su keenan: the take is we have clarification. rates looking for a increase and gradual modernization going forward in terms of raising rates. out and of england came said that interest rates are inside for the end of the year in the u.k.. and the need for the bank rates reflects the momentum in the economy. that is similar to the u.s. where banks are anxiously awaiting rate hikes. angie: thank you. ,hecking on markets in asia friday morning to new zealand. a quarter percent up. bouncing back from its six-year low. they may have to cut rates. that is the speculation next week. let's head to japan. this was the view from japan, gains. pointing to a higher open. 1:24.llar yen is at markets are closed. we have singapore and the philippines marking aid. german lawmakers get their say on the g bailout. it follows the decision to provide more emergency funds to the greek banking system. let's start with mario draghi. guest: super mario. angie: known for saying whatever it takes. now it is making that same inference on greece. guest: he

su keenan in new york with the latest results out of the u.s. the imf has issued a warning to japan, saying the debt could surge three times the gdp by 2030 if the government does not lower the budget and bring spending under control. the fund says current debt levels are unsustainable and the boj should be ready to provide guidance to the markets if needed. it said inflation is unlikely to reach the 2% target in the medium-term. turmoil in china's stock market has turned to a blessing for india. international investors have pooled $3 trillion out of mainland chinese equities since june 12. they have put more than 700 millions into the mumbai markets, sparking gains over the past month. investors have been worrying about the effectiveness of reforms, but the imf predicts india's growth will surpass china this year. the new york stock exchange and nasdaq have agreed to back up each other during future glitches. the rivals will calculate closing stock prices for each if they cannot compile the data themselves during an outage. an outage earlier th

su keenan, thanks so much. let's talk about china. a remarkable rally on wednesday, snapping a three-day losing streak. let's bring in juliet sully. the last 90 minutes, we saw a surge of 5%. what caused the turnaround? >> a lot of speculation there was state support. the rise in bluetooth stocks suggests intervention. we did see a little waning retail investment. there was a big gain coming through. line at lunchat break, but 90 minutes after, a lot of the asian markets were closed. we started to see that coming through. a lot of investors are saying, there could be state support. months.turnover in two year today, the market is still looking strong. yvonne: we heard some encouraging words from the head of the imf. >> she was really pointing to the fact that, long-term, the market is strong. she said no one should be surprised by the efforts the government has taken. the imf has asked china to unwind slowly. she said it is a long-standing market. let's have a listen to what she said. believe the chinese economy is resilient. strong e

su keenan is in new york with a wrapup of the action. this news did not come in time for investors to react. what happened? we saw stocks trading close to unchanged in the session. continuing the rally. a lot of focus on washington and janet yellen until the events in greece over said -- overshadowed the session. mostly negative. i am sure janet yellen's testimony was the main event. she was up the, -- upbeat, fending off attacks from republicans that say the bank needs stronger oversight. but she set the rate hikes are coming. investors have gone with tears -- six years with nearly zero borrowing power. >> our economy is in a much better state. low interest rates have facilitated it. a decision on our part to raise will say we are close to where we want to the. -- be. we think the economy needs higher rates. su: there you have it. she is saying rate hikes are coming. they will be gradual. sooner, rather than later. this will be good for the economy. yellen said the policy will remain highly accommodative for quite some time. she was in

angie: thanks for that, su keenan. checking other headlines for you this morning, japan is helping e offset a sales slowdown in hong kong as more chinese tourists head to japan to shop. they have only seven stores in the city. erry may try to lower its threat in hong kong in the face of rising costs. sales of swiss watches surged 23% in the u.k. in the first half of the year. also because of chinese tourists. they are being snapped up by tourists and mainland china who theover there to buy watches cheaper than in their home country. italy also reported improved sales, offsetting a decline in hong kong over the same period. china construction bank has been told to beef up money laundering controls in new york. they are the second is bank by volume. they received an action for falling short in risk management compliance. the order calls for better oversight of account alders and the creation of an internal audit program. the escalation of toshiba's accounting scandal threatens international confidence in japan, inc. tosh

su keenan wrap this up for us from new york. su: two big tech reports. qualcomm was an eiffel. the company is in need of restructuring. it posted its worst sales decline since 2009, said it will cut its workforce, and review strategic alternatives. the job cuts will impact roughly 4500 positions and are part of an effort to reduce cost by a total of $1.4 billion, including changes to executive pay and even a shakeup of its board. the ceo is leading the largest job reduction in the country's history. this is happening as its chip unit loses orders. -- this is aing big part of the change -- to pressure activist partners which have been pushing for cost cuts and more capital return to investors. will the company consider a breakup? there was a recent $10 billion bond sale. a lot of investors perhaps are now nervous. some on the street saying, "the wall street journal" reporting, the company could split into two divisions. texas instruments came in line with $.65 earnings-per-share. they say there is quite a bit of money to be made in pc and the industry is a growth market. however

the dow more than 250. , su keenan for that out of wall street. the imf chief has repeated her support for greece debt restructuring is the clock ticks down. greece is running out of money as it rushes to pull together a blueprint of reforms to win over european leaders. we have shery ahn joining me with the details. we are losing these final deadlines. what is the final countdown? shery: it is hard to keep count of these deadlines that we are calling final every single time. even the greeks, i am not sure they are taking this as final. which is coming this week. but the only thing we do know for sure is that this is the closest greece has been to leaving the euro. we have six european leaders saying this is greece's last chance. alexis tsipras he has until thursday midday to present his economic plans of reforms and spending cuts in order to get a european bailout. the european union, of course, set sunday is the deadline to reach this deal. that is when a hold a summit in brussels. 28 leaders will head there and decide on this deal. the european

