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tv   FBN AM  FOX Business  June 29, 2015 5:00am-6:01am EDT

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sandra: breaking news this morning from a financial turmoil and greece from a battle in u.s. markets. u.s. stock futures down ahead of the opening bell. dow futures had been much lower in the overnights now shed as much as 200 xt points. while the lows however thinking triple digits of 160 points. the futures are as they kick off the session. a live report from athens that the greek central bank. limits withdrawals from atms. greece now facing default at one point early in dollars payment
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to the imf. to the imf appeared in china's to the imf. in china and the central bank cutting interest rates in an attempt to stem losses and chinese stock but it didn't work as panicked investors sent stocks and another 3% overnight and officially are in their market mode. we will have a life or work from beijing. good morning. i am senator smith joined by nicole petallides in laura simonetti. welcome to train a coming a first look at today's markets come the latest breaking news and what to expect that they had. sharp losses on the open after greece moves closer to a closer default on its debt and made exit from the hero. after the ecb declined to do climb forcing athens to shut down the financial system to keep the banks and collapse. click prime minister alexis tsipras announced invincible remained closed for six days. capital controls have been in the stock market is also close today. this is a rapidly changing story.
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it has broad implications for the world financial markets and for investors. live for us now, ashley webster from athens at the very latest. what is the latest there. reporter: good morning to you, sandra. just after made day in athens and for all intents and purposes it's a normal workday. let's be honest, it is anything but normal. all banks across greece are closed and the most anyone can take at a 60 euros. a daily limit of 60 euros is about 66 u.s. dollars a day. i would point out tourists are growing on foreign banks said they can take out as much money as they want. things will be closed at least the next six days. the athens stock exchange closed today and for the rest of the week. by the way, we assume online from atms but not today. anyone who needed to get cash
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knew what was coming and hats. i was told that maybe 40% of atms right now actually have any cash anyway. i tried to get cash out of a couple atms and never shut down not working anyway. the big question is what happens next. the next big event due to the international monetary fund tomorrow ride about $1.8 billion increase this of the money to make the payment. technically default. there is going to be some last-minute scrambling here. we understand the european commission may have another offer for the greek leaders to consider. we will keep an eye not that the meantime meantime the clock is ticking and the prime minister tsipras is calling for composure and patients, both of which is asked in a tall order. they are running out, sandra. sandra: what does the future look like for alexis tsipras at
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this point? we are waiting for a news conference later today. what is the feeling on the ground about his future in the country? reporter: well, he's taken a huge gamble. he's been a strange thing by asking the great people to say yes or no to wallop the antiauthority measures demanded by the european creditors. he asked for the referendum and has been campaigning against the same great people should vote no. the latest polls suggest the great people will say gas, which brings about the question of his political future. if greece says we will take the assertive measures multiparty and tsipras has been campaigning against measures, will put his political future in jeopardy, do it then face the prospect of great collections. it's a huge gamble, neither side blinking. he still has other people who say he represents the pride of
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race, but others who say we want to stay in the eurozone and this is plain that their future. we don't want to imagine what it would be like outside the eurozone. sandra: ashley, nicole petallides here. 40% of the banks of that cash when he tried again a 60 euro. medicine running outcome of food on the shelves. are you seeing that kind of worry building at? reporter: now, it sounds like panic on the streets. not at all. the areas that we've been just full of tourists. the day don't have -- there's not a sense of panic that goal. almost a sense of resignation after he concerned about the future and their money of course. they have to pay bills. they have to buy gas. they have to buy food. there is certainly that concern but they are waiting to see what happens in a bonus that confers
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the referendum next sunday which they believe is whether to stay in the eurozone are not. the greek leaders say that is not the referendum. the great people as a whole say we can't live under these measures you are demanding. sandra: thanks. ashley webster will be live all i were in athens and all day on the fox news network. thank you so much. see you in a few minutes. financial turmoil increased battle in global markets. first look at shanghai. this has been a rapid decline. it has fallen more than 3% in the latest trading session. this comes after beijing cut interest rates. the shanghai is officially in bear market territory, meaning it sold 20% from its recent highs. the rest of asia also started up the week lower with declines across the board. drops in the nikkei, hang seng and singapore index.
