stockmarket, we haven't seen an impact.orries, greerks china and the federal reserve tightening policy. is china the biggest? >> china is the biggest. everyone should be concerned about that. the feedback moves into emerging growth t. feedback looped into profitability. we will have an impact from that inflexion point. the federal reserve like anika mentioned, we'll look at this as a transitory effect. >> anika, a lot of tech knicks in additions, though look at charts antsdz argue that china has the least correlation are global markets of any stock market in the world. why should we worry about it this time? >> yeah i don't know that we should necessarily worry about it. when you look at the chinese stockmarket, especially relative to the u.s. stockmarket, we see a very small proportion of households actually have an investment in the equity markets. so again, we don't necessarily believe that this is going to have a large impact. definitely not on the u.s. economy, largely, a lot of this volatility will likely fade to the

given that we've seen further volatility in the stockmarket, traders always say expect china to be one of the international risks that janet references and the mixed data we've been getting over the last couple of weeks. the retail numbers were disappointing and the jobs number. with this backdrop does the fed have enough ammunition to raise rates. they've been saying it's been happening, but of course we've heard that story before. >> i think they want to raise rates regardless of the data. that's my view. anyway markets? >> market wow, we're higher now by triple digits on the dow in premarket trade. very interesting to see such a strong move to the upside of the premarket. up about 11. nasdaq up about 30. european stocks carolin? >> they're bouncing back. up 0.7%. xetra dax up. we've got a lot of speculation to drive as well and still to come on the show we'll talk about technical analysis of these markets. don't want to miss it. >>> you're watching "worldwide exchange." i'm carolin roth. >> and i'm seema mody. >> in asia again despite reports of another cash injection from the pboc.

there has been so much concern about the china economy at the big stockmarket plunge that we saw over the last quarter. emily: what is standing out to you? julie: we have the ensemble of everything, and we can pick out what is most interesting. first of all, the company's earnings per share coming in for sense of estimates. apple tends to be estimates. it is that i vote number. 47.5 billion iphones in the third quarter, the estimate was for 48 port a million phones. apple depends so heavily on the iphone, so if it has lower sales than estimated, that is a bubbly a problem. on the other hand, the average selling price with weeks 5991 --$699.91. the ipad average selling price was below the estimate. the estimate about $426. 4.8 million macs sold over the third quarter, that matched estimates. we are also getting at least one number that is a forecast for the recorder. it is one that is pretty much in line. gross margin forecast for 30th .5% to 39.5%. right at the midpoint. the number that really stands out to me has to be the iphone number. 47 point 5,148.54 estimated. emily: this is ty

they will prop up the stockmarket. south korea finished the day down 0.3%. a lot of traders were concerned about second quarter earnings. lawmakers had expectations a week juan could help exports. following a downward momentum and australian shares edged up after a choppy session supported by gains in property stocks. chief negotiators in the transpacific partnership free trade deal ahead of a ministerial duty in hawaii. one data on drug development is protected. japan and the u.s. propose a long period to protect her to drug industries so they can have quicker access to cheaper generic drugs. sources say the japanese and u.s. negotiators they would allow free use of patents including outbreaks of contagious diseases to allow affected countries to deal with such crises. the japanese and the u.s. officials are hoping to get agreement from the tpp countries that don't have domestic drug makers but japan and the u.s. have their own issues between them. the question between them is how much rice japan is willing to import? japan is considering a new input quota

. >>> the comedian's response to a stockmarket glitch in a funny new clip. >> announcer: this portionf "cbs morning news" sponsored by silk. silk helps you bloom. body pain? motrin helps you be an unstoppable, i-can-totally-do-this- all-in-one-trip kind of woman. when pain tries to stop you, there's motrin. motrin works fast to stop pain where it starts. make it happen with new motrin liquid gels. >>> here's a look at today's forecast in some cities around the country. >>> a royal audience at wimbledon tr if biggest star. prince william and princess kate cheering on andy murray. he will face second seeded roger federer on friday. federer also advancing with a win on wednesday and top seeded novak djokovic will face richard gasquet in friday's o'defending match. >>> the depending champion of the british golf open will miss the tournament. rory mcilroy pulled out two days due to pulling a tendon after playing soccer. mcelroy is the first defending champion to miss the open in 61 years. it's unclear just how much time he will miss. >>> and the chicago cubs were one out away from victory,

