china. 75% of the people investing in china or chinese citizens. and then there's the other story about china, the growth story which we find to be one to celebrating. we are very cautious about growth scenarios. 7% expectation everyone has for growth in china who believe the land around 6% in the coming years will start to slow down and to celebrate. they'll have a major impact in general and feedback into earnings. maria: you don't necessarily want to be asked as to the stock market in china. >> you want to be underexposed at this point. the deceleration in china is going to losses spread to other emerging nations. we are not talking this is a contagion. we just want to factor this into our global growth scenario over the course of the next 18. >> second-quarter earnings kicked off last night without color expecting a negative performance. >> chinese gdp is roughly 10% of the globe. you have to consider this when looking at the side of the world. >> and then there is the europe great story. next is the upcoming sunday decision on the eurozone cre

i think china is bad. i think china is slowing. in the end, i did a piece on the whole top of my show on "mad money" is that china is being fingered for everything qualcomm caterpillar, auto. gm numbers were surprisingly better but that didn't include the crash and everybody is worried about china and the crash. i am pulling back. with when everybody worries about something -- >> it's a bad situation. >> i understand. it is not a consumer-led economy. we have always wondered whether the impact of some of these individual investigators losing a lot of money would be felt. they are talking psychologically, it will have more of an impact. the overriding impact of a slowdown in the chinese economy in general, which is what 70% export led, that is still a real possibility, is it not? >> have we looked at the brand? has that been climbing? did anybody look that caterpillar is at an amazing low. it is not like we just woke up. tim cook the ceo of apple said there could be speed bumps. i don't think china is good. the actual growth is no b

. >> greece and china. thanks. >>> now china has named its candidate to serve as first presidents of its new development bank beijing nominated former vice finance minister ching lee chin. he played a key role in the establishment and served as former vice president of the asian development bank. a chinese foreign ministry spokesperson told chen the right choice. >> translator: chen has abundant experience in leadership and management and the government international institutions and private sector. >> the aaib is expected to be established by the end of this year with 57 founding member countries. the vote to select as president will take place at the first meeting after the bank's establishment. chen is favored to get the job since china has effective veto power with 25% of the voting rights on the bang's board. >> leaders of five countries in southeast asia's mekong river area were there to talk about aid, trade and some tricky political issues. nhk world has more. >> abbi greeted the leaders. they meet

china and the hong kong markets are underway. kuala lumpur to starting off this week. >> a bit of a quite start this week. it is a little bit better compared to a while back. this one is what you want to watch for from the chinese market. .nd it is up 1% it is a bit of a mixed act there. -- bag there. stocks on there way up. japan is shut for marine day. when i see marine day, when i talking about -- were talking finding nemo. ok. down.are on their way it is more toward six dollars. gold is down. 1,132. this one is a big market story for the day. here is the two-year chart. that is really pulling down the aussie mining stocks. >> we begin with china. favorite of local investors. swings, they to be back on firmer foundations. >> that is certainly something to watch as the market gets underway. property prices are posting a rebound. that is positive news for the market. it underscores the effort to do -- the fact that prices are rising should generate confidence and translate that into stocks as well. the latest numbers show 33 out

sanganctioning index -- heng index and china mobile and china telecom adding to the gains. developing story here is china -- a firm that is umbrellato act as an of wireless. that is what is happening with the hang seng composite. hmm, topsy-turvy and now down 0.3%. .inancials are up banks are seeing a lot of weakness. banks are flat. what else are we watching? casinos. gains in the the stock market but a lot a are saying despite the rally, it is temporary and look at the underlying fundamentals. how bad their earnings can against. a note yesterday that basically revised their forecast for july gaming. that is what is happening in that space. over to japan, the four report of how much to digest earnings -- and just earnings but -- adjust earnings because of impropriety, to put it diplomatically. shipping stocks up substantially. it is all for a 12th session. shipping rates and to highest level this year. downgrading 3000 is what they are saying. a lot of pressure on raw materials and metal producers in japan. the commodities space, the latest here on oil. not oil prices, gol

for the u.s. -- well, in spite of china's massive size, about 9% of our experts go to china, so that is about 1% of gdp, and that is somewhat of a headwind of growth in the u.s., but i do not think it is a game changer. for the u.s., not the end of the world. alix: we have seen that tumble as we felt oil prices ball. what was your reaction to that? michael: we see expectations in the market move with oil, so these are probably code mined.ined -- co-deter we think it is part of what we see and commodity prices, more general. joe: it is not just china where we are seeing this weakness. we are seeing a selloff. the prices tumbling in turkey and russia, and is this about china, or is this something deeper going on? michael: some of it is commodity prices, but there is the hikes inon of the rate places like turkey, like you mentioned, and that, i think, is another factor we have to can sitter here. joe: how does the dollar strength particularly me this? michael: this will put pressure on mandates, which may force those countries to hike rates to defend their currencies at a time when, you

