tell me what is going on with the selloff?now, i think people might of thought there'd be a more imminent deal increase. i am still quite bullish on equities, alix. u.s. market lags on most every other stock market in the world. it is a good time to buy u.s. equities. alix: what is with the vix? adam: there's a lot of things you can do at the stock level and sector level, we are overweight financials, energy. i think you can find a way to make a lot of money and keep the market level. it does not move as violently as you want. alix: you are overweight energy -- they said oil was going to go lower. did not happen. might you see this in the sector and do you care really? adam: i would care if we had some emergence in the cartel, -- demand isok going up and supply is going down. i do not think we need to complicate it much more than that. we are going to own energy. if the fed is going to move the front here for the next few months we will see nice movement into the banks. a few weeks ago was the first time we ever went overweigh

adriatic selloff in china. -- a dramatic selloff in china.nalysts warned that the market there reached unsustainable levels. a lot of talk about a bubble. it was one of the best performing global markets last year. last week we told but the market being in correction mode, off more than 10% off the recent highs. now it is on the verge of a bear market, off 19% from those highs. overall asian stocks finished the day lower. the nikkei also down. hang seng and singapore to the downside. in europe the stock market trading there is also some negative sentiment. ftse, cac and the dax all lower, led by the ftse in london off more than a percent. here at home not big selling happening here but mostly to the downside with s&p and nasdaq futures lower. dow futures holding on to slight gain. >>> turning to sports the nba held its annual draft last night. kentucky center karl-anthony towns went first. the minnesota timberwolves faking them with their first ever number one election. the six foot 11 towns averaged 10 points and six rebounds a game. the l.a

selloff, selloff, the story of the morning. what do you make of it?ndrew: it is unusual for europe to drive the u.s. but leading the yields higher. leading a high level, you have got two that things. ecb and qe, which tends to push yields down fundamental value, and value the fundamentals of reasserting themselves. greece looks a little bit better , the back roads look at little better. you see a move up with yields. they are still at low levels. it is something where mario draghi yesterday, he sounded like he was not overly concerned but this is what would happen, a tug-of-war between the technicals the slows between the ecb, and the fundamentals reasserting themselves. stephanie: what has is done to your performance? they are bleeding all over the place. andrew: we have been -- we've had drops in yields earlier in the year. now, recent weeks, this rise in yields we sat it out and we have been pretty neutral. want to be underweight, european duration, we craig it is -- we think there are better things we can do. very hard to judge these markets, less

a big selloff in bonds also in

the columnist global selloff.is a country on the brink that the banks will remain closed for 60 days. cash withdraws to senior government official and global markets markets and selloff mode. ashley webster on the ground right now with the latest. good morning. reporter: good morning to you, maria. here it is. 60 euros is all you can take out. also, you can transfer money to an account overseas. they just want to basically keep the money within greece. money is running out of the atms. we've been hearing reports of that. banks will be closed through july 6, the day after the referendum is scheduled for next sunday, july 5th in which voters will be yes yes or no to accept conditions be asked for by european creditors in order for reese to get the next round of bailout money. essentially asking for another bailout to pay out for payback the first bailout. it is really a never-ending cycle for the greek economy of the last five years as it struggled to gain an infraction. leaders say the european authorities are allo

green across your screen after that selloff yesterday.ourt decision potentially later today on things that matter to your money. right now, maria bartiromo and "mornings with maria." maria: hey, dagen, see you in about an hour. it is thursday, june 25th. with new brand knutson and we'll get to that momentarily. top stories, new revelations that the manhunt continuing for david swiped a richard matt, the escaped convicts who broke out of a prison in upstate new york two weeks ago. 75-mile area around the cabin where authorities found dna evidence. no information overnight. a second prison employee has

at the source of the selloff is the fact that yields were at ridiculous levels. we talked about yesterday. we have had a revision a -- revisionary inflation it ties into oil prices, etc.. jonathan: the last time you and i spoke we were approaching the german 10 year. two days ago we were below .5. we are forecasting german yields to maybe have an extra 20 basis points of upside. that could happen in one day. have you make those forecasts? francesca: last time you said bond yields would double. we have now, 90 basis points. it is going to be the wrong price in any event. y 90, not 125 -- why 90 and not 125. we are starting to see the effects of qe the draghi mentions has been creeping higher since february. we expect that to go back to 2% and drive the nominal curve with it. i think the effect of qe is 60 basis points on fair value bonds . they will stay below 2% for a good. time. period of time. jonathan: strategists say greece is contained. you and i have not discussed how it is contained. if greeks -- if greece exits, how many bonds dubai? -- bonds do you buy?