you are seeing divergences within our stockmarket.line for example, was making it wasn't making new highs, the stockmarket itself was making highs. those sorts of things are disconcerting. the amount of margin borrowed in china and here is disconcerning. i think you have difficulty if stock prices. so other people may disregard or tell you to pay little attention to what's going on the coin. i tell you to pay a great deal of attention in coin. >> what are you doing here? are you raising cash? are we close to a bottom in any of these things? >> i think we are closer to the top. i hate to say that as an old friend of mean said bears don't eat. it's much more fun to have a bold market than any movement in a bear market. i'm afraid with bond market. with the bond prices going higher. rates going lower. with commodity prices generally trending downward it is very difficult to put together a bullish case for stock prices. >> in the u.s.? >> who weeks ago, three weeks ago, i was bullish. now i seen a lot of reasons to be at best neutral stoc

cogovernment coming in and buying stockmarkets. >> are you talking about the feds? >> you don't believe that. >> i do believe that. >> you do. >> i believe every other morning we sit here and we say the fed is not going to -- >> it's conjuring up animal spirits through qe and low interest rates versus printing money to buy stocks and giving it to someone and saying here and try and hold this market up. it's different. it's like when we say that other countries -- when we accuse them of manipulating the currency and we say we do it too. >> we do it too. >> that's a cynical view. i going to be -- >> the noncynical -- >> i don't know what's going on. >> here are the other big stories we're watching today. let's talk about chinese stocks. they closed lower. china unveiling new measures. the government said through the agency that does this, they announced the local gft will increase purchases of stocks. meantime they injected cash into money markets and hints at further monetary easing. take a look. here's the shanghai composite. remember it's two sessions over there. a

the plunge in the stockmarket has nothing to to with greece. it's not linked to that but it could be overall destabilizing. so concerning to the ruling communist party that they have injected money trying to shore up investors and try to stop panic selling. we've seen the in dex drop more than 30% since its peek in june, but if you compare it to a year ago, it's up more than 70%. the stock makes up a smaller percentage of the overall economy. the investors are different too. they're about 80% of them are small mom and pom investors and the government actually encouraged many of them to get involved. therefore you had many people investing heavily and borrowing heavily to get involved so now the government is trying to do what it can using state media for instance to try to allay fees and concerns. so this is very often the headlines in china. the economy is still on the right track. vinita? >> seth doane in beijing. thank you. >> it's interesting to see this. if they continue to spy rashlgs it's going to look like a sideshow. >> there are 19 mi

crude oil, encased -- in case you missed it slumped because of for reasons, grexit concerns, china stockmarketnuclear deal with iran, and an expansion of u.s. crude supply. one man caused those for, the four horsemen of the apocalypse. he says this, are the fundamentals $10 weaker than they were two weeks ago? i don't think so. look at the green circle, oil fell nine out of 10 days. include -- a close to june 23 $61, yesterday it finished at $51. since peaking on june 10, before then, oil has also slumped, 16%. june the 10th was the highest since december the ninth. crude has risen 21%, that is march the 11th, the lowest since 2009. it is down 60% from last year. the big question, is oil heading higher or lower? ubs says the slump will lose momentum because the plunge in china and greece's economic crisis will not affect demand for oil. jonathan: we have not ignored oil. china is another thing we have not ignored. i want to imagine a market in europe with 50% of the stocks suspended from trading and even the ecb coming out to tell the stockholders they are not allowed to sale -- so. mark: 600

this is more than the french economy, more than the paris stockmarket toto. the worst three weeks since 1992. what of the done? a new moratorium on ipo's. that is an old standby. 28 ipo's have been halted. they had already been approved. they have been halted. perhaps more importantly, the stabilization side 21 brokerages will invest at least $19.3 billion u.s. dollars in a fund and mutual funds executives have pledged to buy shares and hold it for at least one year. a unit of the sovereign wealth fund has also announced they have bought etf's on the secondary market. the finance ministry has approved as well the national pension fund. the central bank will offer liquidity support as well. this is something that i said earlier on in the morning. we expected the knee-jerk reaction upwards. what was it, 5.5%? it was not knee-jerk, but it did not last very long though. angie: regulatory measures and also finding a good scapegoat too? reporter: the old standby. you can always expect them to blame the foreigners. they rhetorically asked if morgan stanley had a hid