how is apple tv momentum going in china asked apple keeping the momentum going in china? >> the stock issues -- in the chinese market, there is concern that will bleed into the middle class buyer. analysts we talked with think that the previous quarter was pretty strong in china. continuing signs there has been greater interest. people that had bought cheaper phones in the past are being encouraged to buy these larger-screen iphones. emily: there has been a huge selloff in china. any indication about how that has impacted apple? >> you know, no. the reports coming back about the small percentage of the total population in china that is actually involved in the stock market suggest there is not going to be a broad impact unless it impacts the mood. if you are talking about people were feeling the hurt from the stock market decline, that seems to be a smaller chunk of the population. it's only if it alters the fundamental mood of the company, and i don't think we are seeing signs of that. it is kind of opaque in china. it's hard to figure out what's happening. emily: frank,

look at china. the market for china is 6.1 trillion dollars. 3.9 trillion dollars has been wiped from the chinese stock market in the last three weeks. 3.9 trillion is bigger than the u.k.'s stock market. it is worth 3.6 trillion. it is bigger than the french stock market, 1.9 trillion. bigger than german stock market which is worth 1.8 trillion. it is astonishing. how is the market valued right now, manus? the median price to earnings ratio in china has dropped to 53 from 108. the height of the rally. evaluations, though, are still more than twice as high as those on the s&p 500. i want to show you the hang seng index. this is the intraday chart. it rose by 3.7% today. earlier it rose by 5% the biggest rise since december 2011. you'll remember the market slumped by 6% yesterday the biggest drop since 2008. interesting call from fund managers l.t.g. group and capital investors. they say the steepest drop since 2011 is a buying opportunity for hong kong shares as authorities stand ready with steps to

market specific in china. the economy is not the market and the market is not the economy. in america we're used to the market being a discounting of the future. in china this last been very, very retail speculation driven. to a certain extent it was encouraged by the government. this run up in the market was encouraged by the government because it gave them a very nice way of hoping that indebted corporates were going to be able to use a higher market to be able to raise funds, pay down debt, repair balance sheets. in terms of the crash on the economy again we need to put it into context. if you look at household wealth in china 75% of that household wealth is in property. if you look at the last 25%, only 10% of that remaining 25% so only 2.5% of total assets are are invested in the h seng directly. broad based impact i think consumption as a whole is going to continue to grow, the economy is growing at 7%, don't forget that. yes expectations are being revised down but this is not a doomsday economy for the

is human trafficking allowed in china? is it legal in china for the people to be bullied? this is what i want to ask." >> in the wake of the scandal, local officials have tried to intimidate families to stay quiet. in an interview in hunan, zhou yinghe's mother said officials only want to cover up what happened. >> "every time i went to the department and asked for my granddaughter, they said they didn't know where she was. journalists came to my house to investigate this matter. after the journalists left, (officials) threatened us that if the journalists exposed them and affected their interests, they would take revenge on us and we would be in great trouble." residents of longhui county say they have suffered for years at the hands of corrupt family planning officials. told of the arrival of journalists, more than a dozen parents and grandparents crowd into a small hostel. one after another, they share stories of forced abortions, sterilizations and beatings. in december 2008, yuan qingfeng was eight months pregnant with her third child, when officials hustled her off t

call the south china sea. where, in full view, reefs, atolls, and islets are being leveled to be incorporated into chinese territory, more than 1000 kilometers from china's mainland. it's all about natural resources, fishing areas and geostrategies. and that's making the philippine army at its outposts uneasy. admiral alexander lopez of the philippine army insisits that what's happening in subi is the same that's happening to the other areas. they're trying to build these things not for legal reasons but for military purposes and that's very alarming. where once there was nothing -- entire ports, buildings the size of stadiums, and airstrips in the service of airspace sovereignty are all being built. it's a modern land grab, under the motto, "don't ask, take." the philippines would like the un's permanent court on arbitration to settle the dispute with china. and the us, a close ally of the philippines, says it's considering boosting its military presence in the region. beijing has shown the cold shoulder to u

not hong kong china. we have a preference. >> you do not feel good about the fundamental enconomy. >> there are a couple of things going on in december. if you do not do it by december, you have an issue. that might -- >> you are more positive about it. >> yes. it is a small portfolio. it is a sector that we like and that has come down tremendously. on the margins, we think the fundamentals might change. we like that. >> one of the asian market. they are being reconsidered for next year. >> they will have to sit down and say what will be the consequence -- say "what will be the consequence?" they cannot do it either way. >> we are going to leave it there. we ran out of time. greece, china, big stories. the chinese stocks rise. take a look at the markets this week. stay with us. angie: the situation will be on the mind of investors later today. we have more on what we are watching for you this week. >> the week will have investors focused on a global situation in greece and china and a parade of earnings.

