we have heard warplanes have been scrambled and ground troops have been sent in. dorian: this is the first military confrontation between the islamic eight and the turkish army. the exchange went on for five hours. tanks backed up by heavy artillery as they struck against the islamic they after the attack on their outpost. they claimed they killed one militant and destroyed three vehicles. this comes at an area where turkey has built up a massive military presence ahead of what the turkish government said. they would intervene it. if they felt order was threatened. an

i'm brent goff, good to have you with us. a late-nlawmakers and it's a vote to bring the economy back from the brink. parliament is facing a decision on economic reforms demanded by creditors. a bailout and the credibility of the prime minister are both on the line with this vote. we begin tonight in athens. >> another test for alexis the press. members of his party thou to vote against the bailout. they can only make real progress when the laws get the green light. athens had its back to the wall. >> the greek exit would not be painless. it would be detrimental to the poor and weak because the unemployed have a greater need than others. unemployed young people. >> society will be able to cope. they impose their will and are using blackmail i putting a greek exit on the table. >> opposition parties have provided crucial backing for the unpopular legislation that often guarantees its adoption. >> they support the country's european path and will continue to do so. expecting nothing in return. it hopes the government will reali

brent: expensive fruit.the stages set for a showdown of the top two men's players -- tennis players in the world. djokovic and roger federer will lock horns just as they did last year. djokovic looks to take revenge and do something no man has done before. >> roger federer could make history on sunday by becoming the first man ever to win eight wimbledon championships. he the scotsman andy murray in three straight sets. the brilliant performance from the swiss star proves he still has what it takes at the ripe tennis age of 33. but it will be no walk in the park on sunday when he faces world number one djokovic. he had little trouble knocking out his opponent in three straight sets. he punched his ticket to his fourth wimbledon final. with djokovic on fire and federer with a chance to make history, sunday's final should be a match to remember. brent: turning now to cycling, friday's seventh stage of the tour de france. and after a week marred by accident and injury, a british rider sprinted to success for th

brent: expensive fruit.the stages set for a showdown of the top two men's players -- tennis players in the world. djokovic and roger federer will lock horns just as they did last year. he hopes to do something no man has ever done before. >> roger federer could make history on sunday by becoming the first man ever to win eight wimbledon championships. he beats and jeanmarie in three straight sets. the brilliant performance from the swiss star proves he still has what it takes at the right tennis age of 33. but it will be no walk in the park on sunday when he faces world number one djokovic. he knocked out his opponent in three straight sets. with djokovic on fire and federer with a chance to make history, sunday's final should be a match to remember. brent: turning now to cycling friday seventh stage of the tour de france, and a week marred by accident and injury, a british rider sprinted to success for the first time in almost two years. >> there was no major crash on friday. the breakdowns were limited to

back to brent for a lien update. brent: yes, but you are not on facebook? ben: i am not. sense.nnot be connected in every brent: the white house says it will review a petition calling for a man who killed cecil the lion to be extradited to zimbabwe. well over 100 thousand signatures have been collected, exceeding the threshold required for an official response. white house officials say it is now up to the department of justice. american trophy hunter walter palmer said he believed his actions were legal. let's get you up to speed now with other stories making headlines at this hour. two senior afghan taliban and have confirmed the death of mullah omar. he was reported dead a the afghan government yesterday. omar led to the group for 20 years. sources inside the taliban and say the second in command, mullah akhtar mohammad mansour, has been appointed as his successor. the greek prime minister has proposed an emergency meeting next month to overcome divisions within his leftist party. but he said a snap party referendum this sunday is also a possibility. his party is divid