as you point out, the real question is how much damage will this stockmarket crash due to the actualconomy? which arguably, the u.s. market could be more heavily correlated to that. they are still looking for a lot of trickle-down, barry pessimistic -- there he bank pessimistic. if the government can't stop the flood, we don't see a lot of government put. mike: they were vary supportive chinas equity market and was above 14% per year in 2007. now it is forecasted below 7% for this year. the question is, well, if they can't keep the stock market propped up the way they wanted to, does that make you lose faith in that? putpeople's bank of china is now in question. there is a crash in the shanghai composite, a real cross, we cannot be completely immune. mike: the big question is how much will this reduce the economy? -- the chinese economy? there are a lot of interesting stories written about -- the direct exposure to the chinese economy is ready low. alix: but we expect lower growth, greater risk of a financial crisis. mike: right. it's not good. coming up, breaking it down, what you n

the agenda has been the encouragement of a stock rally stop -- stockmarket rally.tock market rally designed to secure capital and allow securitization of debt. don't forget that really the only thing supporting the market at the moment has been the belief of the public that the government will support the market. matt: which they have been doing, right? absolutely. matt: the government has been buying into big companies and have since ended trading of shares of most of the smaller companies and have ordered -- have suspended trading of shares of most of the smaller companies shareholders to stop selling. how can they hold the ball like that? simon: they cannot do it indefinitely. when the market there was going up, one of the things i heard is that the greater fall is when you are selling. the government is setting itself up as the fool. they don't want to make this market a one way that. if you do that, then you risk reigniting a bubble that could have even worse consequences later. stephanie: and what options does the chinese government have at the moment? haven'

coming up on the bloomberg market day, more details on the global stockmarket selloff. ♪ julie: we have the kleins off the board. still a selloff here sending the dow to about a five-month low and the s&p to its lowest since mid-march. the nasdaq at a two-month low as well. it seems as though there is not atot of optimism on greece this moment. there is also concern about a lack of stimulus, or stimulus not having the desired effect in china. commodities,g on then pulling down commodities related stocks. we are seeing the bloomberg commodity index trading lower by almost 2%. crew took a sharp light lower earlier by falling as much as recovering. it fell 7% yesterday and copper futures down 5%. copper very reliant on china, falling for a third straight day , pretty much at the six year low for the copper prices, as i mentioned. that make and produce various commodities are also down sharply. let's figure out how the options market is making all of this. chicago, the vicks today, as you might expect with all the selling pressure in the volatility index it is ticking up here. of the just a

meanwhile it look a global stockmarket action as we head into the trading day. asian markets.o the upside, having said that including the loss of 1% in the shanghai stock market as hundreds of shares reportedly come off of the recent trading halt what the government trying to stem the rapid losses worked for some time. not all. european stocks with the ftse off a couple of points. now a path of a percent there. u.s. stock market futures looking like nasdaq slightly higher. makes trading at the moment. dow and s&p futures lower. look at this oil price as we watch this morning i miss agreement on every nuclear deal. oil prices off nearly 2% right now at 5120 a barrel. homeland security secretary jeh johnson set to testify before the house judiciary committee this morning about sanctuary cities are the cities prohibit law-enforcement officers from detaining suspects based solely on request from immigration and customs of worsening agents. this comes after woman's murder in san francisco committed by undocumented immigrant released from jail. the victim's brother was on fox news k

our stockmarket is more than doubled. restoring 401(k)s for millions of families. this is progress.by-step, america's moving forward. middle class economics works. [applause] it works. yes. but we still got more work to do. once said, even if you're on the right track, you will still get run over if you just sit there. [laughter] you got to keep running. so the question we have got to keep asking ourselves is where do we go from here? because we still have choices. drift toward an economy where only a few of us do very well and everybody else is still struggling to get by? that is not the right way to do it. or will we keep working towards an economy where everybody who works hard has a chance to succeed? and over the next year and a half, you are going to hear a lot of pitches from a lot of people. they are going to deny that any progress has been made. you will hear a lot of folks trying to sell you on their vision of where our country should go. aey are going to be making whole bunch of stuff up. [laughter] and when i say a lot of stuff. [laughter] [applause] i mean a lot of stuf

iron or prices are down and investors are worried about china's shop -- stockmarket slump. ♪ matt: commodities slumping as demand begins to live. metals are all down with iron or taking the biggest hit. but good or producers news for another industry. it could be, especially if they a down. pimm: trying to connect what is going on in the commodity world with the consumer world. what are the input cost for an automobile. you saw the chart showing all of these commodities are falling in price. the price of oil also falling. what does that mean for things like plastic and everything that comes out of oil-based products? matt: the input price could be lower. i called and talked to our intelligence analysts to talk about it earlier today. , 40% of all the 0osts are still of afford f-15 because the engine, the chassis, they talk about the aluminum body, but it does not weigh much. so steele is 40%. 10% of it is aluminum. he said they will probably make a couple of margin points on a drop in prices. they would really rather have sales for example. what about for a company that sells most of its produ

