tom: tom mackenzie in athens for bloomberg. tom: that is the youth movement of the popular unity party. they said they are going to fight to make sure the third ballot is not implemented, talking about sit ins and street protests. golden dawn told us off camera they are planning to go to some of greece's southern islands to try to capitalize on problems with immigrants. that is going to cause a lot of concerns for many people. so much, tomnk you mackenzie in athens. next, emerging market currencies are taking a beating come along with equities. , down from 5%g and heading for the biggest drop in four years. depreciating 2.5%. ♪ francine: welcome back to "the pulse," live from london. emerging-market currencies at the weakest levels on record following a drop in asian shares. bloomberg spoke with the nation's prime minister, who says other oil producing nations will not be far behind. will be a learning experience for other countries for inflationment targets. -- if reach the goal is there a free-flowing economy. i strongly be

tom mackenzie joins us now from athens. how can we expect all of this to play out? now, the leader of -- democracy is going to be will be handing back his right to try to perform a government. it is unlikely he is going to do this. he is going to go back to the president. it now goes on to popular unity, the third-largest party. it is best it has been set up by the syriza rebels. 25 mps. that is crucial are the -- for them. they need to get their message and rant out. very littlerty with funding and this is a party with very little strategy and infrastructure going into what is likely to be this electoral campaign on september the 20th. the date that is most likely. these three days, they will try to maximize them. on thursday, the president andes will close parliament an interim government will be put into place. official campaigning ahead of the election will start off at the end of the suite. that is what we are expecting. the political sands are shifting. there have already been differentons between political factions s

manus: tom mackenzie is in athens. what is the immediate impact of his announcement and the political landscape? i just had wolfgang in and he said that it might go until september 20 as mostly as everyone thinks. the other protagonist may take their time in terms of saying, we would like a chance to form a government. tom: that is a good point. timing is crucial. the new democracy, the main opposition party, he is now trying to form a government to ward off those elections. his met with the greek president that she has met with the greek president to give him that authority. he has three days to do that. even speaking with his own mps, the sense is very much that he is just taking the box is constitutionally, and it is unlikely that he will be able to needed inugh votes greece to form a government. it seems very much that the elections are on course. the date we are unsure about. there are shifting political sands. we heard the left platform formally known as the rebels who voted against, or refuse to back, the bailou

tom mackenzie in athens, thank you. on to other european news, it is europe, data set to come this morning, we will get an update on european consumer confidence. we have a preview, and the numbers are still going to show growth. but potentially a little bit of a slowdown from the previous month when you look at manufacturing, services. >> that is the overall situation, it is not great. certainly expecting to go much better, given the declining oil prices and the weakness of the euro. though it has the euro going less positive side, any number above 50 indicates expansion area and manufacturing and germany is 51 point six. but that is less than the previous month of 51.8%. france still contracting, but not as much as before. they are still at 49.7%. the number we are looking for is 52.2%. ever so slightly slower growth than the previous month, but the service shows the picture is much brighter. expansion is at the same pace and germany. an overall the same as the month before. but giving the prevailing conditions, you w

let's get more with bloomberg's tom mackenzie. there are a lot of key takeaways. this is a positive story. tom: it is. it is part of the ceo's plans to sell off those assets, shore up the earnings, after that string of misconduct scandals. the sale of those shares in china has helped that as well. revenue from equities was up 75%. that is positive as well. revenue from the fx unit was also up 25%. positive for the ceo as we head into the second half of the year. francine: the earnings were boosted by the trading component of all this. they also set aside the 1.3 to settle any investigations linked to currency rating. >> that puts that aside. this is -- now, gulliver is looking at job cuts as well. he outlined plans to cut around 50,000 jobs in june. he is pushing that strategy. he's also got to question whether or not he relocates the head orders from london. that is a big topic for george osborne. they have the review they are planning to wrap up by the end of the year. francine: we haven't heard anything on that relocation. he is going to be grilled on it today.

tom mackenzie is in athens with more. with somethe weekend of the far right parties. more broadly, what does his coalition look like right now? you an updateve of that what is happening today. today, the largest opposition party, new democracy, they had handed over their mandate. they felt. that moves to be latest antiauthority party. popular unity. they are notreeing going to be able to overthrow the government. they are just trying to get their message out. thursday is when the president of greece will dissolve parliament. lookingsipras will be at a small new party for a possible coalition. brendan: you spent the weekend with a far right party and greece. any nasty surprises in terms of gain shares in this upcoming election? tom: there is a lot of concern. there are concerns that they will use migration crisis happening in greece coming from south africa. it is concerning they will use this to their advantage to get double figures in this election. something to watch for. brendan: tom mackenzie in athens. thanks. traveling to jackson hole. what is our job this weeke

mark: let's go over to tom mackenzie, who is joining us in athens good morning, tom. tom: good morning, mark. the dice by of alexis tsipras -- it wasn't entirely expected. it was somewhat forced. he refused to back the third bailout. cyprus will be hoping he comes out of this fairly strong that she is hoping that earlier elections and his popularity will translate into votes, and a strong mandate to push through the bailout. of course, there is a risk and added uncertainty. i'mto get more on this, happy to say that i am joined by greece's labor minister and minister of the social stability. george, minister, thank you very much. what is the right move by alexis tsipras? >> it's a good idea to ask the people what they want. on top of that, we should have a very strong political mandate. implementation -- tom: tell me about the cabinet, ministers. . where they informed about the decision or does it come as a surprise? >> it is not a surprise. the prime minister asked us what he thinks about this and all of us have said that we must go to them. >> how important was it fo