and worrisome markets generally selloff. -- generally sell off.ill the dollar hurt these emerging market? as far as the payback of their debt. and the emerging markets, i'm -- i don't think it's too much say we had a collapse there. and wait for getting back to somewhat more normal than where it was. stocks emerging markets are at the bottom, but we don't need emerging markets to buy our stuff. we are interrelated. scott: that is right. when you look at the earnings puzzle, 47% of revenues come from overseas. we need china to buy our goods. we need emerging markets to do ok. we do eurozone to grow. and i think it will grow 1.3% or something like that. those are all parts of the earnings puzzle that we try to put together to come up with the or earnings number. we need the rest of the world to participate. will beit will, and it modest, but it will be slowly moving in the right direction. lisa: one thing i found interesting is today we had more data coming out of europe that was better than it did. and excitations are for to keep writing -- keep wr

we have a big selloff on the dow, 285 points.his is the first one present down move we have seen in stocks in about nine weeks.

we sigh selloff yesterday -- a saw a selloff in the euro bonds. it was weaker before the blal tter announcement. the biggest drop in a month. you get an indication of what occurs when the market opens. what happens thereafter depends largely on what events and announcements we will see in terms of the election of a new president of fifa. and whether they'll be more questions asked about the wording of world cup to qatar. mark: what is at stake for qa tar? hundreds of billions of dollars being pumped into the economy. justin: yes. an enormous amount of money paid about $200 billion is being spent on infrastructure preparation of the world cup. one analyst was telling us that qatar has been planning to spend a lot of money on this kind of infrastructure. a lot of other infrastructure the country needs. it is a very wealthy country. it is flush with natural gas and the biggest exporter of liquefied natural gas in the world. it can sustain it. it is a matter of prestige for companies around the world that are invested in infrastructure project. many o

it is not just a selloff in european debt.t is a more aggressive selloff in italian and manage debt. that is not just a reflation trade. let's take a look at the future of aviation now. today is the start of one of the largest and most important events, the paris air show which is expected to welcome more than 300,000 visitors. one of those visitors is guy johnson. you've got an exclusive interview. over to you. guy: we do. thank you very much indeed. we spent a lot of time at these shows talking about airplanes. let me tell you a little inside joke. you don't bolt and engine onto an airplane. you bolt an airplane onto an engine. they are incredibly complicated. if you want to make fuel savings, you look at the engine first. that has been the real focus in this industry. let's talk to one of the guys that led that charge. the ceo of ge aviation, good morning. oil prices have come down over the last 12 months since we last saw you. is that going to impact demand? >> we are thrilled. the largest cost of any airline is fuel. when

revisiting,is bears we are not seeing that deep of the selloff. greek markets are closed, but you do have a couple of pro. you have the atf and adr. the etf's gr ek, tracking greek stocks. i spoke to our in-house analyst to clarify -- you know the underlying shares are closed, the etf's trade. you don't tend to have, obviously, a bigger basis from which to trade like you normally would, but this is a sort of rice discovery vehicle. he pointed out that at the time and it just in market closed for the arab spring, the egyptian etf still traded in the united states. the national bank of traded down more today by 22%. again, as investors tried to price out exactly what the events in greece mean. i wanted to take a look at my long-term bloomberg term chart -- chart. we have seen volatile trades in greece, down more than 70% over the past year, if you look at the five-year chart it looks even uglier, as you might imagine. almost the flat line over the long term. turning to china, entering a bear market overnight. perhaps some are betting on a rebound, h

and i think that's why you're seeing a fairly good selloff. but i kind of, i'm on the flipside of what lizzie's saying. you know, we went through detroit, we went through a couple cities in california, we went through new york city, all financial crises, and yet we've weathered all of them. i guess if you're talking on a massive scale, you know, the entire state of california or, you know, the state of virginia or something like that, but i just don't see us getting there. you know, even detroit as big as it was, what, about one-eighth or one-ninth the size of puerto rico, they defaulted, and everyone kind of moved on. i don't want to be a pollyanna, but right now i'd be a buyer rather than a seller of the market. >> i hear ya, and no small irony that the detroit metro area's gdp is about the size of greece's. listen, we've also been living in an era where we've had loose monetary policy that has helped governments here in the united states and certainly club fed around the world. they have helped governments basically not -- basically outrun

seven upt selloff, days and five down days. still up nearly 10% since may 28.s so much. area's biggest taxi apps raising money trying to fend off a number. sources tell us they are looking to raise lump on $5 billion which could value the company at $15 billion. has been taking a look at this competition for passengers. make the company the most valued startup in china. you talk about the big names supporting the two apps right now. and the japanba company in the mix now. that funding come from new and old investors according to sources and this valuation has merged innce they february. it try to limit the rising cost by combiningn their forces and trying to beat out over. they did announce -- uber. they announced they were giving away rides just to compete with it uber and other apps. you talk about everybody trying to put a lot of money into this. china'sion a year in car helling industry. last week, it was reported uber will be investing $1 billion in china. the entire started industry itself. they're trying to get a foothold into china but there are a lot o