and volatility there as we get closer to the fed and normalization and that spilled over into the stockmarket. something of an easy calm i mighted a, has descend. you and i know with leverage comes high volatility and i think we're still in for declines in the region of 5% to 10% before we see a bottom. very hard to call in this kind of environmental. >> absolutely. sri, thank you so much for that. the major u.s. averages logged their first five-day losing streak ending near the lows. our next guest says several factors indicate that now is the time to sell the market and that guest is carter worth head of technical analysis at cornerstone macro. carter, i just wonder if you ever look at history and the extent that very few stocks are driving the small gains that we're seeing on the s&p so far this year. whether that's a good indicator that now is the time to sell. >> well that's just it. yes, one of the principles of how a market moves higher is that there are individual components in the market that are in a position to move higher and we have a very clear circumstance that's now many many

no date though on when the stockmarket might reopen.if value-added tax agreed to under the bailout have taken effect. lockheed martin buying the sikorski aircraft. tax benefits result from the deal. utx thorgz a repurchase of up to 75 million shares this morning. barclays reportedly plans to cut more than 30,000 jobs in two years, this according to "time's" of london. they fired a ceo earlier this month. the replacement, who wants that job. who would want to run a big british investment bank anymore? >> bill winters. >> bill winters might. >> i would not want that. >> that is a company in an identity crisis. >> you'd have to take a pay cut. >> exactly. >> among other things and are you not that popular in the u.k. if you are running a bank. >> no. >> should we talk about other stocks this morning, what do you think? >> he wants to talk about my popularity. >>> a few stocks on the move morgan stanley posting better tan expected earnings and revenues. sales have risen sharply on the news, they have done something no other bank reported so

their goal is to become part of the world stockmarket indices and this is getting in their way at theoment. guest: i think the real problem is not so much it is going to affect the economy directly, although it will have a ripple effect but that it shows the dissidents in terms of the party and government possibility to manage it which they pretend to do in a rather perfect manner. here is an example of something which should not be managed, cannot be managed, and yet they have tried to manage it and by failing, which becomes increasingly clear they have failed. it makes them look less able, less omnipotent, and less in control. charlie: do i hear all of you saying this is not about china's economic growth or lack of growth or down growth, it is a market mechanism of too many people trying to get into the market and all of a sudden prices went skyhigh and when they dropped, they lost it? guest: it's not about china's economic growth, but that is the bigger problem that faces china right now, which is the state of their economy. the two are not completely connected. what is going on in

it's 2015 so they don't use stockmarket ticket tape anywhere. instead it's shredded plain paper. thousands will be expected to turn out so naturally security is a concern. city officials say they will be ready and the stretch from battery park to city hall is a nest of security cameras. the most in the city. part of that post-9/11 initiative. >>> the cost for a parade of this size is about $2 million. a quarter is picked up by sponsors, but the city is on the hook for the rest. >> thank you very much for that. >>> before they hit the parade route team usa's carli lloyd and becky sauerbrunn will be here with us in studio 57. that's ahead on "cbs this morning." >>> ahead, how congress is tackling the growing uproar following the murder >> announcer: this national weather report sponsored by purina. your pet, our passion. >>> two former presidents look forward to the rest of the 2016 campaign. >> i know jeb, and i'm confident secretary hillary will you know elevate the discourse. i can't attest to their surrogates. i can attest to this surrogate. i'm not going to be a surrogate, but

the uptick vastly excited other smartphone sales in china tees stockmarket goes down and their economynes are declining as well? >> it death penalties on the maker. the total number of android phones is massively increasing as many more people in world get phones, right? lots and lots of people come in online. apple has the low end. apple has the high end. if you look at the average price of an iphone it's huge which is how they can sell 50 million phones. >> we don't need to worry about apple yet. >> app ll be oklahoma. tim cook won't lose his retirement. >>> right now some travelers in jamb are prepareing for bed in a first hotel staffed by robots. the machines can check you in carry your luggage. they can even offer travel suggestions. seth doane got a sneak peek. he's in tokyo where robots are becoming the norm. good morning. >> reporter: good morning. meet pepper. for about $1,600 it won't do your chores but read your emotions but sort of communicate communicate. a sort of robot companion. we receive a lot of robot companions and were the first guests of a truly futuristic hotel n