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in europe come of drops of more than 3% have been seen overnight. the cac and france still at 3%. the attacks in germany as we speak now down more than 3%. significant losses overseas. you don't stock futures on the open on the monday morning light i announced that features off more than a full percent botanical% across the board. and then you'd see in this u.s. treasury sharply higher. look at the yield on the tenure now at at 2.35%. we've also seen a lot of the tip of the sbc all this play out in greece in the commodities markets. oil prices significantly down 2.1%. below the $60 mark, gold is also seen some of the safe haven by an alternative to the dollar store to buy gold at 1178.
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currency market. a lot of back to be here. as you see most global currencies are down against the u.s. dollar as we kick off this fashion a lot happening in trading around the globe. join us for reaction to the greek situation is james situation is james foley, senior currency analyst. she joins us by phone. thank you. what is the latest in trading day you see over there? how is the market observing all of this turmoil coming out of greece? >> the european is very interesting this morning. for instance, if you go back to the asian session, we did see cap slower the value of the euro, but some of those losses have been separated. the euro has been bit higher as they've gone through the european morning. we see that also in the bird market with volatility and other peripheral by gis in europe. but it also seems liquidity is relatively dead.
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a lot of positioning time ahead of this event at the weekend and it seems the liquidity is perhaps too early to say that the market is panicking. it is quite possible to europe has moved the backend for riskier assets into core european assets. even so, the bungee is against the market that is not panicking yet. this is a very fluid situation and certainly boost the markets in europe today certainly have been chunky. laura: this is transfixed in new york. we had some issue at the start of trading this morning. have you seen any of that?
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>> again, this is a real concern about contagion. the markets that are most vulnerable to contagions, generally the ones with the higher levels of debt and perhaps bigger amounts of budget deficits. italy, portugal would be counted with them. a lot of focus right now on how the markets are faring. once again, the movements we have seen don't seem to be driven by huge amounts of flow. it seems that there are some pressures, but it's difficult to say there is panic in europe right now. sandra: still a lot of time here in decisions to be made. thank you for joining us this morning. >> thank you. sandra: i do want to update you on the great tenure. a shot at 367 basis points. we are a 14.5% right now. italian, spanish and portuguese fields also up sharply in early trading. investors, particularly hedge funds have a lot riding on the
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future when markets reopen. nicole, you have the latest on that. nicole: talking about investments in greece and some of the big names in the hedge fund industry. "new york times" saying david einhorn, john paulson collectively poured more than $11 billion into greek government owns. bands products, large other types of investments, construction, energy, water. einhorn and paulson have lost considerable. wilbur ross. he spoke about this. they have a large stake in your opinion. panicky depositors pull an estimated 1 billion euros from the bank system over the weekend, stashing cash in their houses. some people have been doing this since 2012. people who have been feverishly
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taking money out of the bank and now even trading there for bags of gold coins, trying to make do in a very difficult situation. sandra: a lot of been seeing weakness in trading in europe this morning as well. thank you very much. greece not the only headlines today. other headlines in today's edition of "the wall street journal." u.s. intelligence agencies believe there is a strong possibility the assad regime will use chemical weapons on a large scale a large scale of islamist fighters threatened strongholds. morgan stanley raised new bond trading push after years of rationing back trading operations in favor of more stable businesses. morgan stanley is quietly plotting a comeback pushing for more fixed income trading business. among lenders suffer competition for banks. on my syntax companies and to displace banks aspects of consumer business funding capture imaginations of investors. coming up we will keep you
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up-to-date on every detail coming out of greece and europe in general including the three things you need to watch as the crisis unfolds. global stock markets rocked by greek turmoil. checking your stocks index futures and the overnight sessions in significant losses to report although we've come while off the futures of 176 points as they kick off the monday session. you are watching "fbn:am," your first look at morning markets and lots of breaking news. ♪
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sandra: busy morning. all about greece for global investors stay. financial turmoil in the global stock market. a look at the shanghai index
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more than 3% after beijing cut interest rates to a record low. the shanghai officially in a bear market, then 20%. and asia the rest of the markets were also down. taking a look at europe waiting heavily the uncertainty in greece on the european markets. the ftse off 1.5%. the cac at 3%, textiles 3%. u.s. stock market futures down. a loss of 178 points to kick off the session. overnight they been down 250 points, while off the lows. there's the guilt on the tenure, 2.34%. lots of volatility over as well. the investors buying the u.s. bond market. what you need to watch as the great crisis continues to unfold. lauren, you watch all aspects but what in particular now.
