mr. mobius: the luxembourg authorities have approved it and that represents at least half of the funds we manage. we now are beginning to invest but where to invest because the stocks have become so expensive in so many cases. we are better off in the hong kong a share market which is still let some discount. -- at some discount. anchor: if there is a correction coming what will trigger it? mr. mobius: the government will give a signal saying no more margin accounts and that could be a trigger. anchor: they have said that. no more margin lending which put

mr. mobius: they are. is the limit in terms of the number of people who have come in but it is the government's direction that will determine what happens. anna: you might be stepping down but he has a great deal of foresight about what is to come. that was in may. that is what happened. carry on the conversation. -- a let's carry on the conversation. how big a drag is the chinese story on the global economy estimate -- economy? guest: what we have seen is the de-bubbling of several bubbles. the chinese market where margins of investing were such a big part the reduced -- it reduced the enormous collapse of equity prices in china which will have an impact on confidence at home. and we have the de-bubbling in credit markets in the early stages. this is -- it has been said indicated by policies in the u.s. and this are -- the eurozone. the fact that this is happening at zero rate for major funding markets suggests if anything [indiscernible] in the correction will happen even as we get more pumped up through

mr. mobius.anghai -- the shanghai copper is up nearly 90% in the past year, and it is trading at 50% above its five-year average valuation. a shares are among the most expensive in the world's 10 largest markets. the shanghai comp trades at about 20 times earnings, well above the 13.5 times average of the past five years. any investors have been looking at the average evaluation -- the median valuation of the average stock in the a share market. is, because the banks, the big caps on priced so low, they kind of skewed the pe for the market as a whole. ,eople look at that median pe and it right now is trading at 57, much higher than hong kong at 13. keep in mind, adding perhaps to some selling pressure this week, 1300-plus companies could be coming back out of their trading halt. we have to see whether there is going to be pent up demand from those individual investors who are unwinding their margin accounts. numbers out later this morning. what kind of read on the economy for china are we expecti

mobius moves on from leadership at templeton. that from "the telegraph." my agenda -- greece -- i do not know where to begin, other than the focus is on mr.. tsipras and what happens with the domestic policies of greece. brendan: the newest headline, domestically from greece, greece to extend the holiday and capital controls today. for today they are still in place. the other date it looks like on the 17th when the germans will possibly vote on the greek bailout. gary: if they get to 60 euros today, what happens to that? is it leaving the country? tom: your agenda. what have you got? vonnie: i am watching the iran deal. we may even get it this afternoon. brendan: and indira lakshmanan has been there for weeks now. my agenda is the election. scott walker, the governor of wisconsin, announced today. he says americans deserve a leader who will fight and win for them. that is pretty much what every presidential candidate says. right now i think he is about at 5%. some people are tapping him for at least one of the top three or four in the race. phil manning lee joins us from washington. hillary clinton will be speaking in new york at the new