shanghai interesting enough, people probably know this but it is wurkt repeting the population of shanghai, the sate of shanghai population is all most the soim of the population of california so it a big city with a lot going on. i think the population of shanghai is 35 million, some think it is closer to 40 and the state is [inaudible] it is point well taken and try to be judicious about our time >> my last question to bring it home to theport and not for us directly but we have a lot of public private partnership and major investment project going forward, pare 70 and sea wall lot 337 and at some point these projects will require [inaudible] some of these may be look frg investment fund so maybe that is a opportunity down the road in addition to some of the maritime is facilitate if there is interest and in china generally there is intrest in real estate development as a way for them to also invest in the-i'll put a plug in from our side is coming from the china side to invest in the u.s. you never know the risk, but this is where since we are in a public private partnership there is be

. >>> shanghai, china. news hit from around the world that a group of young models staged a demonstration on the streets this spring. dressed in rags as homeless people, their signs protest the shanghai auto show's decision to ban models. it started when chinese president xi jinping expressed concerns that a culture of vaal vulgarity was tooking root in the country. industries began implementing self regulations with the shanghai auto show suddenly cancelling the use of models at booths. >> china held its first-ever auto show in the 1980s. it was a time when owning a private car was beyond most citizen's dreams. the exhibitors mostly targeted businesses looking for commercial vehicles. and also promoted car parts and new technologies. thanks to economic growth, auto shows are now completely different. these days, the chinese own more than 150 million cars, 15% of the world's total. modelling at the shows has become a dream for many young women. over the past several years, they have dressed mostly in reveal

you're from shanghai? >> yeah. i was born and raised in shanghai. >> at least in modern times, it's hard to imagine that any place has changed as profoundly and is changing as quickly as it is changing here. >> we really feel proud. we really feel proud. our qualities of life is improving really, really fast. >> in a poll, 85% of chinese who were asked the question, do you feel that your life will be better next year, 85% said yes. it will be better next year. that's an extraordinary -- >> number. >> -- number. i don't know a lot of other countries that would say that. >> yeah. >> that looks great. famous chicken. >> chicken. >> mm. so good. >> not bad. >> you know, i'm finding this food really, really delicious. you're saying it's just so-so? >> it's okay. so-so. >> wow. ♪ no matter where he's hosting. ♪ stella artois host beautifully verizon say neversettle. t-mobile agrees. never settle for verizon's overpriced gimmicks. try the un-carrier risk-free for 14 days you'll love it, or we'll pay for you to go back

yes, that is actually -- that marks the bottom of the shanghai market. the bounce took the chinese market back up to the 38.2 retracement level. where it peaked sunday night. guess what a 50% replacement. i mean, this is retracement. this is incredible. i mean, this is just a fibonacci fibonaccifibonacci nightmare. collins believes that the patterns can help go forward. we have a ceiling resistance at 4,066. that's 38.2% and a floor replacement of 3,383. from the peak from early in june. if either of the levels gets broke on the upside or the downside you should expect the shanghai composite to continue moving in the same direction for a few days. but if you want to get your head around what's happening in china, you need to see what's happening in the shanghai composite weekly chart. this puts things in perspective. the shanghai composite went from being basically range bound for ages. look at this thing. this is like nothing was happening. nothing. kind of a steady eddie rally in late 2014 to a crazy town style euphoric, parabolic, glow off in 2015. af

shanghai, it fell by the daily limit of 10% on the shanghai composite. mining down seven point -- 7.09% today. rishaad: our top story is chaos in china or it just following up from what she has been talking about. second or state to the chinese stock market in history. regulators trying to reassure that they can maintain calm. have a backfired? yes. they are trying, you could make that conclusion. but looking at how things are trading right now, juliet took you through some of these numbers. shanghai composite of 4.4%. you put those markets together and we're talking 2800 stocks. north of 2100 are down. 1600 are down more than 9%. futures are down 3.4%. get an update on the money market rate. as we move toward end of the month -- we're lower today at 1.36. still at the highs of early may. as we had to the end of this month you have a lot of these month-and requirements. let's bring it back to hong kong. 12.5%. --are at 28 percent now these numbers came out earlier mostly talking about monetary policy. -- china'st the csrc version of the sec had to say ye