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nicole: fewer things the enlisted focusing on first and next steps for the ecb. they placed a cap. they place the cap emergency liquidity to prop up greek banks has depositors withdraw money. the second thing is the politics. deutsche bank says watch the word in sunday's referendum. greece government has said there'd be a vote on their 30 package offered by creditors rather than membership of the common currency. what were the creditors actually do? are you so default on the payment owed to mark the payment of tomorrow come the payment of tomorrow come the same day of bailout deal expires. deutsch says the question is whether creditors will pile on the pressure or will they be willing to negotiate. we have to see. sandra: thank you. financial turmoil in greece rocks global stock markets around the world. all this uncertainty checking u.s. stock futures.
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dow futures up 195 points. s&p and nasdaq futures. your first look at morning markets and breaking news. you are looking at two airplane fuel gauges. can you spot the difference? no? you can't see that? alright, let's take a look. the one on the right just used 1% less fuel than the one on the left. now, to an airline, a 1% difference could save enough fuel to power hundreds of flights around the world. hey, look at that. pyramids. so you see, two things that are exactly the same have never been more different. ge software. get connected. get insights. get optimized.
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sandra: breaking news this morning. financial turmoil battle in global markets. u.s. stock futures sharply ahead of the opening bell. dow futures down over 260 points overnight now down 186. a live report from athens as the greek central bank closes banks have limits that draws from atms. greece now facing default on a $1.8 billion payment to the imf. in china the central bank cutting interest rates in an attempt to cut losses in chinese
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stocks. it didn't work is panic investors sent stocks down 3% in overnight trading. live report from beijing. good morning and samba smith joined by laura simonetti and nicole petallides. welcome to train a camera first look at breaking news on what to expect for the day ahead. greece closing its banks imposing capital controls at the most closer to potential default on a debt and possible exit from the euro. athens taken action to stop the flow of money of greek banks and put pressure on creditors to offer concessions before bailout program expires tomorrow. greek banks closed for six days in cash with draws i restrict dead and the athens stock market exchange also close today. while following a decision by greek trade minister alexis tsipras to call a referendum on proposal or greek reforms in exchange for bailout funds. i want to get you caught up in
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global market action because there's a lot at this hour. european stocks sink in. the cac, tax, up 2.3% each. the ftse amounted 1.6%. big selloff in europe and the glasses here at home as well. stock index futures off 185. s&p down 122. nasdaq futures down 50. losses of more than a full percent. safety happening as we see investors buying u.s. treasuries they are living sharply higher with the yield now at 2.35%. joining us now with reaction to the greek situation as catherine books, research to back their joins us by phone. good morning to you. >> good morning. sandra: what is the latest you see them here across the pond? >> race may be off the debt relief program in the european commission that actually seems to soothe markets a little bit.
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particularly with the euro recouping from earlier losses. we will be watching for headlines if the data has been given some stage. that stage. back at healthy appetite today. laura: this is laura simonetti and new york. it seems like investors are so full of anxiety and are just fed up with talking about reset this point. what are the point investors are at now? >> it is inevitable result have to go. but it's comforting investors as we haven't seen massive contagion. markets like portugal, italy, spain and the bosnians have been higher but nowhere near the same way we see in greece and they look fairly stable compared to what they did maybe two and a half years ago. nicole: kathleen, nicole petallides here. i know they've come off the lows
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in the morning, but you see stocks to the downside. what is the bigger picture? we will be watching emerging markets and see if this has the global effect. are there any talks on the table about deciding whether or not this becomes the wild card for rate hikes that are expected later this year. >> but to really get going. we've got to remember the ecb is on a program the federal reserve has some stocks especially in the world and if the federal reserve remains in a cautious start like we heard back in june, the market can do really well. sandra: thank you for joining us this morning. we've got to get and agree setting the asian markets at the latest to the latest week at a business reporter tracey chang in beijing. tracey is a reporter for chinese state television. good morning. a lot of action. reporter: you are brave. last friday markets in the region. in china the interest rate are
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caused and failed by sentiment of the composite today at nearly 7%. still i'm in the day more than 3.3%. the weakness also drive the hong kong markets lower. the hang seng down about 2.6%. japanese stocks were weaker. investors they are that great could really default on its debt. the nikkei down 2.9% in south korea the cost be also a one-month low about 1.4% with index heavyweight lg electronics tanking on earnings. back to you. sandra: was feeling a little bit. financial turmoil spills over the global stock markets. stock prices set to open slightly lower this morning. check in on u.s. stock index
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futures, the dow sinking triple digits in overnight trading off 192 points. s&p at 23. you are watching "fbn:am" coming your first look at morning markets and breaking news. stay right there. ♪ ♪ ♪ (charge music) you wouldn't hire an organist without hearing them first. charge! so why would you invest without checking brokercheck? check your broker with brokercheck.