stocks index futures, we are seeing mixed trading after yesterday's selloff. dow futures following through with a couple point loss. the s&p and nasdaq have turned positive. looking at asian shares, in overnight trading, some weakness there following a selloff in the u.s. yesterday. the nikkei, the hang seng and singapore all to the downside. hang seng down more than a full percent. >>> the most closely watched economic report of the month coming out this morning. lauren simonetti joining with us a preview. the big government jobs report and we'll meet expectations? everybody is look at this report because according to the federal reserve we are nearing full employment in this country but everybody really question this is report for its authenticity. does it really represent the job situation in the u.s.? >> no, not when you look at wages, right? wages have been stagnant essentially since the late 198's. you're making the same exact thing. unemployment rate, if we pull up numbers the expectation is to stay at 5.4%. that is right near what the fed considers ful

that is where the market gets worried and worrisome markets generally selloff. we are going to see lots of uncertainty over will the dollar hurt these emerging markets? and also the bond market in , i don't think it's too much to say we had a collapsed there. rates were too low and we are getting back to somewhat of a more normal rate. alix: i was curious how you rank did. we still need emerging markets, we need china to buy our stuff at the end of the day. we are interrelated there. scott: when you look at the puzzle, 45% of the s&p revenues come from overseas. we need china to buy our goods and we need emerging markets to do ok. we need the eurozone to grow and i think it will grow one point 3%. those are important parts of the earnings puzzle we try to put together to come up with the s&p 500 earnings number. we need the rest of the world to participate. . think they will it will be modest but they are slowly moving in the right direction. lisa: we had more data coming out of europe that was better and expected. there was an inflation survey and one thing tha

joe: greece dominated headlines today during the stock selloff. what else did you miss?begin with puerto rico's debt debacle. laura keller joins us now. at 9:30 last night, i got an alert that says the governor or puerto rico since the debt is not sustainable. how much of a surprise is this? laura: what we have known about puerto rico, it is not a surprise. the way it was announced in a media article was certainly not the normal way this happens. normally, this happens in private conversations. this is a little different. joe: puerto rico has seen its debt climb massively over the years. you can see on the chart it has climbed every year. what is the state of affairs that has caused puerto rico to pile on so much debt? laura: every year, they have overextended in terms of budget. they projected how much revenue they will raise, but collected much less. every year, they needed to paper over the shortfalls. alix: puerto rico needs to be able to declare bankruptcy and can't. laura: some people would argue with the word need. alix: it would seem like bankruptcy could be a wi

triple digits selloffs in the dow across the board, indices off 2%. this is the first 1% plus move we have seen in stocks in nine weeks. that was the longest stretch in 22 years. take a look at the s&p. it is closing barely above the 200-day moving average which is 2053. i bring that up because traders like to trade around those levels. a close below could incentivize more selling. this is all in respect of the correction countdown clock we have been watching. it has been 1364 days since our last direction. -- correction. joe: last week we were talking about what happened to volatility. it has been so long since we have had a 1% plus move. we are getting that. it has been longer since we have had a 2% move. it looks like we are having that. this morning it looked like it would be mild. in the final hour, started selling off. alix: we heard the greek prime minister talking putting the onus back on greek creditors because it all winds up having to do with greece. if you dig deeper in the s&p, you had financials hit hard. perhaps the yield curve is flatt

we have a big selloff on the dow, 285 points. all in all, this is the first one present down move we have seen in stocks in about nine weeks. you have the s&p right now below its 100-day moving average. thoseof traders look at levels, see momentum on the downside and get direction from that. so, those are clusters of activity. i know you are looking at the utility index earlier today -- let's see if we can bring that up. utility stocks moving higher, perhaps for a defensive play. we saw this as we discussed earlier with the supreme court ruling, also giving a boost to utilities as well. let's look at treasuries and the other u.s. treasury market is doing. a lot of buying going on. the 10-year note at 2.33. alix: got to go to safety. ironically the euro/dollar, you are seeing a stronger euro or it is it really about a stronger euro at this point or a weaker dollar? it was a fascinating move today. euroould have expected the to sell off completely. pimm: or people are just taking off their short positions. alix: that is a great poi