back to brent for a lien update. brent: yes, but you are not on facebook? ben: i am not. you cannot be connected in ever sense. brent: the white house says it will review a petition calling for a man who killed cecil the lion to be extradited to zimbabwe. well over 100 thousand signatures have been collected exceeding the threshold required for an official response. white house officials say it is now up to the department of justice. american trophy hunter walter palmer said he believed his actions were legal. let's get you up to speed now with other stories making headlines at this hour. two senior afghan taliban and have confirmed the death of mullah omar. he was reported dead a the afghan government yesterday. omar led to the group for 20 years. sources inside the taliban and say the second in command mullah akhtar mohammad mansour has been appointed as his successor. the greek prime minister has proposed an emergency meeting next month to overcome divisions within his leftist party. but he said a snap party referendum this sunday is also a possibility. his party is di

there is a weight to the market led by brent crude 53.76 on brent crude. you smarter with a brief on china. a decline, it plunge. chinese equities. our guest is with bloomberg intelligence and joins us now on the bigger picture. it is the second time down. they learned something on july 8. how will china react after the experience of the stormy july? jim: it is really interesting. you know all the measures put in place to arrest the fall. what was interesting on the heels of july 8 and the rally that we saw was a really would have led to so much of the state -- it really was not leading to the state support mechanisms as it was really the small stocks coming back to life. the frenetic fervor that we his seen before the correction -- there was not a straw that came out to break the camel's back, but the interesting thing was, everything fell, not just small caps or certain industries. it was a very broad-based today. tom: discern the difference between the shanghai mainland intercedes in hong kong -- mainline indices in hong kong. tim: it is one of these di

brent crude changing. off by another 1.4% per day. wti crude below that 47 handily yesterday but we're just above that now, 0.8%. but spot gold just a tad up by 0.2%. all right. also want to bring you the latest on the uk grocery market. we got those can tar numbers which gives you the market share among the grocers. we always have the big four and the big challenger the likes of aldie, the littles which very much compete. falling to 9.6% to july 19th. that's quite interesting. actually. the overall uk grocery market still up over 12 weeks to july 19th. the total uk market share falling to 16.4%. for now, seema, i'm really only seeing that some of these grocers are losing market share. tesco falling 28.5%. >> as we point out intensive competition especially after last year. tesco seeing its stock drop about 15%. seeing a bit of a comeback this year as of course management has been trying to restructure the company and try to deal with that accounts issue. but so far market share declining for tesco. now, social media will be in the sp

brent falls on the news. that is the story to keep an eye on. the stoxx 600 and the movers with caroline hyde. caroline: not much of a change. big reaction with crude talking shipping up 4.5%. biggest gainer. the most since september 2011. people are more picky which contracts it will take now. all about countering the strength of the swiss franc group. that has been a had went. the company providing forecasts of the shipping market. -- and that has been a head wind. managing to weather the storm and keep the profitability and beat estimates up 4.5%. looking at michael page, a hiring company. profits rose 11%. constant foreign currency basis. factor in the fx had once and profitability. -- headwinds and that's profitability. they said headwinds will up the gross profits. and in fact it will keep hitting for the entire year. fx is front and center for michael page. we are looking at seb/ up by 2.3% this morning. a swedish bank. second-quarter profits fell and not as bad as some expected. lower revenue from lending. the interest is falling. and a

he's now with brent. brent? >> there it is. second time he has defended the world title. you got dropped, carl twice in the opening round. what was going through your mind? >> it was just -- i don't know. i was in just shock. come out slow, but i need to give gonzalez credit. if you look at him, he doesn't look like a big puncher. the man can punch and a car washington yore. >> you said you need to come to america not just to win but to put on a show. did you do that? >> well, it was exciting. it wasn't -- you know, it wasn't the performance that i wanted. i had a few -- you know, i don't want to make excuses. i took a little bit too much off the last few days and we need to make decisions where we go from here and don't know. >> congratulations. >> thank you . >> you hear it. quick thought. >> both guys very impressed from both guys. great effort from gonzalez. frampton remains in the lead. i want to see them both. >> great effort by both then me know. frampton shows his pedigree and gonzalez showing that he remains alive in the 122-pound decision. >> and looking forward