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sandra: good monday morning. we are live for you. shockwave sent through financial markets this morning. we are watching all the latest. and asia, the rest of the market down there as well. significant losses across the board. in europe, stocks weighing heavily in the face of all this turmoil and uncertainty out of greece. the ftse up 2%, but the cac and asked each sinking more than 3%. u.s. stock index futures still pointing to big losses on the opening bell. dow futures up 189 points. a flight to safety since investors to u.s. treasury. we see the sharply higher while the yield while the other set to .33%. what do you need to watch in the midst of the great crisis? boring, you are watching all of this. lauren: if you look at deutsche
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bank, three things they focus on. the next steps for the ecb. they placed a cap as provided to prop up great banks as depositors race to withdraw their money. the second thing is the politics of all this. deutsche bank says botched the word in the next sunday's referendum. greece's government is that a vote on the asserted package offered by creditors rather than membership of the common current fee. third, what do the creditors have to do? reese will default on the pavement tomorrow the same day the bill it expires. the question is whether greece is creditors will pile in the pressure or will they be willing to negotiate. tomorrow is a key day. also july 20th in greece must repay to the ecb. they've got more big payments coming up. >> i was always the bigger issue. people talk about the fact they default to the imf in the ecb
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payment was front and center. the other thing we want just how the u.s. dollar strengthens on the heels of all of this and that is something front and center as well. the latest comment as well saying he wants greece to remain in the europe been adamant about that. ready to restart peace talks and of course we are waiting on a news conference from the prime minister, alexis tsipras this morning. >> the u.s. state of alabama has 2% gdp in the eurozone, dataset. it took contagion that we are so worried about right now. tree into global investors have been wracked by the data. things are now closed for six days in the central bank imposing limits on how much greece can pull out at the atm machines. stocks on wall street set to open sharply lower this morning as the crisis unfolds in greece. checking in on stock u.s. futures, dow futures up 185. you were watching "fbn:am," your
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first look at morning markets and breaking news. ♪
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sandra: breaking news on this monday morning. financial turmoil grace battle in global markets. u.s. stock futures -- or if they had at the opening bell on wall street. dow futures off 260 points overnight. they have since come a significant losses now down 186. a live report from athens as the greek central bank closes banks and limits withdraws from atms. resist an assault on a $1.8 billion payment to the imf. in china, central bank cut in interest rates to record low in an attempt to cut losses in chinese stocks but it didn't work as panicked investors send cheney stop market down 3%. good morning. i am sandra smith joined by lauren simonetti in nicole
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petallides welcome to "fbn:am," your first look at the latest breaking news and what to expect in the day ahead. on wall street, racing for sharp losses at the open after christmas closer to a potential default on its debt and a possible exit for the euro after the european central bank declined to expand an emergency loan program for some napkins to shut down the financial system to keep the banks from collapse. greek prime minister alexis tsipras announcing banks will remain closed. capital controls imposed in the stock market also close today. rapidly changing serves broad implications for the world's financial markets and investors. french president saying he wants greece to remain -- to return to the negotiating table and he wanted to remain remain in the euro. those are the latest comments the latest common set of frames. ashley webster joining us live from athens with the latest development they are.