a .5% on the shanghai dare. the worst one-day loss in 2007 in all of thousand seven and author markets in asia lower. over to europe you have some selling, pretty significant telling picking up steam 1.3% loss in france and germany. here in the united states you also see the selloff seeming to pick up about double the loss on the dow from where we started this hour. 56-point loss there. oil you have seen selling very down about a quarter -- 29 cents a barrel. again, maybe not worry about the global economy. goldstein is some love, people looking for safety. over to your currency commit to your opinion against the dollar now 110 and change. your 10 year treasury expect to see buying there. people nervous in addition to gold. right now let's go to sandra smith, "mornings with maria." we can't wait for the show. sandra: great watching it this morning. we will be seeing you in an hour. for the time being, good morning, everyone. it is monday. i am sandra smith and for maria bartiromo. with me for the harris fox busi

losses extended in shanghai. the shanghai composite closing down over 8% the worst day in eight years. stocks to watch with caroline hyde. caroline: some of the biggest movers. some the biggest followers and key among them is merlin entertainment. i could give you plenty about roller coaster ride for it is the owner of austin powers. you remember the crash in june on their main roller coasters? it made everybody nervous and hit them hard. they posted a profit warning that could see profits at less than half where it was this time last year. the stock is being hammered. what they call their critical summer period. therefore cutting down their forecast to reflect the significant reduction in sales and the requirement to maintain investment. not only in their rides but customer service and marketing. a tragedy of across so many levels above mainly for the people in that accident. see at chrysler is down -- fiat chrysler down 2.5%. a company having to a greater record penalty, $105 million from the u.s. department of

the shanghai composite down 220 points. that is 6%. it has been down as much as a percent overnight. u.s. futures reacting right now. expecting a bigger opening for broader averages this morning the sec at the low to the u.s. in europe takes a cue from china. with the onset is carrie sheffield in the enterprise institute and around cheryl casone. we look at them momentarily. first the heart of the action. adding to the losses of the last three weeks despite ms. byatt regulators to stop the selloff. tracey chang lab in beijing on the ground. talking about more than $3 trillion. wipes out in the last three weeks. >> that's right. that's about 11% to 12% combined for 12 years. a really bloody day here in a shape. china stock crash has rippled across regional markets to the point no one is talking about race anymore. nikkei composite dropped 6% despite policy after policy trying to shore up confidence. let me remind you 42% of all companies on the shanghai stock exchange about 1300 companies really hoping to sit this one out until things c

shanghai composite, down 1%. extending the rout. one of the companies announced a buyback to stem the route. down 5%. of -- china railway, down 0.5%. seng index,hang more support coming through. securities which felt yesterday doing quite well. coming back up, 63%. shares down by 8.4%. the other big story, iron ore fell below $45. lowest level since 2009. only equities but also commodities, affecting a number of mining stocks. rio tinto coming under pressure. selloff in new york and australia. let's have a look at the map. down in early trade. nikkei down by 1.3%. it is coming back a little from the big cells earlier but it looks like china is continuing down. down 1.4%. david, digging through the numbers. how is it looking now? david: looking a lot at her. had -- a lot better. but thebetter, distortions in the market. is it a proper functioning market? we want to focus on the part in blue. between the shenzhen, are unchanged. not all are on hold utmost art. way from making their games to losses. the distortions created when you clo

china eastern has a base in shanghai and delta wanted to go in and build a hub in shanghai. it helps in a couple of different ways off the bat. yvonne: was this deal a surprise to you? edward: no, in some ways this has been telegraphed before. anderson had set in the spring he was very interested in building a shanghai hub. messageemployees in a that shanghai was probably going to be the next amsterdam style hub. it was an overseas hub when it bought northwest in 2008 and it gradually continued to build up. he was very upfront saying that shanghai is probably next. he also was pulling down seating capacity in japan. you take those things together, you can see he would be interested in cozying up with china eastern. china eastern is also in sky team, the international airline alliance that delta leads. some of the pointers were already out here before monday's announcement. yvonne: so, again, china eastern, they are the nation's second-largest airline by market value. what does this mean, this deal for delta's u.s. competitors? edward: delta is number two across the pacific b

a typhoon is expected to make landfall south of shanghai on saturday. forecasters say the city could be in danger from storm surge. a tropical storm is on the way and may go ashore northeast of hong kong later today. it's expected to curve east of japan. well, there was plenty of drama markets with stocks tumble he and the new york stock exchange halted trading. all eyes are on china. let's get more with michael, chairman and seo of market field asset management joining us from new york. what you think is going to happen today? idea what isve no going to happen. we are clearly in the middle of a market panic of some magnitude in china. and unfortunately, the regulator response has really been quite harmful so far. there has been much too much market intervention by the secured his authorities. they have really removed the ability of the chinese mainland market to operate in a free manner. i would say the same time there has been much less intervention then you would want to see by the central bank. the pboc has largely set on its hands. we had a 25 basi