he's now with brent. brent? >> there it is. second time he has defended the world title. you got dropped, carl twice in the opening round. what was going through your mind? >> it was just -- i don't know. i was in just shock. come out slow, but i need to give gonzalez credit. if you look at him, he doesn't look like a big puncher. the man can punch and a car washington yore. >> you said you need to come to america not just to win but to put on a show. did you do that? >> well, it was exciting. it wasn't -- you know, it wasn't the performance that i wanted. i had a few -- you know, i don't want to make excuses. i took a little bit too much off the last few days and we need to make decisions where we go from here and don't know. >> congratulations. >> thank you . >> you hear it. quick thought. >> both guys very impressed from both guys. great effort from gonzalez. frampton remains in the lead. i want to see them both. >> great effort by both then me know. frampton shows his pedigree and gonzalez showing that he remains alive in the 122-pound decision. >> and looking forward

brent is up by 1%. selloff in the commodity sector continuing as far as -- we're going to break down the move after the short break. ♪ hello jonathan: good morning and welcome back to bloomberg tv. i am jonathan ferro. where 45 minutes into the session here. -- we are 45 minutes into the session here. let us get you up to speed on bloomberg's top story. angela merkel says time is running out for greece. the comment comes as greek banks remain closed. the ecb adding pressure by making it more difficult for lenders to accept emergency -- to accept emergency loans. leaders hope their summit at 5:00 p.m. equities in china sold up heavily today with sifting stocks start -- 16 stocks falling for everyone that rose. the government tries to stabilize the market. estrella left its key interest rate unchanged -- australia left its key interest rate unchanged. that message continues to be rolled out. in the commodity market, it is all about oil. slightly higher this morning after falling yesterday. brent trading a

brent holding losses after its third week of declines.ore, i'm very pleased to say, here our executive chairman joins us in a bloomberg exclusive. great to have you here this morning. what a 12 months we've had for the oil market. bp, shell the big oil majors saying we need to embrace for lower for longer. is that what you think as well? >> i think prices are already very low. we are at the low end of the range. from here, we should see some improvement. i think the whole macro environment is impacting oil prices. gold getting clobbered. the amazing thing about the oil market is, capacity to speak of in the world today. that is the unbelievable thing. if you step back, you have isis attacking a navy frigate in the red sea with antitank missiles that can go five miles. you have isis experimenting with chemical missiles in iraq and syria. isis is a clear and distinct danger to oil infrastructure and we have no spare capacity to speak of with the saudi's at 10 plus million barrels a day and we are sitting at $57 brent. i don't get it. jon: t

brent saunders has offered to all give us botox. i don't know if you got it yet.did. ♪ >>> good morning, welcome to "squawk box" right here on cnbc. i'm we've got breaking news out of asia. the major index, china plunging in a big way, the largest one-day drop since 2007. stocks fall ago midnew worries about the prospects of the world's seventh biggest economy. taking a look at what's going on on this end. equity futures down. dow down 20 points. nasdaq off 7 points s&p 500 looks like it will be open by 1 1/2 points. >>> teva acquiring allergan joining us brent saunders sea. so great to have you in the studio. offered to come in with the botox. >> another time. >> just to see what it's like? >> why another time? today? >> right after the show we'll go. >> i have a friend. >> how much before this have you had and how much will you be able to pay down? >> we have roughly $42 billion in debt. >> mostly from doing the allergan deal? >> yep. the proceeds could net out to be $36 billion or so after tax. and so when you look at where we stand, this should close within th