scarlet: the bond selloff has stalled. it is equities turned to fall. the s&p 500, dow and nasdaq down by about 1%. the dow losing 186 points. bonds initially extended their loss but have since stabilized. a higher price and lower yield. they're getting a bit of a bit here as the greek debt talks continue. beforemore of that friday. the euro is stronger but off its high of 11380. the dollar is hyper's the yen. that's high versus the end. little changed at this point at 95.49. the international monetary fund on the u.s. federal reserve to hold off from raising interest rates until the first half of 2016. the imf also said its forecast for the second time in four months. the lenders have the dollar was "moderately overvalued." it would be harmful if it gets much stronger. legarde: in weighing the risks, we think there is a case for waiting to raise rates until there are more tangible signs of wage or price inflation done on currency evidence. in other words, we believe a rate hike would be better off in early 2016. mark: last month, janet yellen said she

when it initially happens will cause a selloff. which is why i've been doing the healthcare hot list but it won't be a long sell of you.off. all of this good news been understated by europe. we spent a lot of time on europe because europe spends a lot of time influencing the money managers with big pools of capital in this country. when europe is out of the spotlight you can see what's happening here. and for the bulls it is a beautiful thing. how about curtis in louisiana. >> caller: hey jim. how you doing? >> really good. how about you partner. >> >> caller: great. in baton rouge, louisiana. >> i love there. and it's some pretty good football down there. >> >> caller: pretty good food too. in april, american ally was about $48. beginning of june 38. and today about 3. would you buy aa at this time? or another airline stock? >> i think delta is cheaper. i think delta is the better buy for the moment. but understand these stocks are going -- they are having a rally ahead of the quarters which are in the second last week of july. th

if it does start the selloff, and what it could have on the stocks. there is certainly concern.t is the question is who has bought the stocks with what money and how they will pay it back. that is what they will feed into the real economic demand we have seen in terms of servicing and manufacturing. caution will be in order for the government unless we really see it impeded to the real economy. alix: a couple of data points out o. june fargo is saying gaming revenue could drop to $16 billion from macau, the lowest monthly result in four years. daniel: certainly there has been a lot of repercussions in terms of luxury demand and gaming demand because of the change in attitude in the chinese government towards corruption. not so surprising. if we look at opportunities in china focusing more on domestic internet, consumer demands as opposed to the traditional trading infrastructure, commodities. alix: you make a good point which is why it was so surprising that hershey downgraded its forecast because china was not buying chocolate. china, if you look at you have not seen the moment

a global selloff had been underway.t seems to been halted by christine lagarde and the imf giving possibly unwanted advice to janet yellen. neededt is the out she to push off a rate hike she really did not want to do this year anyway. erik: mike's was an interview with the president of the carlyle group. lots to say about competition with blackstone. matt: how much is too much to charge for life-saving drugs? some treatment are far into six figures. matt: good morning. i matt miller. erik: i'm erik schatzker. interference underway. christine lagarde has urged the fed to delay a rate hike until the first half of 2016. stocks dropped and the u.s. 10 year yield has been declining. matt said the selloff we have seem over the past several days has turned into a rally. bond prices are rising. yields are dropping. that is the situation with the u.s. 10 year yield. in germany, maybe the impact of a statement on the fed does not have as much influence over german bond trading as it does treasuries. you see german 10 year yields

we have a selloff.n the s&p 500, all 10 industry groups are down across the new york stock exchange, more than five decliners for every of answer on the big board. concern over greece. the data we just told you about, not helping. a lot of focus this week on the fomc. the news announcement by janet yellen, the forecast from the central bank on where they see inflation and economic growth. you can see there is buying of treasuries with the yield coming down 2.3% for the 10 year. currency is in focus with the euro weakening versus the dollar. euro-dollar volatility climbing to a 3.5 year high after talks between greece and creditors fell apart on sunday after 45 minutes. the next big day to focus on is thursday. one of the nation's oldest gunmakers declaring bankruptcy. colt defense.- we are looking at jeb bush, he announces his candidacy. we will be speaking with mark halperin, live in miami am awaiting that announcement. the conflict in ukraine has contributed to the crumbling of u.k.'s aching a system

expecting a sharp selloff this morning. also the lowest of the day.wonder where the money goes once people sell it. they were looking into jobs numbers coming out of the big. the end of the second half. take a look to u.s. futures over opening preview about the second half of the click. in the asian market down in new york's down near 1.5% in monday. interest rate cuts by china's central bank with the shanghai composite closed in the bear market territory. 40 to 53, down 3.3%. but to me this hour, tony on fox business dagen mcdowell. lots to get to this morning. more of the greek banking crisis and what it looks like. bring in ashley webster standing by in athens right now with the very latest. good morning to you. what does it feel like on the ground today. reporter: good morning to you, maria. a relative calm here in athens. 1:00 in the afternoon running around this morning. all of the banks are closed and will be the next six days. the stock exchange today will likely be closed for the rest of the weekend