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ashley. reporter: yeah, good morning, sandra. it's been interesting within talking about the greek debt crisis for five years now. i think it really is a crisis now. they're kind of getting to the hand came. for the european creditors come up with some sort of deal. they are holding the line. they want tax hikes. they want to expand it raised in sales taxes to include medicines and electricity, the types of things the great leaders have said no way, we will not accept it. our economy has trumped and unemployment is above 20%. we will not do it. we'll put it to the greek people in the referendum next sunday. in the meantime, the greeks make a payment close to $1.8 billion tomorrow to the imf. they don't have the money to do it and are likely to default unless a last-minute deal can do. in the meantime, banks are
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running out of money. rick banks closed for the next six days. the stock exchange did not disclose today will remain closed for the rest of the week with a liquidity in the system and the great people able to take out 60 euros a day and $66 to prevent money out of the great banks. they also told to rest for your open for business. when the germanic. we're beautiful country. he may have trouble getting enough cash. tourists are told to bring cash with you and keep it in the hotel safe while you are here visiting. a lot of different issues. will he deal get done at the last decade. this point seems unlikely, but principal leaders talk a good game. the clock is ticking, sandra. nicole: nicole petallides here. the people in greece have been a painful this time. tourists by the way don't have the same capital control.
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but there they were put into place too soon. there isn't even a deal yet. it's interesting how the ripple effects will go across europe despite the fact we see greece in the euro zone. >> the big concern of the ripple effect as the poor free economy of the other weaker economies within europe. talking about this in portugal and italy with the bond deals in the country is also moving higher in reaction to what is going on in greece. greece's 2% of the eurozone economy but the implications dropping out are quite immense because they raise the questions that these other countries and other political leaders, namely german champ or angela merkel, a huge defeat if greece does drop out of the euro zone even the germans say greece would probably drop out of the euro zone for chancellor merkel to be a huge, huge defeat. >> ashley webster, thank you so
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much. joining us live where we'll see more later on. more for reaction to the greek situation is chris beauchamp, market analyst at ag in london. he joins us by phone. chris, thank you. what are we supposed to expect as these business days start in the united states as we see markets in europe. there is risk of contagion, fears out there that nothing is going to get done. what is the latest you are seeing and how investors play this one? >> at morning. we see the expected reaction to what we heard over the weekend. the market already weakening the euro stock indices in europe. clamoring off the low. we expect the uss love and wouldn't be surprised to see a relief rally coming out of europe this morning. even now the late our hopes for a deal with the spanish prime minister. the germans talking to greeks. you would never know.
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they might pull this one out of the bag at the last second. they are taking it down to the wire. sandra: the markets are concerned. there's so much uncertainty about a lot of talk we will be still facing the same problems and greece a year from now, five years from now. how the markets already priced in a possible exit for greece here from the euro zone? >> i don't think they fully have. you see the reaction as they still believe they will be done. they don't consider the possibility we have a sudden greek accent. of course there is the risk of a sudden greek accent. a very nasty reaction across the board in u.s. markets. sandra: chris beauchamp, thank you for joining us this morning. a look at headlines in today's edition of "the wall street journal." assad -- agencies believe a
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strong possibility the machine will use chemical weapons on a large scale of islamist fighters threatened government strongholds. morgan stanley raised new bond trading after years of rationing back trading operations in favor of more stable businesses. morgan stanley plotting a comeback pushing for more fixed income trading business. online lenders offer new competition for banks. online syntax companies and are displaced and many aspects of lending are capturing the imaginations of investors. this morning one of the convicted killers who escaped from an upstate new york prison is now listed in critical condition. authorities say david sweatt was shot twice by a state trooper near the canadian border. this is a partner was also shot and killed on friday. don't miss maria bartiromo's interview with new york governor eric cuomo this morning at 8:00 a.m. eastern time on "mornings with maria."
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nasa calling it a tough day for the space agency astronaut no-space rocket broke apart minutes after launch. the rocket headed for the international space station yesterday with a cargo of supplies including the first of its kind docking port. the second consecutive failure to ship in to the space station in in the third in eight months. the loss. the loss of the rocket. the loss of the rocket is a huge setback for nasa counting on private industry to transport cargo and eventually astronauts to the space station. coming up on this breaking this morning, greece shaken global stock markets. with a run down the global market reaction to stocks to open sharply lower on the surprising capital controls imposed in greece. checking in on stocks index futures this morning, dow futures off 171 points. you are watching "fbn:am," your first look at morning markets and lots of breaking news this morning. ♪
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sandra: a sea of red and global financial markets is to kick off monday come agree shutting banks and facing default on $1.8 billion it owes to the imf. in asia and the rest of the markets down as well. in europe, stocks are seen significant losses. nearly 3.5% on the cac and rants, dax and germany down 1%. u.s. futures down 177-point. the federal reserve say and a september rate hike is very much in play.