china being one, iran being another. if they get a deal together looks like obama administration is desperately seeking a deal with iran. iran could put another half a million barrel of oil on to oil market -- >> supply me if the price goes down. >> in oil and other things that have major indicators in oil, inventory is the key. demand can fluctuate but what matters in oil is inventory. saudi and old peck have said we're not going to play that game of pulling oil back so that inventory goes down and prices go up. they're not doing it right now. but letting oil market be a truely demand, supply market, and for that reason -- i think oil can go a lot lower. >> it could and they can't help themselves we saw the rib count go up last week so they're continuing to keep these rigs pumping out oil. let me swimp over to two other commodities if we look at the crb index of 19 different commodity gold is down by 1 point by more than 20. we have copper at the mouth. >> copper -- yeah. this 19 different commodities all squished in. >

. >>> china's land reclamation work in the south china sea has sparked concern from neighbors and from the united states. the leaders of the u.s. and vietnam say no country should act unilaterally to settle disputes in the region. u.s. president barack obama met with n guy phu trong. he is the first vietnamese leader to visit the u.s. >> we discussed the importance of resolving maritime disputes in the south china sea and throughout the asia pacific in accordance with international law. >> the leaders shared concerns about recent activities in the region. u.s. officials have called on china to halt construction work on reefs in the spratly islands. this year marks the 40th anniversary of the end of the vietnam war. and 20 years since normalization of diplomatic ties between washington and hanoi. trong said vietnam and the u.s. were once enemies but have become partners. he's convinced relations will continue to grow. >>> judges at an international court are deciding whether to get involved in one of the south china sea disputes. they're hearing a case about whether china has the right

china is known all over the world for its counterfeit gsds. every year more than ten million tourists buy products from the department store, and souvenirs. counterfeit items and false labelling in china is, of course, against the law. most phony goods may look good on the outside, but they are usually flawed. foods are often unsafe for consumption. electrical items have false features or structural faults. imitations of almost every imaginable product can now be found in china. [ speaking foreign language ] >> china's reputation for counterfeit products continues to grow, but some people are fighting for consumer rights and calling for change. inexpensive chinese products are popular worldwide. while there is no way to find out what percentage of goods are fake or how many factories are making them, the government released some relevant statistics in january 2015. in an online market worth around $450 billion, research revealed that more than 40% of goods are fake. when it came to major chinese online vendors, they found out that more than 60

of china market research. you have such a good gauge from within china on what the intentions of big investments like this are. what does it mean for vc's here in the united states? >> it's great to be here. i think the first thing, chinese entrepreneurs and investors are quite bullish, so it is the $5 billion, and getting a lot of technology to either bring it back to china or be able to create an opening for chinese companies to move into the market for little bit more. so i just wanted to pop in. one of the other guest said that uber is doing well in china. i actually disagree. there are only doing well because they are spending more money on paying off the drivers and commissions than what the actual cost of the ride is. uber is going to face some difficulties, but overall, i agree, the tech scene is good in china and it will continue going forward with these week $5 billion funds. emily: interesting. you are seeing companies like uber, and with this gsr capital, we are also seeing companies like baidu and

in china. doug olberhelman couldn't say. >> i think they're close tore the bottom it's hard to say, the news is mixed, the chinese leadership is really trying to reform that economy which needs to be done. they manage it pretty well in the past will they do so in the future? has yet to be seen i think whatever it is is probably closer to the end and the beginning. it's yet to be seen and the forecast will bear out whatever it is. >> the company pledged to buy back 1 $1/2 billion in stock. >>> dow chemical also warned of softness in china, the company's ceo says china has been and will continue to be a weak spot. dow chemical may not be able to maintain its growth rate in that key market. the company reported lower sales which were hurt by a strong dollar as well and weak oil prices. shares dropped more than 4%. >>> while china is taking a toll on some big companies, this earnings season it's not the only culprit, another part of the world is causing demand to slow and that is latin america, bob

hit by china concerns since china is such a big consumer of commodities. we are seeing alcoa down 4%. sign asssarily a good analysts anticipate flat revenue for the company. this is a chart from bloomberg intelligence, looking at the price of aluminum. --s the midwest premium here that tends to be used for contract pricing. you can see the decline we've seen -- it's about a 13% decline quarter over quarter. not only do you have the declining aluminum prices, you have the premium going down. not great news for alcoa. air: people have been on and with piggybacking on what you've said because you pointed out nyse small percentage of the overall trading volume. that's why the outage -- you did not see a lot of panic because there's a lot of redundancy. saying weders were are trading as usual today. where you can see the structural move would be the close of trading. they are determined to get things up and running by the close of trading because that will be the most important moment for them. the last half hour or so when the new york stock exchange -- you se