right, and we had a bit of a selloff recently. in all, it's a bit of a risk on day in the market. the interesting part of the oil world right now is iran. seems like the deadline for nuclear deal has been extended to july 7 to get that final tech, and citi thinks an agreement could be reached in the summer. exports could ramp up in the .irst quarter of 2016 the fascinating conversation to meet about oil is how much can iran really bring on realistically without investments in international oil companies? 500,000 to 700,000 barrels in three months. iran is opening its one million-plus. scarlet: definitely less than thought, and how much will be oil versus condensate, and will there be a market to sell to? russia, saudi arabia, and iraq have been competing hard-core in china where ever and usually has iranonghold -- where usually has a stronghold. atx: we are also looking soft commodities. the usda had a report out about supply and demand and planting dynamics. farmers are planting less corn, and that's why you saw corn spike today.

>> you call this a selloff? .7%.arket is down when are we going to get a real selloff? talk about what led the markets lower. it continue to grind lower because there was rollover in the s&p. cahn.ave to look at carl ico investors hadted warned about the market in 2007, we might have avoided the crisis .n 2008 t the other part was greece. inanother interesting day greece. there was hope we could get a deal today, but they don't have a deal. the senior people will talk is to the eurogroup. they will reconvene tomorrow. the major players will talk late into the night. alix: the meeting starts at 11:00 p.m. finance minister said that we are showing the world we are serious about a deal. the messages, hard work. they are out working hard on this. alix: we heard a lot from tsipras as well. odd stancet this seems to indicate that there is in an no interest agreement or the special interests are being back. i found that fascinating. o?at is he alluding t >> he was insinuating that when they dealt with ireland, portugal, spain, they got a lot .ore flexibility t this set the ton

greece playing into selloff in equities. [closing bell ringing] closing bells sounding on wall street. we'll let you know how we did. >> a lot of back and forth today, as we got all the new headlines coming out of greece. but as the prime minister spoke certainly the markets trended lower. let's get to trading floor. larry levin, joining us at the cme in chicago. we want to go first to nicole petallides at new york stock exchange. nicole, was the selloff overall from what you're hearing from traders fueled by greece? or was there another underlying theory for the market today? >> they tried to buy the dip early in the morning. it didn't work. as the headlines came out this last hour, it only accelerated selling. chief technical levels some traders were watching on s&p 500. 2068, 2063, as we went below there we knew another leg was down. dow jones industrial average closing down 350 point with most economically sensitive sectors leading way lower. financials for example. safe haven ever bonds, down 2.33%. that is where we are

the selloff going through the eurozone. that is what you see in terms of the yield and the same story in italy. crossing to the u.s., treasuries not spared. the 10 year yields rising eight basis points for u.s. bonds and point -- 2.26%. bonds are more expensive than stocks as we watch the unfolding action in europe and elsewhere. takata executives have been grilled by u.s. lawmakers area dwight went unresolved for so long. hearingany told the that the chemical makeup of the explosives in the airbags have been altered by years of heat and moisture. the u.s. regulatory body monitoring the issue was quizzed. its own investigation temp -- hampered by lack of resources and personnel. and taking a dive after rejecting the buyout bid. fell on concerns that price competition will hurt profit. the companies have been trying to attract customers with promotions and china. it will boost revenues through its recent investment in its rival. and raising money through private investors. hyundai shares will be breaking record highs by now.

a little bit of a selloff on the close. we know that they will default around 6:00 p.m.. we think we will find out tonight that greece is in default. >> if greece does not make you that nervous, when will it? >> the u.s. is just a sliver of that. it would have to be a larger country with a greater impact to see some panic. >> back to you guys. >> it puts it all into perspective on a global scale with greece being such a hughes concern -- a huge concern. stay in the united states. tech giant apple wants to create the world's biggest music streaming service. apple music is now live. tim cook announced the subscription service and you can try it out for free. a crowd of other streaming services apple has 800 million users registered with its regular music service itunes. if apple manages to convince 10% of those users to stream music with apple, it will automatically take the lead in this fast-growing market. kristof is following this from the business desk. another streaming service? a whole lot of old names we have all heard of before. how is apple going to try to set itse

we've never seen how these things have act did on a selloff like this in this magnitude.e have not seen it this over game done by and i'm worried sick about it. people like to think of stock and bond returns as being random walk or normal distribution, but the truth of the matter is when it is outlier moves, the outliers tend to cluster together. people are modeling risk even after 2008 in a way that they are not counting for that. they say it is a one in a billion move, but it happens over and over again and will only exacerbate some of the pain in volatility. alix: how do you account for risk when we've never been an environment like this before? michael: you bring physics in and don't assume anything. when you get back down to it, these moves are going to be painful and there will be a lot of tall malton the markets. what i am telling client is be patient and wait. alix: what are you waiting for? michael: opportunities. a sell off right now, if it doesn't get a lot worse is an opportunity. alix: here in the u.s.? michael: in the u.s., europe, places like turkey and bra