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something to point out as the market continues to anticipate when the first rate hike will be in the united states by the federal reserve. those comments coming out early morning. investors, hedge funds with a lot riding on the financial futures and markets reopen the call has the latest. nicole: big names in the hedge fund industry put their name right in saying david einhorn, bring the capital, john paulson have poured in $11 billion into government arms of 14.5%. investment, construction ,-com,-com ma energy, including banks obviously. einhorn and paulson have invested and lost considerable sums. a large stake in euro banks, one of raises for many banks. panicking depositors pulling out 1 billion euros from the system over the weekend if they can get the cash. stashing cash in their home.
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some even exchange the money for bags of gold coin. what we will be watching at home and we talk about big investors obviously wilbur ross made a lot of ink of ireland. she read home we will be watching a strong dollar, on lives and futures on 1.5% overnight, down 1% now. the near term will be coming up off the boat. sandra: nicole, thank you very much. you might've missed sports last night. the p.j. travelers championship for the second time a sink and a made for her deprived on the second playoff hole. the final round for a 16 under total through regulation. wimbledon starts today. serena williams at number one. both in action today. rafael mcdonnell is seeded
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10th. the soccer team getting ready for tomorrow night's match against germany cms they advance over china. plus get a look at germany forecast with fox meteorologist maria molina. reporter: good morning, sandra and everybody at home. several areas of severe storms watching across parts of the midwest and into the ohio valley and areas further west of across the parts of the rocky. concentrating across kentucky and ohio became a stronger risk for turning us this afternoon and evening. otherwise tomorrow a large storm system will move eastward and we will see the risk for showers and storms across parts of the eastern u.s. high temperatures today aren't as bad compared to last week across parts of the u.s. the southeast high temperatures forecast in the mid-80s only in the 70s in the great lakes
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are not bad at all, especially this time of the year. further west we have problems of temperatures, portions of montana, triple digit heat and portions of utah and idaho and further south across parts of the southwest. sandra, over to you. sandra: busy morning. we will handed over to maria bartiromo. stay with us. rence: that little blue thingy. you see it? that's a sensor. using ge software, the light can react to its environment- getting brighter only when it's needed. in a night, it saves a little energy. but, in a year it saves a lot. and the other street? it's been burning energy all night. for frank. frank's a cat. now, two things that are exactly the same, have never been more different. ge software. get connected. get insights. get optimized.
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sandra: a final look at the markets in the 5:00 hour. the greek situation continues to play out. a calm setting but dow futures ahead to 16 the overnight session now up 170 points still pointed to significant selloff on the open of wall street a little bit for now.
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let's bring in maria bartiromo is to get ready to hand things over. take a look at this. chief economic adviser freelance just how serious the situation in greece says the same tragically greece will experience horrid economic financial political and social cause of a sudden thought. hard to avoid that can be countered. maria, later this morning everything you need to no one but you need to hear after all this action to see what actions might be taken to prevent this from spreading to other countries. that is a big question everyone is asking this morning. maria: the question is if we see a sharp selloff in europe, where does the money go? it becomes a safe haven in all of this. thank you so much. we are beginning with breaking news out of greece. banks are closed this morning as the government orders lenders
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for six days. the greek central banks now issue controls to prevent running out of the country. european central bank yesterday basically putting a limit on any more money. the financial leaders to expand the lifeline of five sustaining greek banks up until now. we get reports that atms are being empties as nervous depositors pull money out. they are only allowed to take money out for those people. here's what that means to u.s. markets. expecting a sharp selloff this morning. also the lowest of the day. we have to wonder where the money goes once people sell it. they were looking into jobs numbers coming out of the big. the end of the second half. take a look to u.s. futures over opening preview about the second half of the click.
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in the asian market down in new york's down near 1.5% in monday. interest rate cuts by china's central bank with the shanghai composite closed in the bear market territory. 40 to 53, down 3.3%. but to me this hour, tony on fox business dagen mcdowell. lots to get to this morning. more of the greek banking crisis and what it looks like. bring in ashley webster standing by in athens right now with the very latest. good morning to you. what does it feel like on the ground today. reporter: good morning to you, maria. a relative calm here in athens. 1:00 in the afternoon running around this morning. all of the banks are closed and will be the next six days. the stock exchange today will likely be closed for the rest of the weekend

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