this is the picture in shanghai. we see another wave of selling away from those highs we saw on the end of may. the beginning of june, we saw strength all through the first half of the year coming from the shanghai composite. now we see selling, it is the strongest false and 1992. the securities regulation and china says it is investigating possible manipulation. across the market manipulation on shortselling, in particular. more details, as we go to the program. the u.s. markets are closed today. this is where they close out the week. this is the picture we got on the market after the jobs report, more moderate pace of job creation in the previous month. this is the picture factoring in there, the limbo state we seem to be in regarding greece. we will be speaking later on here at bloomberg to the founder he will join up a little bit later on. stelios will have a lot to say on the greek story. two days to go until they vote, it is too close to call. guy johnson is in athens hans nichols is in berlin. guy, how are thi

shanghai composite orient down by 8%. well, has been doing quite well over the last sessions, and limiting losses but it is also in the rented a. -- in the red today. quite a lot of selling going on market open of the still being heavily sold off. another quarter of 1% on the shanghai, the hang seng down by 4.2%. ofare seeing quite a lot weakness coming through in australia and japan as well. let's have a look at what is unfolding for chinese markets this morning. what is going on now? the pboc, i can't remember the last time they actually came out and talked about stock markets. basically now ensuring support for china securities finance to keep liquidity flowing, to ensure a stable stock market. because that is not what the markets look like. we are down roughly -- shanghai composite down 6% last i checked. futures market is where the damage is being seen. continuing to fall. in hong kong, down 4% for hang seng index. hang seng futures down 1000 points. let me get you the latest numbers when it comes to the number of co

shares in shanghai opening and other asian markets joining the global rebound. australia is also on the up. waiting, and out of the federal reserve later today. industrial robot maker fanuc falling the most in almost seven years. profit forecasts missed by almost 17%. in a statement, they said demand for robots is falling dramatically. today, whatding falling in shanghai are plans to raise almost $2 billion in share replacement. a plan to buy 15 new boeing airliners. they will be privately sold at a 20% discount. weare seeing positivity, have the end of the morning session in tokyo a sigh of relief of what is going on in shanghai. nikkei inseeing the japan down by by .61%. the shanghai composite snap a negative territory. , ittility still continuing is quite heavily the a and h shares. we resuming trade for the first time in a month. we just had nerves that product has fallen to its lowest levels since january 2012. -- that clampt down affecting luxury reber -- retailers. thanks to a rebounding commodity prices. all the mining stocks looking incredible there. lo

the story in shanghai, 5%. close to half of the listed companies on the two chinese exchanges. 2800 companies. 1300 are on trading halts. everything moving is down. that is the story in the market. but the government has announced about an hour left a few things. let me go through each one. you first have the futures exchange. what they are doing, they raised -- they made a corridor to short the market. to give you an example, that margin requirement raised to 230%. the central bank has come out and said, we will do what ever it takes. the china securities finance corporation. now deploying half of what they said they would be needing. north of 80 billion u.s. dollars. they have announced 1.5 hours back they will be using about half of that. a credit line to hopefully provide some sort of capital. a lot of the collateral was held in stocks. beijing has ordered the big state owned companies. don't add to the panic selling. equity prices down. going through the roof. bond prices rallying. every single contract, c

caroline: shanghai swings. chinese stocks are volatile as the government continues to struggle to restore market confidence banning major marketers from showing. -- from selling. russia is to pull together a plan to keep the crisis nation in the euro ahead of the midnight deadline. and central banks contagion concerns. optimism on the u.s. economy undercut by caution in greece and china. at the bank of england rate decision today will consider what governor carney has called the q2 greek risk. -- called acute greek risk. welcome to "countdown." it's 6:00 in london. another day, another story out of china -- let's start with the chinese equity markets. this is a picture of the shanghai composition, your today. -- shanghai compensate, your ear to date. what have we lost so far on this chinese market? we have lost $3.9 trillion worth of value in less than a month. such is the level of trading halts we are seeing on the chinese market. the latest government headline is being described as "an act of desperation." le