brent back in a bear market. -- statoil missed crude.g about that through the show. anna: i think he was pretty surprised. keep an eye on all the companies that have reported. we have the numbers from bp. we talked to statoil a little earlier. keep an eye on those. some of the luxury names reporting after hours last night. that will do it for "countdown." stay with us for "on the move" with jon ferro. ♪ >> good morning, and welcome. we are just moments away from the start of european trade. shanghai swings. another volatile day in china. shares drop before rebounding. mixed fortunes for big oil. statoil beat estimates, but bp missed. details emerge about how yanis varoufakis developed a plan b for greece. a lot coming up in what is a busy morning. the ftse 100 futures higher. will we get a rebound in the european market open? caroline: it has been five days of losses. it has been 400 billion euros wiped out. a 5% decline. today a rebound we are expecting. gdp figures are likely to be increased. a little more optimism amidst the earnings

brent and london closed yesterday, more than 20% lower than its peak reached in may. prospectors waive the -- u.s. policymakers again a today -- today. bp dropped 624%. -- dropped 64%. ceo -- splashing spending. reviewing projects and selling assets. zero insurance group is evaluating the potential of -- zero upset in may it is looking to -- let's talk greece. the country and its creditors meet today to hammer out reforms needed for a third bailout. these talks come after a bombshell from former finance minster, yanis varoufakis. he shared his plan to sneak greece out of the euro and a carsten: on july 16. hans nichols -- in a conference call on july 16. hans go they could affect -- ponce: they could affect negotiations -- hans: what did mr. tsipras authorized mr. their focus to do? 's -- mr. varoufakis to do? here is how mr. varoufakis described it. >> we were planning to create surreptitiously accounts. a tax to every text file number. a function under wraps. hans: the way they're going to do this is hack in to the finance ministry. they need to hack in, because the

brent probably to the levels around 55. >> wow toward 50 then. we get an iran deal but how quickly can iran actually get their oil back to the markets? i know there's a big debate around that because some people say they have 30 40, 50 million barrels in their tankers and they're floating tankers. if we get a deal they can just sail and sail. but is that really the reality? >> probably but i do remember the discussion of the lybian come back some years ago. how fast could they increase their production at that time. it's very much about the perceptions and the reality and i think that the reality might be that iran comes sooner rather than later and with very aggressive pricing. trying to get the market share to saudi arabia and other countries so we might see this effect already over the next couple of months although the real come back of the production might take years rather than months. >> isn't it strange, though that we're seeing such a volatile drop in oil prices during what is the peak driving season in the u.s.? this is when demand is h

brent crude, 52.87. we are not near a 49 handle on brent, and that is a big deal. the brazilian real weaker. here is russian ruble contained, measured, a little bit of depreciation. up we go with this painful single spike. at the 70 level, and we are up again. brendan: it was assumed they would move. that rebalancing. that has not happened yet. tom: sanctions matters here. it is an oil economy. they were banning something from the netherlands. brendan: sections on russia do not matter so much on russia's counter sanctions on everybody else. tom: wrubel 60, down 10,000. oil is a big story, but we need to look at the continued carnage in china. all in china wait for the next step by government authorities to staunch declines in the equities markets. not a plunge today,. tom, when will we see the chinese government act? >> i think we already saw action last night. the main reason for the drop in the market yesterday -- one of the main reasons -- was concerned from investors that the government was going to exit prematurely from extraordinary measures to stabilize the

you're in brent wood and have a high cell going up warmer than. that let's check out notable numbers in and around the bay area. 75 in san ramone to 80 degrees. we thank you for checking in. we have an abundance of sunshine. the coast is clear. temperatures anywhere from 79 in santa rosa, 80 in concord. livermore at seven. we have an on shore flow, west winds 16 at sfo. we have a westerly rotating at 11 in fairfield. look at this. this is a beautiful view from the university of california in berkeley. clear skies we have a staggant weather patter, a trough that blew through the area -- weather pattern. a trough that blew through the area. this is wiping away from the coast. we have another area of low pressure that will hang tight to the seashore and once that passes we'll see our temperatures escalate but until then we have a pretty stagnant weather pattern. 93 today in sacramento, stockton and modesto. forecasting 70 in monterey bye and 74 degrees in the greater tahoe area. 60s 70's and 80s today. outside number is 89 in gilroy and also in the b