pimm: checking the bond market and we see a little bit of it selloff. -- of a selloff. the selling of going on in fixed income. taking a look at the dollar versus the euro. the dollar gains in strength 1 .1196. a little bit more ground against the pound-sterling. now a look at the top stories crossing the bloomberg terminal at this hour. the u.s. supreme court upheld the nationwide tax that cities that are a core component of president barack obama's health care law. justices of 6-3 the rejected offer. the ruling is the high court second to preserve obamacare in the face of republican legal attacks. today after more than 50 votes to repeal or weaken the law, a presidential election based on parts on preserving or repealing the law, after multiple challenges to the law before the supreme court, the affordable care act is here to stay. pimm: here tuesday. the ruling of the collapse in state insurance market and left -- unless millions of americans continue to use federal tax credits that are designed to policies morere affordable. health care was not the only obama admini

for the equity market, selloff. they are highly correlated. when does a breakdown when it is good news for equities? lucy macdonald: volatility in the equity markets and then the bond markets. it does not hit until recently. that shows there is a little bit more of a valuation in equity markets. and the real concern not within the corporate sector. i do not think we are due for more volatility at the moment. i think it will break down but maybe a little bit more support. jonathan: with your stocks and looking at equities, do you try to the the low cap stocks or try to gauge what the future earning stream and brace yourself? lucy macdonald: what we do is get some clarity about the underlying performance which has been a martyr little bit about this. that is something well spoken about just seeing where business is fundamentally being affected by the exchange rate volatility or whether it is just reporting. if it is just reporting, there are opportunities and things were been looking for. with a company to understand exactly how their company is

we are seeing is still up -- a selloff. it appears like we're looking at a risk off day. and thehe price index expectation for wages also increasing the most in seven years. that is the inflation chatter coming back into the market. -- weighing on all risky assets. scarlet: we are very little changed. the dow is up when one of 1%. the s&p down. we have not done -- gone anywhere for the week. alix: the worst performing sector is grinding lower. scarlet: we need to keep an eye on the dollar. what is interesting here is that the euro was weaker earlier on. after the german chancellor said the euro's strength is making policy changes difficult for him dated countries. -- and dated countries. i think she means greece. the euro started to rally. more dollarme weakness because there is so much uncertainty with greece and the supposedly does now sunday. they have to pass some kind of deal to give the parliament of euro area countries time to pass the bailout approval before the end of june. we are 48 hours away. we are seeing yields push their way higher. they are flat. 2.3% on t

stock selloff, bond selloff. china still looking very high indeed. this is about a variation in central-bank policy. we saw exports down for a third straight month, down by almost 3%. imports down by 18%. once again, it shows the fragility in the domestic market. calls for more stimulus in china. that is pushing the stocks higher, hopes that we will see more stimulus to boost that particular area. meanwhile, let's have a look. at the moment, we are seeing the euro up almost 5% versus the turkish lira. the lira feeling the heat. stocks plunging 8%, turkish stocks, all because of political instability. the market reacts. they are likely to think that erdioogan, is his strength at its peak? is that going to unravel? it is the first time since 2002 we see a long majority in the turkish parliament. we see the ak party flip away from the majority. that is affecting the turkish market. let's have a look at some stocks. i'm looking at the got. it is also about deutsche bank. management ainge is. we are likely to see the stock move anywhere up to 7% higher. t

the biggest one-day selloff since november 2011. it really feels like that in the moment. let's bring up the bond market and have a look at yields. about an hour and 20 minutes ago, the bonds got out of it and yields surged on the periphery areas the 10 year in italy is still up about 20 basis points. spreads are widening as yields and germany fall by or teen basis points. a 20 -- by 14 basis points. a 20 point drop since 2011. as far as the periphery is concerned, the spread has widened by a lot. the big question is at what point does the ecb need to act? for now let's get you up to speed on some of the top stories. greece has shut its bank and imposed controls. the move comes after alexis tsipras announced on july 5 referendum. the banks will be closed at least until july 6 in the measure limits daily cash withdrawals to 60 euros. greece is likely to be forced out of the eurozone. the ceo and bloomberg columnist spoke to us early this morning. >> if you have to put a gun to my head and say give me a probability that greece is in the eurozone, i will tell you it is about