the shanghai composite adding to the losses as of late. down since the highs that we saw fromne 12, coming authorities moving to try to increase margin lending and also make it cheaper for people to trade, as well. taiex and taipei slightly higher, the straits times and likewise. when it is an andy warhol dollar, it is in 1962 work. for $32.6 million in subsidies in london, beating presale estimates. ♪ ♪ ♪ ♪ get excited for the 1989 world tour with exclusive behind the scenes footage, all of taylor swift's music videos, interviews, and more. xfinity is the destination for all things tayloswift. referendum, pulls in greece show increasing support for a yes vote. allow7% of voters would more austerity, 43% would say no. australia has posted a trade deficit for may. the april deficit has been revised above $12 billion. exports rising slightly. there dollar weakening only slightly on the release of that data. new margin trading goals were no longer require rocher urges -- brokerages to cut transaction fees by 30% as of next month. here

manus: the shanghai slump continues. chinese equities suffer their sincet three-week rout 1992, sparking a government investigation into possible market manipulation. francine: megamerger. u.s. health care benefits giant aetna

shanghai composite was up as highs 7%. worsen: as we semi-joking last week, about -- as we were semi-joking last week, about -- it might be a negative. here is the new move. we will move through these quickly. they have suspended ipl's again. in fact a memorial -- a moratorium. there's also the stabilization fund. invest in thewill aan to give the market backstop. and they will hold shares for at least one year, that is an investment into the sovereign wealth fund in china. they bought etf's on the market, and knows that yesterday. the ministry and announced that they will be able to buy shares. they will offer a state margin later liquidity support. so the transaction fee cuts taken -- kick in -- guest: august 1. rishaad: you wonder what that will lead to. ofst: it leads to a lot people questioning whether the government should be doing all this, but in the china daily editorial this morning, they are saying it is necessary, they are calling it interference. it should not constitute a reversion in market oriented reforms,

the shanghai 180 index up a healthy 12%. i was looking just before we came on, they are -- there are a dozen stocks above a billion dollars in market cap in the shanghai 380 now up more than 60%. rishaad: it is deja vu, isn't it? tim: if you break down the shanghai composite between the top 100 and the other thousand, it is trading at 17.5 times earnings. there are three sectors that are trading below on a median basis. the rest are trading at a multiple of over 33 times forward earnings and you have tech and health care and consumer staples trading at 35 to 45 times. it is crazy. rishaad: talk about these games we have seen -- gains we have seen, is this a trend in place? it could just go the other way. moodovernment certainly no to let it. see they would love to a transition from a retail friendly market to a sustainable global institutional market where people have options for real savings and investment. we are not seeing that dynamic at this point with these types of frenzied markets. it has chilled out a little bit. th

shanghai stocks began rising last year. they peaked about a month ago hitting their highest point in seven years and five months. securities firms and government-related funds are believed to be still buying stocks. but sources at shanghai markets say 1400 firms or about half of all listed companies there have suspended trading. some experts say that could drag down shares. >>> the extreme volatility of chinese stock prices has implications for global markets and for individual investors. our reporting in beijing takafumi terui is following developments there. >> i think this has been a very tense week for many individual investors in china. i talked to several in beijing. >> translator: the value of my investment dropped to $11,000 at one point. then it went back up to $19,000. but now it's dropped again by about 50%. >> translator: i was planning to take a trip but now i can't. i've lost enough money to buy a house. i'm just lucky i haven't been forced to live on the streets. >> translator: i wish the government would com

the shanghai composite gains on

shares opening up at the moment in shanghai. stephen engle is going to join us to have a look at what is going on market wise. why are noted money managers saying that this correction is not over yet? stephen: it is interesting. juliette ran through how the cup -- the number of companies halted have dwindled from more than 400 last week down to below 200. it looks as those things are starting -- as though things are starting to get back to normal. shares have opened up higher. still, a number of money ,anagers, including mark mobius who was critical of the government intervention efforts -- also, black rock, ubs, and others are saying that more selling could be justified because of the valuations. shares are starting to get back to the area where they can be attractive to buy them again. the ads that we probably have that we probably have not hit the bottom yet. we had the selloff risk from the june 12 high. still upsite index is about 90% in the past year. it is trading at 50% above its five-year average via -- valuation. it is