ask ceo brent saunders why. i have a feeling $47 billion doesn't hurt.ll have that story next . . melissa: another huge week for earnings. 163 major companies, a third of the s&p 500 set to report. lori rothman on the floor the new york stock exchange with which names to watch. lori? >> reporter: hey there melissa. twitter, later in the week, facebook, met life, linkedin, so far, so good for the technology names, should be the outstanding companies or the outperformers rather. however, tomorrow brings us twitter. shares went out down 2% today. off 3.2% year to date. just in the last three months, twitter shares down 31%. you know there was the big management shake-up. twitter in the process of a ceo search, jack dorsey back running things, he's got his hands full with the company square. he'll be very keen listening to strategy news from twitter. how will they increase user growth if at all as well as engagement numbers? we'll want to hear about plans for project lightning. tweet, video and photo sharing service for all kind of live events. really a lot

brent crude, below 60 bucks a barrel.nother 1% after the biggest weekly loss since march last week on w-2 crude. a reaction to the resounding no vote in the greek referendum. out to the trading floor or analyst is standing by. michael, i read your note where the ecb, whatever it takes. in the bond market, maybe not yet. maybe that is the key line. michael: no, absolutely. maybe want to avoid getting embroiled in what i would call political shenanigans. an economic mandate and it will be very hesitant to force a greek exit. take your mind back to 2012 when mario draghi talked about whatever it takes to underwrite greek debt. that ultimately remains the ultimate test. will eurogroup in the face of this no vote continue to underwrite greek debt? jonathan: a big call that the fed will capitulate and whatnot hike in 2015. one person calling for push back away from september and contributing that to the greek crisis. does greece play into the fed? michael: a little bit. take your mind to last thursday's payroll. pretty much in

in oil, wti, brent was a different story.they are unequivocal. alix: somewhere may bullish, but now everything is talked out. well, remember when california was in a higher financial straits? they were racing to close a $41 billion deficit. joe: glenn beck, of all people, sounded out on the idea. glenn: there is only one man who can save california. barney frank to the rescue. joe: it turns out the current governor, jerry brown, may be the one to have come to the rescue. their bond rating was raised to their highest level in 14 years by s&p, and joining us now from irvine, california, building ride from an economics blog, calculated risk, and they are paying down deficit loans. bill, how did they do it? bill: when we talked, i told you that was going to happen. you have to realize where the state gets their money from. in california, it is very dependent on income taxes as property taxes are so low, whereas another state like texas has no income tax but high property taxes. when the economy can back in california, the income

brent oil falling 1.7% as well. today, the global head of commodity research at macquarie group says that brent could fall to $50 a barrel, from 56 right now. >> there in mind, we are still and we are still talking about a surplus of 2 million there is a day. we are still building inventory and will continue to for the next nine months. alix: that is a pretty bold call, $50 brent. we have new data here in the u.s. about what is happening in the inventory market, inventory build up 2.5 million barrel build. distillate continues to build. we have been seeing this for weeks. this doesn't and crude imports are higher. record high refinery utilization. they are working hard but it is not making a difference. there is still a glut in crude and now distillate, and that is a dangerous place for the crude market to be. scarlet: goldman sachs came up with a bearish call on crude oil and so did morgan's hanley. what did they say? alix: they say the downturn could be worse than 1986. they are looking for four things to prop up

brent crude off by 1.4% as well. let's go to sri. >>> we were in the thick of it this month in terms of the volatileity and the delej leverage -- deleveraging in the china market. down about 10%. about 14.3% for the month. the biggest monthly drop in nearly six years for the china markets. i would say the volatileity is not over. we have some way to go in terms of the deleveraging psych until the chinese stock market. we have wound down a considerable amount of margin debt. it remains at elevated levels. there in lies the risk. i wanted to highlight indonesia. the jakarta composite. it's more a technical rebound. let's not forget that we have been down for the week and also suffered two straight months of declines. for our own singapore market under pressure. bucking the trend elsewhere in the regional markets. off by 1.5%. noble was a drag. especially on the income side the numbers. the weakest in llalmost seven quarters. dragging down the broader impact. back to you. >> now, u.s. economic growth picked up in the se