still relatively close to that record given the one-day selloff.o, wanting to point out what we are seeing in europe, because --there too, stocks are down 4.2%. futures liket the that, you would have thought we would have seen a much deeper decline. take a look at my math as well as the futures on the s&p 500. a two day intraday chart on the s&p 500 futures. you see the big gap downward when the futures straight trading last night. this is initially the losses and then we sort of worked our way back up. is inn now the concession place, this is the s&p 500 today and it is trending lower. still, the futures have actually been trending up from where they were last night. scarlet: i love that chart. you have to show me how to make that later. julie: it is no big deal. scarlet: thank you, julie hyman. kraft foods is in the bloomberg terminal at this hour. there is another crisis that does not involve the euro. --e is in puerto rico bonds prices on puerto rican bonds are at the lowest level payable. and cisco is dropping its planned takeover of general f

some good gains in korea on friday, but joining the selloff by about 1.5%. risk off appetite back on. we will be expecting another pretty terrible day in the region. china is the one to watch out for. the huge fall on friday, down seven 14% on the shanghai composite -- down 7.4% on the shanghai composite. yvonne: the zhou put. they cut interest rates to record lows. that's after the biggest two-week china stock plunge in nearly two decades. people are saying this is reminiscent of alan greenspan and what he did in the 1980's and 1990's. >> adding a backstop to the markets. this puts into perspective how important the developments in greece are. any time we have china cutting rates to a record low is on the back burner compared to what's happening in greece. then you know it is a pretty big deal. we need to follow what's happening in greece. but what happened in the weekend -- over the weekend in china, the pboc, some mixed signals coming late in the week as the market was selling off on thursday. the central bank did this reverse repo, adding liquidity to th

we are seeing a broad selloff there, down 1.1%. worst day and more than two months for the index. a lot of the other metals, commodities are not doing well. copper off one point 25%. gold trading down. silver down more than 2%. we are lookingon at overall in the stock market, not dramatic action, here is some drama for you in the metals market. for: thank you very much that drama. julie hyman, chief market correspondent. a look at the other stories we're following. a sale at general electric. bloomberg news reports ge is putting all -- almost all of its commercial loan business in the u.s. on the market. the company has hired banks to sell up 20 billion in assets. -- sell off. the pinch-runf vote most of the ge capital business and refocusing on manufacturing. in the end and flow that happens every 10 years. chipotlesfollowing lead in going all-natural. removing artificial flavors, colors and preservatives from the menu in north america. the change will be phased in over the next 18 months. this sort of eye candy guaranteed to stop

that is because the selloff is broad-based.o, yes, we are seeing energy stocks sell off, but we are also seeing health care, industrials, telecoms, trading lower. i also wanted to point out material stocks are trading lower in particular. we are seeing this group selloff the most in at least two months, down 1.5%. it is not just oil that is down today. across the board and commodities -- copper, gold, silver, gold at a four-week low. if you look at the metal prices, you have them. all of them are trading lower as well, a lot of concern about global demand, and definitely it looks like a risk-off trade. betty: i cannot help but notice that you are matching all the selling today in the red. : i did not mean to do it. betty: and anticipated meeting of countries from opec gets underway in vienna tomorrow. investors prepare for a widely expected decision by opec to maintain current production levels despite worries over a global supply glut. steel, we are not expecting any movement tomorrow, are we? alix: what if there is an increas

we are seeing the selloff continued.moved into equities and it is continuing in the bond market. there is the possibility of a translation issue. what do you think it means? is it a misspelling of supportive or the french word? just to clarify, this is jean-claude juncker. francine: the commission president saying he only had three hours of sleep. i think it is the french word meaning it was hard-working. there was a nice euro-dollar pop on the back of it. another round of talks have failed to resolve the standoff between greece and creditors after tsipras rejected it. guy: after a meeting with jean-claude juncker and mr. dijsselbloem tsipras reacted when he was asked about whether he would be able to make the payment due to the imf tomorrow. >> will you be able to make the next imf payment? mr. tsipras: don't worry about it. we've already seen 7.5 million. guy: i think he is channeling "the sopranos." we're joined by hans nichols. and from brussels by ian. hans: it was a long conversation. mr. tsipras is talking about h

we are seeing a global selloff in bonds around the world.man bunds its 1% for the first time since september. taking a look at what is happening. falling today. trading at the lowest level since may 18, down now read a third straight day. we are seeing strength in the japanese yen. the japanese governor. saying he thinks it is unlikely the yen will decline any further. moving on to commodities. oil touching the highest level of the year, also perhaps on tops of the dollar weakness. trading just under $61 per barrel. that is also sending energy shares higher. the equity market. gold is having its best day in two weeks. gold trading at the highest level of 2015. seven month high for gold. of for a third straight day in a row. gold huger's trading at 11.36. -- gold trading. at today's market closes in asia and europe. up to six days of the kleins. the longest losing stretch -- stretch since december. the big news coming to -- just 20 minutes before the european close. merkel's government may be satisfied with greece can meeting -- committing to