the shanghai stock change has recovered early losses and is up 1.3%. the nikkei is down and hong kong's hang senning is up by 3.5%. -- hang senning is up by 3.5." >>> my colleague spoke to the vice president of fontius strategy group. he said a lot of individual investors, like pensioners have a lot to lose. >> this is not a story just of the stock market drop. you have to think of winners and losers and the other what is going on in the real economy. in terms of the winners and losers it's been an abrupt drop since the mid june high losing 30-40% between the shanghai stock exchanges. and that is at the level we are at 70% up from where they were a year ago. there has been gains from the investors that got in early. the economy story that people need to be concerned about is individual investors, usually in china. not sophisticated and a lot of pensioners that got in late. they joined in in march, april, may as the move up in the stack markets became evident. they saw the move they wanted to get on the bandwagon and may put in 50, $60,000 what is the b

we are going to shanghai. hiring on the gains. -- piling on the gains. ette: encouraging to say a second day of gains. we are seeing a lot of them come through from the chinese stocks. companies, about 50% of the market. still frozen. we do have strong games coming through in the futures indices as well. the cfi 500 of 9%. yesterday, suspended. some of those state listed companies doing well. weakness,it of agricultural down 5%. i want to take you into the hang seng index. most of the fixes on the shanghai are positive, but some weakness coming through from utility stocks, down 0.3%. a quick look at how the rest of the region is doing. the nikkei coming back up. about 0.4%. strong gains in australia, adding to the 2% gain yesterday. rishaad: time for a second look at chinese markets. turbulent. digging into the numbers and having a look at what is going on. very eventful, to say the least. let's take a look at some of the markets. one thing i want to talk about. looking at the second day, volumes are heavy. as far as the money coming into hong kong from

shanghai ins -- shanghai index has posted. chinese authorities introduce more measures in an attempt to restore confidence in the stock market. regulators have announced banks can rollover loans backed by shares. that after officials banned the stakeholders from selling shares. he will walk away from a bad deal. negotiations are continuing in vienna with the deadline pushed until tomorrow. the biggest differences are on and ran the demand for the immediate lifting of sanctions and an agreement on new punishment should the deal be breached. greece rushing to a med night -- to a midnight deadline to convince european leaders a can stay in the euro. alexis tsipras's government has one last chance for a credible plan. let's dig deeper into this story. greece races to that deadline of midnight tonight. head of the imf said the jewel -- the jewel of reproach are needed to get greece out of the black hole. >> we have advised that the program walk on two legs if you will. one is about significant reforms and fiscal consolidation as we

imposing more regulation that help push to shanghai and accept nearly 6%. a live report from beijing. the rally in china lifting u.s. stock market futures after yesterdays steep selloff. are pointing to a higher open on wall street. looks like a software update was behind the nearly four-hour shutdown at the new york stock exchange. the latest on the boards which they experience the deadline for a greek deadline looms as greek citizens become more desperate for cash. a live report from athens. i'm sandra smith joined by lauren simonetti and nicole petallides. welcome to "fbn:am" come your first look at what is moving in today's market and what you need to expect that they had. you are down at the new york stock exchange all day yesterday covering this like nobody else in financial news. what is the latest? nicole: will things be okay going forward? do you have to worry? dream to you are working on a plan to speed up movies. transfer watching the big days at home after the big screen. sandra: new regulations by the government helping fill a big comeback for

the shanghai composite is down. the index dropped more than 8% amidst concerns the efforts to problems shares are unsustainable. crude prices slumped. bracing for low prices. bp shares have dropped. statoil second-quarter profits beat estimates. the oil and gas producer said adjusted earnings after-tax sell . -- fell. caroline is watching the market this morning. what have you got? caroline: a bit of a rebound after the bloodletting. continued volatility. we're looking for the ftse 100 to gain. a similar move for the cac. we are looking for an upward day in terms of equity markets. i want to focus on one stock in particular. today we can see it raised higher. it has increased outlook for profitability. that is up from a previous forecast. another big up raid. the reason? warm weather. they sold more clothing and are keeping at full price. they grew three and a half percent. >> caroline hyde with the latest. let's check in on a chinese session. chinese stocks fell. a commodities slumped. we have seen bloomberg commod

shanghai composite hit its lowest level since march 20. more than two point $2 trillion have been wiped off the value of chinese stocks in less than a month. despite pledges to by $19.3 billion worth of shares and a halt to an initial public offering. ryan: oil prices have stabilized after kurds biggest decline since february amid signs of today's deadline between -- for a nuclear deal between [inaudible] and iran. oil is traded at its lowest level as investors avoided risky assets and the deepening debt crisis in greece. who better to talk about the talks in iran and what is next in the geopolitical dimension for oil than elliott gotkine? he is in israel and he has been following the talks in vienna. elliottthere is a little bit of hope, no? elliott: it is deadline day but it feels more like groundhog day. they seem to miss the deal. they have not met one of their own self-imposed deadlines so why should tonight's deadline be any different? as you point out there is some hope china's foreign minister sounding a optimistic note. john kerry