tom mackenzie with the situation in greece -- thank you very much for joining us. meanwhile, turkey has failed to form a coalition government, which means voters will be heading to the polls for the second time in less than six months. a new election is expected to be held in november -- let's bring back phoenix kaelin. phoenix, we were talking about the consequences of what's happening in greece being obvious but the consequences of what's happening in turkey are also obvious. no one expected the coalition and we have another round of elections -- why will this be different? thenix: well, right after june 8 parliamentary elections, there was a lot of optimism from various analyst about potential thattions forming, but was surely dismissed. it has been kind of a heartbreaking situation to watch as these coalition talks collapsed, and there was really sogood bargaining happening, in terms of what is different now -- not much, and that is a real shame. we have pulls out of turkey showing that the dominant party is unlikely to regain parliamentary majority, and that m

tom mackenzie is in athens with the latest. planned moveke a to get voters to back him again before all of these horrible austerity measures actually kick in and they realize what is owing on. >> absolutely. some would say it is quite a cynical move. others would say it is practical. saying, i'm your man, i can get debt restructuring. he is also banking on his popularity. he is still by far the most popular head of a political party in greece, according to the latest polls. he is hoping that will translate into a strong mandate for him. the opposition is trying to form a government, but the numbers do not add up. it is all likely to focus on september 20, which is when most people think the election will be. on the one hand, tsipras can count on his popularity and come on the other, he was the man who called for a referendum and that he went and signed the bailout, so there is a deficit of trust among some in the greek population. olivia: i could see why that might be the case. he did get everybody to agree to a package of aust

. >> tom mackenzie, bloomberg. angie: just ahead, singapore at a crossroads. we will take a closer look at the elections critical to the future. this is angie: checking stories making headlines around the world, the americans who helped divert a shooting on a paris-bound train acted on instinct. they have spoken publicly for the first time since the incident friday. two of them have military training, but they were on holiday when an armed man tried to open fire. man and a british citizen helped subdue the attacker, a 25-year-old moroccan who authorities say has links to radical islam. police say luck will be needed to catch the people behind the bangkok bombing. almost a week after the attack that killed 20 people, a reward for information has been raised to $85,000. the investigation appears to have made little headway. video and a sketch of the suspect, but he has not been identified. singapore has been promised more social measures ahead of the election. loong will raise the employable age to 67 and will call an election soon which will be "critical" for s

the students met with "action news" reporter, vernon odom, and there is vernon news director tom davis and amy morris. and the students were curious about political reporting and they got a tour of our assignment desk as well. >> and there is steve mackenzie helping out with these students, bop watt, one of our video editors, they got the low down from the best people around here and we appreciate their visit part of the philadelphia city council fellowship program, abc world news is next on channel 6, and "action news" continues at 10:00 on phl 17. now for the entire "action news" team, i'm jim gardner, we hope you'll join us for "action news" at 11:00. >>> breaking news tonight, the surveillance video just released, the new images now emerging from ferguson, running for cover as gunfire breaks out, the teenager critically wounded. police say he pulled out his gun first. >>> also tonight, the heavily armed men moving in. they call themselves patriots armed with semiautomatic weapons. >>> also at this hour, donald trump set to speak. will he pivot as we now hear from megyn kelly. >> i

skip, this morning, tom has been looking at the technicals of oil. or the technicals trying to tell us something? skip: i think the technicals are trying to tell us that july was a month of great uncertainty in the oil market. it started with the eu prime deal. -- iran deal. we do not know how much of that iranian crude will hit the market. we sell volatility in the chinese equity markets, greece, whether it was staying out of the euro. the forward curve is saying none of those uncertainties get resolved anytime soon. brendan: tell me about the psychology of this. we have jim caulking here of the principal glover investors pointing out that oil should have dropped, given what we know about the swing barrel. are we looking at another psychological break point in how we look at it? skip: i think what we may be looking at in the near term, in the next x months, when brent is getting down into the lower 50's, what it will do is potentially encourage another round of capital cut from the producers in 2015, probably steeper cuts into 2016. it is just going

brendan: tom mackenzie is in athens for bloomberg. has called for new elections. what is the case he needs to make. greece is in depression. what is his cell for what looks like september 20? tom: indeed. in his speech last night to the people of trees, he said he had managed to get this deal. he got the best deal possible. he has tough reforms that will be difficult to swallow. he is still very popular relative to the other party leaders. his resignation and the popular election, things are already squeezed here. they have very limited credit available. the bank is propped up by the ecb. it's going to be a tough sell. his opponents are lining up to take him on. brendan: what will his new coalition look like? how will they handle all of these reforms are coming? developmentsing this morning. vote,mps that did not many of them have formed their own party. they are an anti-austerity party. that could prove positive. it could be a detriment. if they take away many of those angry voters that were picked up in january back --. they could move to the center ground and t