i love china. people say you don't like china. i love them, but their leaders are much smarter than ours. and we can't sustain ourselves with that. there's too much. it's like -- it's like -- take the new england patriots and tom brady and have them players' association your high school football team. that is the difference between china's leaders and our leaders. they are ripping us. we are rebuilding many countries. you go to china now -- roads bridges, you never saw anything like it. they have bridges that make the george washington bridge look like small potatoes and they are all over the place. we have all the cards, but we don't know how to use them. we don't even know we have the cards because our leaders don't understand the game. we could turn off that spigot by charging them tax until they behave properly. now, they are going militarily. they are building a military island in the middle of the south china sea. a military island! our country could never do that because we would have to get environmental clearance and the

china is not included. one they do agree on the language, it gets taken back in its entirety to each of the countries for approval. back here in asia, we are -- we are still very near a 15 year high. the bank released second-quarter results this morning. up 16%. a little bit higher than estimates. million,e is at $860 roughly ¥1.1 billion. its fee-based businesses -- just a break that down, you're looking at that interest margins improving to 1.75%. that is the spread. 12% improvement in the actual income. when you take a look at fees, that business was at 16%, under $600 million since the first big three banks reported. galaxy entertainment is taking a step to diversify its business. it has set its sights on europe, monte carlo. n sbm.uilt out a stake i it owns and operates several properties in monaco. than half are billion dollars. monaco owns 34% of the company, and in a separate says ition, the lvmh wants a 5% stake. have a look at as shares. .own 50% casino revenue fell to a four-year low in june, an

hard to keep track of what is happening in china. rishaad: as we just saw, a perfect example of what is going on. talking, werted were positive but now negative for the shanghai composite. roller coaster. companies the listed suspended from trading career let's go to shanghai, joined by stephen engle. let's start with you. it and has it had any impact? stephen: keep in mind, going between positive and negative territory. a lot of the measures really affect blue chips. big state owned companies. it is the blue chips that movie market more quickly. a lot of these, 50% of the companies halted our small companies dragging me index down. now what is trading? it is the blue chips that are getting stimulus measures. the latest coming from the csr , major shareholders, on board executives major companies have been banned from selling stock for at least six months. investors with stakes of 5% must maintain their positions. this is by order of the regulator. the latest measures are intended to guard the capital market stability in what it call

stocks in china rallied overnight, sending the china composite high. a flurry of government measures to stem a route that white as much as $3.9 trillion. around 49% of the shares remain suspended from trading. financial markets have been closed in taiwan as the typhoon approaches the island. the taiwan stock exchange said that stocks and bonds will not trade in taipei. the government has issued its highest level of alert. greece has made an 11th hour bid to stay in the euro with a proposal that meets most of the demands in exchange for a 53.5 billion euro bailout. the plan submitted last night on the smeared a minute by creditors if were nine ago, and it takes into account pension and taxes. alexis tsipras says the debt is we made more manageable. the package faces a hurdle in athens today, ahead of meetings in brussels. let's stay with the great thing, get up the gap athens. guy: there are significant tax changes as result of the proposal put forward by the alexis tsipras administration. a stop about what they mean, companies operating here. she deals

china. yes, china. it all keeps coming back to china. that's what kept going through my head today as the dow tumbled 68 points and the s&p declined 22.4% and the nasdaq fell -- fell -- .70%. when it comes to everything from aerospace and elevators consumer packaged goods, coal oil and now computers and cell phones if it's getting sold in china it's getting obliterated! i think china became the marginal buyer of everything the place where all hopes and dreams have come from in that thesis true or false is now fall apart because of that chinese stock market crash earlier this month. that was the sign that growth has peaked in china. money managers now think that it's all down from here. >> no, no! >> china, mighty china is now regarded as a paper tiger. let's take apple, the subject of endless, after reporting one of the greatest quarters i have ever seen in all my life. china has become a larger and larger part of apple's growth and the ceo makes no bones about how it will ultimately become the biggest market and totally private conferen

china is selling off their cotton reserves. they said the government will sell tomorrow, one million tons over time cotton was down again today. the government is charging more. -- one million tons over time. cotton was down again today. the government is charging more. the government is struggling. india might not plant as much cotton because of china. joe: is this like our strategic oil reserves? alix: i don't know. joe: that would be cool. janet yellen is speaking tomorrow about the economy, china, greece, when the fed will high grace. everybody will be watching the janet yellen speech tomorrow. a great economist had a line, the u.s. economy is an island of mediocre tranquility. that is so beautiful. we will see if that is how janet yellen sees it too. alix: a bloomberg reporter saw a transaction on his these a card carried out in greek currency. biggest slip. drachma eq. good to have you back. joe: i'm exhausted. alix: thank you for watching "what'd you miss?". joe: >> from our studios in new york city, this is "charlie ros