brendan: the question we have been looking at all morning is the stockmarket a casino or an indicatorconomy. iron ore is the real economy. the other risk we have been looking at is the risk of a euro exit for greece. eric chester just got back from greece and this morning you will turn your eyes to -- guest: he is the economic commissioner and he reports that jean-claude juncker who has one of three important seats at the table. there is the imf and the ecb. he has been relentlessly optimistic about the prospect for a deal. i want to see if it is yet time now with this sunday deadline for the optimism to turn to realism. brendan: the optimism in brussels has been the biggest cheerleader for greece. we just heard alexis tsipras say if i only had to negotiate with the eu we would have done this deal months ago. guest: i'm not so sure about that. one thing that he can tell us is how much daylight there is between the french and the germans. >> if he only had to negotiate with the eu and not the left wing of his own party, that may be true. tom: i will go back to a guy named olli rehn. en

i would call this a major stockmarket catastrophe we were told. we've never seen anything like this. we met jong a retired electrician, at this trading hall which resembles a dingy gambling parlor. here smalltime investors buy and sell stocks. more than 80% of the 90 million-plus chinese in the market are average citizens. many are covering their faces with newspaper and shawls. they don't want to talk. the reasons are clear. they've lost so much money. off camera some have lost 30% to 70% of their savings. one man told us his heart was broken. many were urged by the government to get into the market. >> just win one month the situation came to this. those are real money, real fortunes being lost in there. >> ping told us he believes the government tried to do all it could to stem losses but added it remained to be seen if it worked. that's a view shared by many economists. >>> passengers on a southwest flight arrived in boston overnight after a scary start to their journey. the plane aboarded its takeoff at midway's airport after an apparent engi

. >> as you see pressure building inside china as they deal with economic fallout, stockmarket manipulatione overhang in the real estate market bad demographics, too many men, too few women to deal with internal pressure, they are going to press hourly into the south china sea. stand by for more aggressive action from china. tom: you remember gorbachev and the underestimation, how much we got wrong. the strength of russia. do we get wrong the strength of the chinese navy and their projection into the pacific? >> we have excellent intelligence. i would characterize them as very strong in the south china sea. they are a regional naval power. they are not yet a global naval power. but they clearly have the potential to be one. tom: james stravetis with us. we will speak of the issue of the moment. also, a special topic with admiral stavedis. the president making a case for a deal with iran. what is it safe for our allies? a complex question -- what does it say for our allies? futures up five. down futures up 25. this beautiful friday in new york. ♪ ♪ ♪ ♪ get excited for the 1989 world tour wit

i think the tie between the politics and the stockmarkets at these points raises some concern, too. >o doubt about that that we are dealing in degrees which will get to a scale in an as advanced economy in many many decades, however from the point of view of the u.s. economy the u.s. economy is doing better here. we are shaking off the first part of the euro's weakness. i think the economy outside of degrees was doing better. probably will have negative feedpack from what's going to happen in the next few weeks. i think the global combli is not in bad shape here. however, what we don't know what's going to happen in gross here. i think that the risk that we could see a disruptive process that pushes greece out of the monetary union has gotten fairly significant at this point. >> you are lucky of the americas. >> we basically run calls all day yesterday, talked about this. the one thing i would be careful about, this isn't likely to have a big impact on the u.s. one thing we learned over the course of the last seven years or so if it happens anywhere, it matters everywhere. i think wha

yesterday could have been read in late fall 2008 early winter 2009, here in the united states about our stockmarketer to half a century ago or longer. this is basically a fairly unregulated market. what you are seeing is, we had our own problems with regulation, i take your point, pike. but this is a much more immature i'm trying to think of the right word to use market without the regulatory machinery. now you see the government panicking. they are shutting down trading in stocks. they are talking all sorts of corrections, if you will are anti-market. they haven't fixed tear way out of this. >> the fundamentals of the economy is not strong in china. >> they are not. chinese growth is much much lower than the official numbers suggest. way below that. this will only exacerbate. >> thomas sanderson, before you go, i want your thoughts on the iran deem. does it create an element of stability or more turmoil? >> well, it's creating both and i think you are going to have at least the initial benefit of other states believing they don't need to move to acquisition of nuclear weapons, themselves, perhaps