there's brent, always doing his part to help out in our community.'m john clark, a big night with cole hamels being traded. >>> cool clothing and a lot of water. >> definitely. >> it was hot today, it felt close to 100, at least in philadelphia. tomorrow it's going to be feeling near triple digits. actual temperature is low 90s, which would make a heat wave. the other thing we're going to be concerned about are storms through the afternoon. another hot day, and afternoon thunderstorms, some of which could be strong. we'll be tracking those through the afternoon hours. going into friday lower humidity means it will feel comfortable. we have a pretty long 90 degree stretch. weekend looks good though. so far it looks dry. temperatures staying in the 90s. trying to stay cool if you can. >> thank you. >>> that's nbc10 at 11:00, i'm jacqueline london. >> thanks for joining us. the tonight show is next. iran keeps their nuclear facilities. military sites can go uninspected. restrictions end after 10 years. then iran could build a nuclear weapon in two month

in fact brent crude tradingal its lowest level. more losses there. down just about 30 cents. interestingly enough gold shining at about 10.95 and copper coming off the lows. european markets. how are they fairing? they're moving to the upside around 1.3% for the german dax. >> absolutely. and u.s. futures look like this. we're expecting quite a big bounce back. take a look at the triple digit. up by 29 points after we saw the losses. >> this, of course as the fed kicks off another very important meeting. let's get an update from beth. what do you expect janet yellen's biggest risk to the market? >> i think in terms of what the feds are talking they're getting stronger and stronger. right now the unemployment rate is at 57% low and you look at the other indicators the feds like to look at looking pretty healthy as well. i this i the risks that the fed is looking at and one concern, of course s what happens to inflation. inflation is still rather soft. you're looking at i guess year other year for the personal consumption as the deflator. say that thre

brent crude at 54.50. and now as we're saying china really the big story today heavy losses in china's "a" share market with the shanghai composite posting its biggest one-day drop since february 2007. energy stocks were among some of the worst performing stocks with china oil services ss off to 10%. >> i think it's quite staggering. you have to understand that the volatility, despite the best everythings from beijing is not going away. there's still a lot of leveraging to go in the system. margin debt is still quite high and systemically it does pose a risk for the market. so the question, we have to ask, what happens for the rest of week? is beijing going to reconfirm that commitment to the market? are they going to send a message that they're going to be there to backstop this market to stabilize the market and to ultimately buy the stocks in order to do that? so that's one thing. the other thing is the data continues to underwhelm. case in point today, industrial profitability contracted in the month o

brent goes back to the mid-$50's, low $50's. have that, we go to a tighter credit for the energy companies because right now there is too much money in the energy space. once that happens, you are looking for higher prices. tom: but voninie production has not reversed, and a lot of our guests have predicted that. vonnie: the margins are very high. it will be until they contract a little bit. francisco: production has not declined yet mainly because there is a lag. if you stop drilling for oil today, it takes about six month or seven months for production to be impacted. the first six months, prices go down, the rate count goes down. from four months to six months we think on our measurements, we will see a decline in production. tom: let's come back. francisco blanch with us this morning. we have a lot to talk about on oil. brendan: and the price of gas the price of what propels us here on "bloomberg surveillance " starbucks is raising prices today. will you be downgrading to a grande? let us know @bsurveillance. or if you even