the shanghai comp is it is the big story. the shanghai comp drops another 1.3%. that is it for me. greece is the word for the rest of the morning. you can follow me on twitter. esta look for the rest of your day. -- best of luck for the rest of your day. ♪ mark: standard & poor's says greece may miss a debt payment as early as this week. in claims the situation is leading to a return of economic depression. that comes of that that cams as -- that comes as angela merkel warns of greece. shanghai selloff. china's -- as foreign investors head for the exit. ♪

the shanghai composite tracking the largest companies in shanghai jumped around 6% on wednesday. the recovery may be the result of investors going after cheap stocks. the ripples of the chinese stock crash and its effect on the chinese economy have investors as well as the government worried. >> following the drop in chinese shares even while the chinese government sought measures to contain the market. and while there is a lack of progress in the debt crisis in greece. >> traders in hong kong used the opportunity to buy up bargain stocks. they gained 4% of the afternoon recovering from the biggest one-day drop since 2008. >> the tremors from china have they been felt on the other side of the atlantic in new york? >> there certainly felt over here and felt worldwide. especially if you look at commodity prices, it is one of the big consumers of energy and commodities overall. the big question, resolving the the turmoil is on the chinese market. what will that mean for the second-biggest economy in the world? i was a on wall street, traders are even more nervous about was going on

i want to bring in cnn's ivan watson in shanghai. ivan stocks for a year in china, stocks were a miracle. going up, up up. finally mom and pop investors started to get in. now it has turned on them and had a dramatic crash. what is happening this morning? >> reporter: it turned on them as a vengeance. losses of more than $3 trillion. that highlights the fact that china is the world's second largest economy. when things happen here, it happening big. we went from a selloff in the chinese stock markets wednesday with the shanghai exchange plunging 6% to jumping back almost 6% today. you probably have people swinging from despair to euphoria. you have people asking for help and frightened that their savings have been basically and any lated in the losses. it plays a big role in the stock market. it is not like the new york stock exchange. here the government plays a big role. the chinese government announced interest rate cuts. it suspended ipos. it announced around $60 billion in all said of buying up of chinese shares. it imposed rest

the shanghai closing up for the second straight day. let's get a closer look at that and rest of asian markets with tracey chang live in beijing. tracy is a reporter for china state television. good mornings, tracy. >> good morning to you, sandra. pretty good friday for markets to wrap up the trading week. shanghai composite climbed another 4 1/2% to mark a 5% weekly gain, the first weekly gain since the peak we saw on june the 12th. here in hong kong we had had pretty sighsable recovery. hang seng is up more than 2%. chinese companies listed in hong kong had even stronger rallies. that sector rose four mers. japanese shares with choppy trading day. nikkei ended down 4 1/2%. investors worried about negotiations in greece as e.u. summit approaches. that summit is happening on sunday. in south korea, the kospi seesawed all day, finished higher. back to you, sandra. sandra: tracey chang, thank you. federal reserve chair janet yellen set to give a speech in the u.s. in cleveland on the economic out look and what that means for timing of the

the shanghai composite down 14 point in the month of july. the biggest monthly drop since august, 2009. it has been a month investors would rather forget. decent month. we will break it down for the next 60 minutes. with the exception of bp, which posted its worst profit in a decade, they have beaten expectations. down 65% from a year earlier. we have been speaking with the ceo about the results. >> we attack the costs very early a couple years back, so you can see from our numbers that it is 41% lower in the comparable quarter last year. we have initiated a very significant program that started in 2014. of deliveringead the savings program for 2015. i think the idea is not only to whether the current storm. it is also fundamentally took him out of a stronger company once we have better development on the pricing side. >> can you update us on talks with shell? yesterday, and he suggested regulatory clearances were going quite well. things were going to be ahead of schedule. do you think this will close ahead of schedule? >> we are progressing