we got su keenan in new york. what happened? report latest earnings reveals the company is in need for restructuring. this is a company that posted its worst sales declined since 2009 and said it will cut its workforce by 15%, review its strategic alternatives, and the a $1.4s will be part of billion cost reduction and impact about 4700 positions. that is a lot to digest. the changes will also include changes to executive pay and perhaps a shakeup in the board. recently, this was a relatively strong company. big changes here. leading thekopf is largest job reduction in the company's history as the chip and the losing orders in tech licensing division is suffering a shift to smartphones, and there is something else going on -- the ceo is bowing to pressure from active hedge fund. pushing foren changes on the board and a greater return of capital to investors. a lot of that is what is taking place. you also have the wall street journal raising the question of whether the company will consider a breakup, possibly break into various

su keenan has the headlines. su keenan: ibm shares tumbling into the monday's session at the computer giant reports 13 straight quarter of revenue declines and saw declines in almost every major business category. beat estimates and the revenue but looking at profit items, that beat the three dollar estimate of analysts. it had to reduce by almost 5% in the past three months. after hours trading saw it dropped 5% from $173 share close. the ceo has been trying to shift the tech company away from traditional foundation toward more viable cloud computing and data analytics. analysts are saying it has been slow and this quarter proves that. the fallout from the traditional businesses at ibm dwarfed the company's ability to capture new revenue. likely translating into some of the trading we will see in the tuesday morgan. morgan stanley reported a very different story not only beat estimates but saw the biggest jump in a brokerage fees and trading of the six major banks here in the u.s. to quote one analyst, it is sti

angie: su keenan, thanks. costredgeng in russ in san francisco. areooks like u.s. investors looking at china etf's and thinking the bleeding has stopped. has it? up veryhe market ran fast. it more than doubled from lowe's last summer. no one will know where it will bottom out. tradingshares are still at a 40% premium to the five-year average. valuations were double than last summer. given the magnitude of the run-up, it is possible that after the correction, we have not gotten something approaching fair value yet. angie: all right. you reduced your overweight on chinese stocks to neutral ahead of the amount don't -- meltdown. is it the time to get back in and pick up some bargains? guest: you need to be selective. first of all, this has been a sensitive rally. it was driven by domestic investors, individuals opening new accounts. driven by margin. a lot of in the domestic market. it may take longer for that to be really squeezed out of the system. one comment we have been talking about is investors looking for access to china. a shares have provided protection on t

su keenan. angie: novak djokovic has successfully defended his wimbledon crown. he defeated roger federer, who was going for a record grand slam crown. that is it from us in asia. we are continuing the live coverage for the latest on the greek crisis. it is coming up at 7:00 a.m. 72 hours as tsi >> total capitulation. sip burress -- tsipras is based with -- is faced with a deadline. >> china gains. companies resume trading. and, on the brink of a deal a nuclear accord with iran could be announced to did it -- could be announced today.

we have su keenan joining us live. it was a good day. su: it was for the bulls for sure. ironic data that push things higher for sure. offsetting what many considered to be an ugly retail sales report. a categories unexpectedly declined. that is derailing optimism over the strength of the rebound causing traders to push back .bets we had micron rallying from 11%. planning to buy the company for $23 billion. that put the chip stock group higher. you had jamie's j.p. morgan chase also in the spotlight. 1.5% after the back am a quarterly profits it x $.29 billion. 5.2% increase over the profit that they previously reported. it is cutting costs to compensate for falling revenue at the largest businesses that made the differences. jamie dimon on the conference call talking about confidence in china. management, we have always had the way we treat that is we will be prepared for tough times. it is a mistake not to grow because you have tough times. su: the earning spray continue. big focus on yum! brands. kfc, pizza hut, and others. estimates, thets china segment of the busines

su keenan with more from new york. su: big jumps across the board after greece reached a deal with creditors. nasdaq, it was a 1.5% gain. the dow was closed be -- was close behind. 500 posted its best three-day rally so far this year. all three major indices are now posting gains for the year so far. we saw consumer shares way ahead. google, microsoft, and facebook all gaining 2% or more. and we had a merger of a pipeline company. is greece out of the woods, though, is the real overarching question. when you look at the etf that tracks greece equities, it actually slipped. economist paul krugman said he is not that optimistic about what is ahead for greece. >> as long as you have a debt to gdp ratio that is never growing, when are you going to get people believing that it is time to spend, time to invest? butoes fit together, nothing was resolved except that we learned that this greek government does not have the courage of its own convictions. on retailile, a focus and housing data this week. earnings kick off tomorro

angie: su keenan, thanks as always. more on the day's top stories at our digital destination, bloomberg business, bringing together the best of bloomberg news, business week, bloomberg television, and new digital content, all at one address. also at bloomberg.com. the big bust backing the nfl breakdown on the millions each team received. service foraul of a business travelers. check it out at bloomberg.com. j.p. headlines for you -- morgan chase is short by as much as $12.5 billion in meeting new standards to strengthen the financials us them. on fed approved the rules monday, allocating extra capital requirements to eight of the biggest and most complex banks. the surcharges range between one and 4.5%. act byrgan, the biggest assets, is at the top of the spectrum. toshiba is expected to correct more than $8 billion in earnings after sustaining results over six years, three times the write-down that was first reported in may, went to sheba withdrew its earnings forecast. a third-party investigation says executives had s