brent and wti down 10% over the last month and down 71 for west texas and 25 cents for ice brent crude. mandy? >> let's take a look at the stock markets once again. dow, s&p and nasdaq have certainly slashed their losses but we're still sitting in the red just ever so slightly after being down significantly more at the beginning. day. in fact the dow and the s&p 2 move into negative territory for the year so far. james lew of jpmorgan funds and joseph kwind lan join us now. thank you so much for your time. i feel like we're walking in circles, trading in a fairly narrow range and back to where we were. s&p and dow once again in negative territory for the years. james, what does the second half look like more than a little more than halfway through the years. >> get some resolution on issues like iran greece and china, of course, and with the resolution we can focus back on the earnings picture which has been relatively meager for u.s. stocks and with oil hopefully stabilizing a little bit, despite what's happening today and with the u.s. dollar hopefully stabilizing. had a that means i

brent crude returning to bear market losing more than 20% from a high in maine -- may.rices continuing to fall. u.s. getting their fastest rate in three decades. to maintain market share exports from southern iran. that selloff hit interim game prices overnight we are up marginally. just near six-year lows, nevermind about being up at the moment. investor concerns about a slowdown on the mainland continuing. china accounting for about 40% of global copper consumption. 70% less gold from hong kong in june than the previous months are in imports from switzerland also fell. the route and mainland stocks may have also hurt demand and buyers maybe anticipating further price to clients. bali has claimed the title of the world's hottest island property. it is about to get even hotter because new zealand is reviewing regulations to ban foreigners from owning luxury apartments. this could be a veritable bonanza for some of those people who want to get out and invest. how soon can we expect changes to legislation? >> if they are to be believed, pretty soon. but we have to be clea

the price of brent crude. it is important to see today's news in a context of the price of oil since we saw the highs last year. last july was the height of brent as you can see around $110. we plunged 57% through january. and to the rebound through april of 45%. since april brent has come down to $56 and declined 60% and the thought of more crude coming to the market via iran because of the deal would certainly put further pressure some say on the price of crude from here. we are awaiting further details. manus: all about the details. thank you. some market analytics on this. equities analyst standing by. jason, thank you for joining me this morning. it is an early day. the reaction as we discuss over 10 days ago when you were here we are seeing this move to the downside. still a period of detail to be had here, isn't it? janice -- jason: the first up is verification by iaei before i ran it boost exports and that is likely that will probably take until the end of the year. and then the issue of the iranian wi

brent crude down almost one full percentage point. they are the early market moves.et's get the latest on greece. for the first time since a result of power, the troika will get to meet a cabinet member, the greek finance minister welcomed representatives from the ecb, imf, and eu to his office. in washington, the imf has reiterated its stance in the greek crisis. no debt restructuring, no bailout. let's get to hans nichols. prime minister tsipras, what has he been put up against here? hans: he had a challenge in his own party. the initial negative vote was 39 votes against it, then it dropped to 36. he basically called his challengers' bluff. they are not going to have a vote on sunday. the deal will become. hopefully the 86 billion the will be cut. they have another challenge. the international monetary fund. unless there is substantial debt reduction, the imf won't participate in a third bailout. in some ways, yanis varoufakis understood the imf's position in that conference call. imflmost predicted that the would not participate. on the one hand, we are being tol

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 presid

nymex crude and brent moving a little higher. brent a little bit more. they are still down again for as we have seen increased volume. pimm: look at this chart -- this is the biggest monthly chart. that is amazing. it is ugly and has changed a lot since the fed's -- lastting for top meeting. the 2-year note reaching the highest in six weeks on that gdp report. that raises the probability of a hike in september. the gap between the 30 year yield narrowing. finally, let's take a look at the currency market. the dollar strengthening against the euro. taking a look at the yen -- the dollar strengthening their. matrix the currency which i use on a regular basis. is colorful and easy for me to read with my poor eyes right. but there, you get to see what's going on against the various currencies. let's take a look at the canadian dollar. you see the dollar gaining and strength, all the way back to july of 2004. let's get right to the top stories at this hour. the u.s. senate will vote on the highway bill in less and 90 minutes. then they are going to take off f