the shanghai composite tracking the largest companies in shanghai jumped around 6% on wednesday. the recovery may be the result of investors going after cheap stocks. the ripples of the chinese stock crash and its effect on the chinese economy have investors as well as the government worried. >> following the drop in chinese shares even while the chinese government sought measures to contain the market. and while there is a lack of progress in the debt crisis in greece. >> traders in hong kong used the opportunity to buy up bargain stocks. they gained 4% of the afternoon recovering from the biggest one-day drop since 2008. >> the tremors from china have they been felt on the other side of the atlantic in new york? >> there certainly felt over here and felt worldwide. especially if you look at commodity prices, it is one of the big consumers of energy and commodities overall. the big question, resolving the the turmoil is on the chinese market. what will that mean for the second-biggest economy in the world? i was a on wall street, traders are even more nervous about was going on

say the shanghai composite. futures markets are down. futures are down by six and six points. -- 66 points. a choppy day ahead. caroline: a third day of losses on the stoxx 600. cardiac arrest is what the london capital group said the expected for the stop market. awful by 0.3% in the u.k. but the cac 40 is up by almost 2%. we saw gyrations last monday risk aversion concerns. jpmorgan barclays all expecting base case scenario now is greece admits the eurozone. we wait half an hour to see how the greek market reacts. we are seeing greek debt selloff on prices falling in the yield rising 2.6%. we are at 17.25 percentage points. money out of italy and spain. the fear is contagion. 2.37%. we are up 11 basis points and a bit of a selloff. back in 2011, 7 .5% here. contagion under wraps by the ecb. the fact quantitative easing will be there. florida to the safe havens of the united states and german. -- flowing into the safe havens of the united states and german. yanis varoufakis, the finance minister leaves him his greek exit out of politics

hit the shanghai stock market from the start. that's despite measures taken by firms to support share prices. the shanghai composite fell 5.9% finishing at 3,506. stock prices in shanghai had been surging since late last year. but they took a downturn in the middle of last month. the shanghai composite lost about 30% in the last three weeks. on the shanghai markets, they are looking for trading on the shares. more than 1400 companies have suspended trading or applied for a halt. they say it's an unprecedented move and involves more than 50% of listed companies. trading is normally suspended before companies make important announcements on matters such as mergers. market sources say more firms are requesting suspension to minimize the impact of plunging stock prices. investors are puzzled. >> translator: i'm totally disoriented. >> cnese commentators say the effects of countermeasures are only temporary and investors continue selling stocks they bought with borrowed funds. >>> chinese central bank officials say they're going to gi

francine: shanghai slump. china's benchmark index has its worst drought since 2007 amid concerns of a rally sparked by government intervention being unsustainable. manus: income from managing funds for the wealthy more than doubles. francine: and, drug deals. teva is said to buy a generic drug business for more than $40 million. welcome to "the pulse" live from bloomberg's european london headquarters. manus: i'm manus cranny, and you are? francine: i'm francine lacqua. breaking news. it is a little better than expected. a lot of people were expecting this july number to be changed maybe a little pressure from greece or from the ongoing concerns about china. not so. better than expected at 108. manus: this comes in with five straight months of declines. people are saying it is beginning to look like the purchasing managers index for the whole of europe which just slipped a little bit but is still showing overall growth. this is three years off from when mario draghi said he would do whatever it takes to save t

the shanghai comp is it swinging just the shanghai deposit swinging. -- the shanghai composite swinging. a weaker euro was the story for the last couple of days. one dollar --1 $1.1022. anna: think you very much. good morning to you. let us get to our guest. john, thank you for joining us. he was going through some of the stresses of a moving market today here it about greece and china. british business concern about those things. concern about a vote on grexit as well. grexit we have more uncertainty around the world. i can remember most of my professional life. it is a sing that that investment is not on pause. we are getting on with it, because businesses need to improve and grow. some good economic prospects out there, particularly for the british economy. i like the chancellor to outline the investment. particular a by growing companies. the medium-size companies in the economy. they are the heart of our recovery. they get that investment over the line. anna: the banks of very topical today. the news around barclays. very topical here at wes mr. as well. -- here at westminster as w

it is a declining picture across the world but none more so than shanghai right now. approaching the 7% loss handle at the moment. this is "trending business." ♪ truly ideas into action. the clinton global initiative attracts world leaders. the goal, find solutions to international problems and establish commitments to improve lives. on this bloomberg television special, we take you to the cgi america meeting in denver, colorado where a discussion on the wealth gap featured housing and urban development secretary william castro. >> we want to address the affordable housing concerns so that more folks can live comfortably and in a decent, safe place.