china is suspected this hack. the country denies it thus far. >>> top headline from the "wall street journal," maria, ford to move current small car production outside of the u.s. the michigan factory that assembles the ford focus and c-max wagon ending production in 2018. ford's michigan assembly plant employs 4400 workers. they're seeking vehicle alternatives. what does this mean for uaw? they negotiated contracts with the union to get jobs back into the u.s. now we're seeing them moving jobs outside of the u.s., obviously this will mean job cuts? >> absolutely trouble for the union power with ford. maria: we do not know where the new production will be of new cars? they haven't said where they're moving it, correct? >> not yet. >> there is talk of mexico. >> which would make sense. >> i think it's a sad state after affairs. you let the unions take over and bring in these ridiculous rates because we, the charges they're making. we have to have fair and equal balance in labor costs. too wide of diversity going fo

we've seen a second half of the week rally in china. have the authorities solved the problems they're facing? >> no but this was always fairly inevitable. china is going through an enormous seismic reform process it was never going to be easy. if we went back to the 19th century we'd probably find a lot of the problems they're facing are the ones we faced back then therest but there's too much in the history books for a lot of people. the important thing is one, people should never forget china is still a top down command and control economy so the measures they take may not appeal to us because we believe in free markets but it's certainly necessary. secondly i don't think a lot of people have paid nearly enough attention to what they're trying to do in terms of solving some of the local government debt problems. that's resulted in a lot of issuance of municipal debt. it's done largely by private placements but the pace is running somewhere -- some weeks it's up as much as 150 billion on a weekly basis. that money has to come from some

cars and suvs. >>> strong sales in china made volkswagon the strongest ever. it now accounts for a third of vw's total sales. >> chinas market closed lower today, but not as shashlly today, the composite fell 1.7%. one respected wall street watcher who called the bottom of the shanghai composite in 2013 says the move in china mirrors the u.s. crash in 1929 and he expects the index to decline even further. >> although chinese based stocks are not widely owned, there are a lot, 144 to be precise. and it has hit these stocks hard e rating some $140 billion worth of paper wealth. here are the companies that lost the most market value. more than 7.5 billion down jd.com 4.5 million lower. vip shop. >>> so as the economy slows, chinese consumers are spending a lot less. as court any reagan reports, many luxury retailers around the globe are growing concerned and perhaps with good reason. >> chinese consumers are responsible for nearly a third of all luxury sales around the world. their market is slowing and it is causing shock. plus chinese consumers are starting to

they want to become bigger and better in china. they are continuing to invest in china. also, europe is another area that is caught plenty of volatility. greece, he feels greece is not going away. we've got to ask ourselves deeply should we be helping greece out more? he feels greece that cut is something we should be looking at. jonathan: that is the consensus view. caroline hyde, thank you very much. unilever shirt -- unilever shrugging off concerns. goldman sachs turning more bearish on processing chinese demands plummeting. oil has been edging lower for the past 12 months. ryan chilcote is here to break it all down for us. ryan: i will give you reason to reach for comfort food. this is the gold price. this is september 2011. gold touched $1900 an ounce. we are beneath $1100 an ounce now. one, they got a record number of short against gold right now. they think the price of gold is going to fall. more hedge funds than ever before are betting against gold. those are two issues to really consider when you look at the price of gold. it is a big issue across the commodity

that's china. if you'd bought china, you'd have done okay. the ishares fxi is up about 28% in three years. not bad. but, if you bought the boring slow to no growth tortoise country known as gentlemanjapan, you'd have done even better. ewj is up 43% in the same three-year period. the nikkei 225 is soaring. the investing lesson perhaps here is this -- growth doesn't always equal gains, in part because that slow to no growth has pushed japan to engage in record stimulus helping to push down their currency the yen, and push up asset prices. the tortoise defeats the hare once again. >>> hayes miller -- it's been surprising -- i was bullish on japan a couple years ago. three years ago i said japan would be the best performing market in the world. inguess a blind squirrel can find a nut every once in a while but what's been the bull case around japan? >> that was a great way to introducing the idea of japan. first of all, when abe was elected and we looked at his platform and we looked at the political stars and the governmental machinery and saw wh

china power corp. is a state-owned venture that was formed to own the wireless infrastructure of these three. we understand that venture china tower, rates at about 10 billion u.s. dollars. ahead of what would shape up to be a massive ipo in 2017. obviously, these are rivals. last year, they already announced that they would be injecting some cash into that venture. the timetable right now, before the end of august, we could be looking at an injection, asset injection of a combined 300 billion -- close to 50 in u.s. dollars. it is a very interesting move. it puts it under one big umbrella and would reduce duplication when it comes to capex. it also shows you that they're consolidating a lot of these assets under state supervision. no advisers have been hired just yet. it is a very interesting business model. back to you. rishaad: china is tightening its grip on online lenders. the pboc introduced a number of new rules on sunday that it says are aimed at promoting healthy industry growth. tim is now her