region, weround the are still seeing that selloff.e concerns weighing on investor minds. the nikkei is down 2%. the us trillion market is also continuing to be sold off. we are seeing weakness across much the rest of the region. in hong kong, the focus is very much on that ipo. we think most of the stocks on the hang seng are negative territory and early traits. galaxy is down about 3%. japanese retail sales out -- retail sales up by about 1.7% in the month of may. topsy-turvy session. a lot of the news is being dominated by greece and the debt crisis. banks are closed now until after that sunday referendum. david is here with the very latest. it is certainly going to be a very rude awakening when greeks start to get up in a few hours. this capital controls were imposed at 3:00 a.m.. like the only backstop authorities had. atmsw long lines across and the shifted from atms to gas stations. by sunday night local time, some of them run out of cash. saturday, and this is according to two senior bank officials, as many as 500 atms have art

one clear chance or china saw a big selloff yesterday.of a rebound in hong but the shanghai composite down 1%. it started the day higher. it looks like we are building on these declines. the concerns that investors have with respect to the chinese market underlying economic growth slowing, a huge stockmarket rally, 150% over the past year, but built on the back of novice investors who borrowed money with margin financing. the regulator on friday unveiled new restrictions to taper this massive run in the market and the fear or concern among investors. that's why you see at that the selling. that's what caused the big drop yesterday. these are the stocks moving right now in shanghai. elsewhere, teasing gains in jakarta, 1% move there. singapore is up. .e conti the ceo of will worth retiring. olworthceo of will retiring. rishaad: this adds another piece to the puzzle. the global is not as strong as optimist may think. -- the global economy is not as strong as optimist may think. >> when you look at these export exports to the u.s. and china,

we are not seeing a huge selloff on this.rgue that not the whole idea of a greek exit was priced in, but we're not seeing a big plunge in the major exits at all. the idea that scarlet mentioned earlier, the greek situation pushes out a rate increase over at credit suites. but you can certainly find areas of pain here in the u.s.. i'm calling it the crisis trio this morning. you are looking at a greek etf. even though the underlying assets are close this still trades because it trades in the united states. it is sort of a price discovering vehicle. where should we see greece priced right now? this gives you the best idea. in addition to the national bank here, down 24%. the second leg of the trio would be china. here you can turn to the etf market, an index that tracks the a shares up half of 1%. one of the most heavily traded down 1.2% after they entered the bear market. how do you track puerto rico? you can look to the bond insurers, down sharply this morning as the analysts downgraded the stock's calling them on buyable unt

i mentioned this selloff in sovereign debt.ear but really accelerating in europe. the 10-year yield, the yield on the 10-year bund cross 1%. when it was almost zero moved 1% mean something. the move on the french suburb on a couple days ago crossed 1.2 and is headed towards 1.4. what is behind it? russ: what is behind it is several things pretty think about where we were in the european barn market -- bond market, the yields were impossible to object if i believe that europe was heading towards deflation. even then, you have the lows of 25% of the sovereign debt market with a negative yield, something that economic textbookso tell us should never happen. one, there is in some recalibration about europe. inflation is still very low, but back in positive territory. second, this was the reversal of a crowded train. everyone was long european debt, thinking it was a huge tailwind from the ecb. when that started to unwind, it went very quickly, and that is where we have seen this movie and b-- move in bund yields. most of it has alr

greece playing into selloff in equities.lls sounding on wall street. we'll let you know how we did. >> a lot of back and forth today, as we got all the new headlines coming out of greece. but as the prime minister spoke certainly the markets trended lower. let's get to trading floor. larry levin, joining us at the cme in chicago. we want to go first to nicole petallides at new york stock exchange. nicole, was the selloff overall from what you're hearing from traders fueled by greece? or was there another underlying theory for the market today? >> they tried to buy the dip early in the morning. it didn't work.

could be a second day selloff where we discover how bad things are in europe and a third day, by theay, we find out how high the losses are at the highly leveraged hedge funds that have to sell good stocks many stocks that aren't near the greek blast zone and aren't down that much in order to fund the stocks of companies that are hurt by the greek calamity. they are awful stewards of capital, my conclusion. the irrational collateral damage to stocks unrelated to greece but pulled down in its foretext should be bought near the end of day two. probably around 2:00 p.m. after the debacle occurs and double down on day three, probably at the opening. if you want to buy 100 shares of rite aid, buy 100 shares on the afternoon of the selloff and the morning of day three, yes, i can even be that specific i have lived through that many of these debacles. the worst that happens, rite aid doesn't go down and you miss an opportunity to buy it in a weakness so why not jump now? no harm to see if it occurs. if there's a chance to get into the stock of rite aid or any company you like at a lower pri