good luck for the rest of your day. ♪ manus: shanghai surge. stocks hit the biggest one-day gain since 2009. the chinese unveil more market boosting measures. midnight deadline. greece scrambles to pull a plan to keep the crisis-hit nation in the euro. contagion concerns. fears over greece and china. today's bank of england rate decision will discover whether carney has pulled an acute greek risk.

the stock market in shanghai saw massive gyrations. it was up by 8% at the open fell back and then closed the day higher by about 2%. investors have been saying that they'r skeptical about the long-term impact of these measures and many of them believe that the government may have lost control of the market and is going to have to come in with even further measure. for "nightly business >> repor " eunice yun in beijing. >>> chinese stocks fell today despite the measures weibo fell 15%, and j.a. solar, and j.d.com were off as much as 8%. and copper often seen as a barome what's happening in china was also sharply lower today. >> we'll see the weakness in china was one of the reasons behind oil's big tumble today. west texas crude off nearly 8% its second biggest drop of the year so far. but that wasn't the only reason for the dramatic fall. and traders say this may be just the beginning of an even sharper drop. jackie dea >> reporte fireworks today. in the oil pits. intense selling pressure coming into play as the market digested the me

coming up, shanghai swings again. we will head to hong kong for the latest on china possible volatile stock market. and someone who says greek can handle the situation. all of that plus the look ahead. it is a thursday, we are back in two good morning. jonathan: good morning, here are bloomberg's top stories. a poll shows that voters are inclined to accept deeper cuts prime minister tsipras is urging voters to vote no. the u.s. and jobs report is later. they added 233,000 jobs in the month of june. u.s. markets are closed tomorrow. china's shanghai composite levels have fallen. the benchmark index dropped 3.5% at the close. let's get the latest on china from richard frost in hong kong. richard, what is remarkable about today's moves it -- it follows government support, the question is whether the government and officials have started to lose control of the equity market. richard: that banks this -- to question if they ever had control? the composition is continuing to fall. what will worry investors is people have bee

the shanghai composite going up by 5.5%. that is just four weeks, we have seen to days of gains across the chinese markets. in the 11th hour, the greek prime minister alexis tsipras offered to be most of the demands by european creditors in exchange for a bailout of 3.3 billion euros. this time alexis tsipras is insisting on restructuring the country's debt. guy johnson and hans nichols are standing by. guy let's go to you. from the athens perspective what is changed? guy: as you said, this proposal was put forward on the 26th and was rejected by the greek people. alexis tsipras push very hard for a no vote then. the fact that he is now except in the bulk of those proposals must indicate a significant change of heart. we wait to see exactly what happens. this is like a significant climb down from alexis tsipras. he is potentially facing bankruptcy on monday. it is really a very difficult decision for him to make. it is quite literally the rock and the hard place. yes very little room for maneuver -- he has very little room f

we have a broader picture in the shanghai markets. they extend the kleins now. now.e declines we are seeing shares slightly up after dropping 1% yesterday and is down, facing pressure out of the five-day rally. let's talk about black rock and the new headlines coming from them. they see share prices driving higher and the stock prices are not impacted by the economic outlook. let's take a look at the aussie-dollar. it went up after the news came out and you can see that it extended the gains and strengthened to .74 cents. we are seeing positivity here today. it is doing pretty well the last couple of sessions and it is up .5% right now. muchseng is flat with not reaction. rishaad: thanks for that, yvonne. that theig story is bank of japan is concluding a pricing meeting and we have signs that the economy is in a soft patch in the second quarter and we have been examining that. not much expected, in terms of rates. even monetary stimulus looks remote. .> absolutely, rishaad we have the inflation number at 0, at the moment and. on theus will be language and there

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and the secondne is the shanghai stock exchange and bubble burst. so i think we need to prepare to manage the risk. first is the market risk. the second is the political risk. and finally i want to emphasize the social risk. because social risk makes chinese society go into turmoil. it could be you know very sad tragedy for the region. >> now, we're going to have some gdp data out of china next week i believe. >> yes. >> surely these numbers will play into that. how do you think the government will have to deal with that? >> well i think chinese economy is still in a nervous situation because much of the driving force is very weak. especially the fixed assessment. so i think the government need to do more to stimulate private consumption. but they postponed the secret service systems refirm. so this is a very very you know delicate situation for chinese economy. >>> and now for a check on other markets. investors in tokyo took some relief from the movements in shanghai and helped the nikkei reverse course. the index was down more than 3% at one poin