by the economy that is china. some of the stocks if things do get progressively worse or conversely get better. >> okay, dom, thanks. you look at these stocks and you see the percentage of the sales to asia, sarat, you're not going to buy one of these stocks because they have a large exposure? you're not going to buy qualcomm because it has 84% of sales? micron 55%? >> it's too late to say i don't want to do it because you've gotten the slowdown already. these are companies in spaces still growing. apple said their largest growth was in china. you get a qualcomm, companies that are growing. consumer discretion, young brands, is growing in china. what you don't want -- you want to avoid -- we talked about this before is commodities. that's an area because what china is not doing is spending on infrastructure. they've spent a lot on infrastructure. now it's a consumer driven economy. so what's really going to get hurt? get oil, copper, all the commodities. >> copper is lowest today in six months. >> and then the gro

in the south china sea. it says incidents where countries unilaterally assert their interests or attempt to alter the status quo by coercive measures are occurring more often. >> translator: we explained our analysis and evaluations about the recent activities by the chinese military expanding and intensifying their actions in the sea and air around japan. we want to convey the present situation accurately because it's a matter of concern. >> the report also refers to national security legislation that's now being discussed in the diet. it says that ensuring safety of sea lanes is a vital issue to japan's survival. public opinion polls show not many people in the country understand or support the bills. observers say the government is expected to repeat the explanation that the bills are designed to boost defense deterrence as the security environment around the country gets more severe. reporting for nhk world. >>> the commander of the u.s. navy's pacific fleet says he's also concerned about the work china

next, from the land of the rising sun to the rise of china and tensions in the south china sea. china it tough words for united states this week over its actions in that sea, saying those actions are likely to cause incidents, quote, unquote. what did the united states do? find out when we come back. its active naturals® oat formula... ...goes on feather light. absorbs in seconds... ...keeps skin healthy looking... ...and soft. aveeno®. naturally beautiful results. vo: today's the day. more and more people with type 2 diabetes are learning about long-acting levemir®. as my diabetes changed it got harder to control my blood sugar. today, i'm asking about levemir®. vo: levemir® is an injectable insulin that can give you blood sugar control for up to 24 hours. and levemir® helps lower your a1c. levemir® lasts 42 days without refrigeration. that's 50% longer than lantus® which lasts 28 days. levemir® comes in flextouch® the latest in insulin pen technology from novo nordisk. levemir® is a long-acting insulin used to control high blood sugar in adults and children with dia

concerns about china overriding everything. julie: fit straight day of declines for the major averages. we have not seen along the miss a lot since january. the situation in china weighing on stocks here in the u.s. as well. take a look at the various sectors. you do not see much green here. utilities and telecoms and that is pretty much it. health care a big weight here. technology feeling the pinch. it is interesting because the health care selloff is occurring even as we have the big deal, the $40.5 billion deal in the drug industry that is sending both of those stocks higher. mylan is being left out in the cold. it is down by 13%. we are seeing health care lower despite these two stocks doing very well. elsewhere among different asset classes, take a look at the u.s. dollar today. the dx why down about three quarters of 1%. also want to mention what is going on with oil and gold. we have a little to have a rebound in gold prices today, even as oil continues its selloff. olivia: thank you so much. copper dropping to its lowe

keep in mind that china's gdp is roughly 15% of global gdp. so therefore, we do have to keep a careful consideration to global as well as economic friends within the chinese economy. >> how worried are you about what's happening with the chinese stock market ask the chinese economy, especially in light of the fact the central bank seems to be throwing in everything but kitchen sink. >>> the chinese economy is decelerating. several years ago it was growing about 10%. our expectations are for about a 6% growth in 2015. and then, of course, a shift lower in growth to 4% over the course of the next three years. now that said, that is something that will affect the u.s. financial markets. when we look at the equity markets within china, the equity markets, we're not very concerned about. the markets there are up 15% year to date, still with this massive sell-off on a 12-month basis. over 50%. and the majority of the investors in the chinese market are chinese citizens and they're the retail investor. it is very difficult for portfolio investors to

china is focused on debt. and that relates china to the conversation we had earlier on europe. i think that we live in a world where central bankers are the only ones intervening any where. the they have been very active in the past couple of months and everybody thinks it's so-- i think they're just trying to figure out how to get funding for corporates and local governments without bailing them out. and you know, worst case scenario for china is they have cascading defaults and the state has to step in and bail them out. it's not the end of the world but we know the u.s. how painful that can be. i think that is what china's immediate term focus is. >> let me ask you this: looking at the greek debt crisis, whose reputation was enhanced and whose reputation suffered. lets's talk about la guard a lexzist tsipras let's talk about angela merkel. >> and maybe others you want to add to it. whose reputation among all those was enhanced. >> i would start with angela merkel here. i think she has been viewed as a very

iran, china, greece, where does china fit in the story? jason: china is the most important factor. i think that because we are in an oversupplied market, but rapid demand growth has been a bullish signal. china is a huge factor. china has been showing strong growth in gasoline demand, a very consumer driven product. if we see a rollover in the chinese economy and stock market, that could be at risk. manus: let's leave it there. there is a lot at play in the oil market. jason gammel and oil analyst at jefferies. we want to bring our viewers, a few comments coming from the vice chancellor. this is in a weekly journal magazine. he only sees that reduction in regards to greece with reforms. it gives you a little more where the german view and thinking is. he says it would be naive to accept greece into the euro. it was naive to receive greece into the euro. that is in retrospect. he said that they can be gained by wiping out the debt. a strong voice from the vice chancellor in germany as we wait to hear what the basis of renegotiations, starting between the creditors and the greeks, we

check these china markets, he did talk about this during a conference talking about the china stock route may have larger implications than the u.s. subprime mortgage crisis. enough to collapse the global financial market. some of those concerns of that echoed. one in frightening shanghai. afterend with the dollar, fed chair janet yellen spoke to congress and said that we are e interesto raise th rates by the end of this year. fund futures rising as well. we see a little bit of an increase their as well. upper top stories, greek lawmakers oh approved the third of bailout. david was watching the event in athens and looking at the implications. david: should we be worried about divisions within the party? the vote was the immediate event risk it was a very small chance that it wasn't going to go through. right or wrong, this is where we are at the moment. the ecb can come up with the money they greece needs. okay, let's take a look at voting. it's that things turned out, four hours of debate. majority.a simple it is worth noting that you look at the 64 lawmakers, that is in green. more than

china is slowing on that. here is inventories, that is declining. the part that he is interested in is this right line here, the baltic freight index which measures how much it costs to move commodities. it is a function of demand and supply, and it is starting to take out. he thinks that perhaps that is a sign that maybe the bottom is in with china, and this huge liquidation is coming to an end. alix: in that time, microsoft earnings just came out. julie hyman monitoring those. julie: microsoft earnings rising year-over-year on a share level. 62, the estimate was for $.68. that is a pretty substantial drop of 5% over here, but it is slightly better than analysts had anticipated. cloudill highlight the revenue, everybody has been highlighting the cloud revenue. the company started. we will get more details on exactly the different breakdown of businesses. the u.s. dollar strengthening have significant impact, no surprise there. love has been a very common -- amonglong companies with international exposure. a result of the nokia related cuts, we alre

-china relationship, the u.s. office of personnel management revealed details of one of the worst hacking scandals in u.s. history, with beijing allegedly stealing information on 21.5 million people. the opm director katherine archuleta resigned today over the breach. joining me is kevin rudd president of the asia policy institute and former prime minister of australia. welcome kevin. kevin rudd: good to be on the program. ian: xi jinping is doing his best and propping up the markets. we have got 30% down, and the last couple of days have been almost as dramatic going back up, but intervention, and how does that look for a government that is trying to actually open up the financial sector? kevin rudd: i think it is important to that back from it a little bit and put it in a little context. 30% down from june, if you bought these stocks last june, you'd probably be about 85% up so let's understand that this is a significant correction in the market. you have got chinese assets, which have been overpriced, even agai

is eight china story? >> there is a big story, anti-gift giving as well as softening on materialism is affecting it in addition to the macros. at kellen we are concerned about the handbag market in general. we think accessories could be a little weaker with the rise of leisure and wearables and no new "it" bag, that's an issue as well. >> with the retailers, they get a portion of sales in china, they rely on chinese tourist spending in asia and europe and the u.s. are they starting to see a weakness there? >> well the good news tiffany, you do capture a lot of chinese tourists in europe. also we have more chinese tourists domestically in the u.s., over that is offset by a weaker european tourism, so hopefully, you want to be exposed to global companies. we're recommending quality like a costco, a tj. >> people understand retail's weekness vis-a-vis china, what explains the tour of china? is it about shoes? is it something es? about price points? i think it comes back to brands. also thinking about a return

china trades up. exports rise for the first time in four months, just the recent economic louts have a silver -- suggesting the recent economic clouds have a over lightning. take it or leave it. toece is even 72 hours verity, rebuild trust, or keep its place in the euro. when no means yes. we asked voters about how they feel about the government's apparent u-turn on taxes and bending. that and much more ahead. on markets.nd i chinese data giving a reason to smile. we are doing the shanghai -- upition of by almost by almost 2%. the hong kong index has slipped into positive territory. weakness in of malaysia and thailand.

>> china plunges. state companies are told not to sell shares in stocks worth more than 2.5 trillion dollars are frozen as the shanghai composite sees its biggest slide since 2007. >> stock market support. china's security finance is set to seek $80 billion to help stem the route that is worth around 30% of the country's benchmark index since its peak. >> another greek deadline. european leaders give the nation until sunday to accept the rescue deal or face being forced out of the euro. angela merkel she's not especially optimistic. >> balancing the books. the u.k. chancellors at the detailed plans to cut 12 billion pounds off of welfare spending as he delivers the first fully conservative budget in nearly 20 years. caroline: i am caroline hyde. ryan: i am ryan chilcote. it is 1:00 p.m. in hong kong. caroline: china's benchmark index has seen its biggest intraday fall in years, plunging 1.8%. that's amid a continuing route, leaving only 43% of the entire stock market frozen. this is a day after hong ko

over to china now. after stocks saw the biggest one-day route, the chinese government has kept stakes in place. juliette? juliette: good afternoon, anna. good morning, rather. we've had another update from the government -- the chinese government is saying that they have conditions for healthy stock market development but after we have seen that big selloff yesterday and that 5% plunge, that these government controls one working. we have had a little bit of a comeback -- the second composite came down by 1.5%. there is positive movement in banks, giving support to the market, and we have seen shares listed in hong kong rebound from that selloff yesterday, down 1.3% at the moment. you can see a little bit of positive momentum. we are seeing quite the selloff we were seeing in the early session in china, but as we head into the afternoon session it is still holding onto weakness. a couple different calls coming through -- we have had hsbc saying that the route they are in is a buying opportunity. at the s

in china, of course let's not forget china which is exporting deflation to the rest of the yen. so it's a very challenging effect. >> i hear you. it's an extreme cherry picking exercise. luis costa. >>> i'm looking at interesting comments coming from the chinese finance minister he says not surprisingly the economy faces relatively large downward pressure and they will further regulate management of local government debt. there has been so much concern around the local government debt levels that will guide government debt into key fragment sectors. they will push forward with concerns on consumption tax and will improve the resources, tax system and will increase regulation of ways that local governments raise debt. those are the latest comments from the chinese finance minister. >>> still to come on the show poging your property portfolio. we surveyed the u.k. and irish housing sectors as price growth continues to build. we'll be back in 2. don't go away. need to hire fast? go to ziprecruiter.com and post your job to over one hundred of the web's leading job boards with a sing

is china negligible at the moment? upul: china has been blowing up in the last year. en from thebe approaches to us as far as china is concerned -- friendly approaches to us as far as china is concerned. a couple of projections in the oft city, and a couple things have been looked at later. hopeful that it will be smooth after the elections. rishaad: just very quickly, any big projects people should be interested in? one part of my question, and apart from china, what are other countries that are investing heavily in sri lanka? sector, theropean british, the german, they are very good to be involved with sri lanka. we'll to meet with them sometime next week. rishaad: from the sri lanka board of investment joining us from singapore. it is time now to take a look at what is making headlines around the world. of thenal on the downing flight over eastern ukraine. it was the only known vote to support the call. russian ambassadors of the one justice which may not be impartial. everyone on board was killed. senior officials from pacific countries have launched four days of

we go to china. caroline: benchmark share index deepened today after a flurry of measures to shore up the market failed to prevent a record drop. the shanghai composite hit its lowest levels since march the 20th. the $.2 trillion have been wiped from the value of chinese stocks. to buy $19.3 billion worth of shares. ryan: some more of what you need to know. german television organization is in talks with springer. the dow jones broke the story first. discussions are at an early stage and, after springer tried to do much the same almost a decade ago. that was blocked by german competition of authority's. axel springer is valued at just under 5 billion euros. caroline: let's have a look at some of the stories for you. samsung's struggle to lower customers from apple has just gotten harder. the maker of the galaxy smartphone has posted its seventh straight profit drop. let's go to a bond who has the story. can they turn this around. a slowing of sales. the ethics is not -- yvonne: that was supposed to b

arnold: there is a lot of work to be done in china. we have to have ports developed so the chinese guests have destinations to go to. but the reality is that it a good market already today. betty: yes. arnold: we have four ships there. three on our castle line, one on our princess line. both brands are profitable. the chinese government has declared through their five-year economic plan their intention to develop the cruise industry. so that means a lot of things will happen relatively quickly. we want to be there to help make it happen in a way that we think will help the chinese government establish the cruise industry they want, that will be sustainable for years to come. betty: so how often are you there now? arnold: i have been on the job a year and a half or so, and have already made five trips to china. so it's a very active market under development. it's going to take some time. we are very happy with what we have today. but we see it someday being as large as any cruise market in the world. betty: donald says carnival is focus