Ahead of another summit in brussels. The Commission President putting it on greece to come up with a new proposal but no deal is expected today. Samsungs new normal. The south korean phone maker delivers another quarter of week earnings and challenges from elliott adding to the groups problems. Heres whats coming up on tuesdays show. This 42 Million Pound mansion is decked out with a gym, movie theater, and Swimming Pool but how easy is it to find a buyer . We found out later. Plus is a july rate hike back on the table . Find out why starbucks latest move is brewing some rumors and another bump in the road from ubers expansion plans. We have the details on the latest city fighting the taxi app. Lets have a look at oil prices. Brent and wti steadying after trading at the highest levels for quite sometime. Lets discuss that straight at the top. Interesting couple of factors. Yesterday was a generally risk off today. But stats out of opec as well as iran developments. What was the biggest factor for you . A lot of it come do you understand to positioning. Remember that big spike in the month of april. A lot of people say it was driven by hedge funds. By macro hedge funds which were buying oil because they wanted to hedge themselves against the yields. That was the story we saw in april. Maybe this is a big reversal in terms of positions but i put the question out to petro matrix and they responded oil price versus to worry more about it iranter than grexit. We have known about iran oil coming back online. The potential impact on supplydemand equation so the fact that the market is reacting this much is some what interesting. Its also interesting to see that it seems like out of all Asset Classes we saw the biggest reaction to the greek vote in the commodity market. Oil prices moving down 8 . A lot having to do with the stronger dollar and weaker euro. But if we bring in the data on opec reports coming that it was the highest monthly level since august 2012 coming out of opec production levels. Thats the biggest factor and it was a really outsize correction but since march we have been relatively steady at those level which is were a marked improvement from the march lows and yes this is a really surprising level of correction but they have been holding there and lots of bad news out of the marketplace and thats where we had it. Thats why were seeing the oil and gas sector being the worst decliner. Big declines yesterday. We want to hear from you on this. What do you think caused the sharp declines in the price of oil yesterday. Get in touch with us by email or via twitter cnbcwex. The pressure is increasing on china after stocks fell in the red despite stimulus measures over the weekend. Comments have been cited for the negative sentiment. He avoided any mention of the stock market volatility itself. Shanghai has seen a major sell off over the last three weeks with stocks shedding over 25 . Meanwhile, more than 200 chinese publicly traded companies were halted for trading today according to state media. Thats in a move to protect themselves from the stock market volatility. Lets check in on how markets are doing now. I get the sense the more theyre doing the less it helps. Yes. I would argue the same. It was always going to be marginal shortterm in nature and let me explain why. In terms of the overall impact were talking about 120 billion. Thats the sum beijing mandated the brokerages to buy back in terms of the market shares and average turnover last friday being case and point, 650 billion. So this is the proverbial drop in the bucket. Its only really going to have an impact on the margins. Today was case and point. It hasnt really vanquished the volatility in the market. Weve seen another session today on equities. A very mild intraday swings. We were down by well over 5 . Degree of stabilization at the close but still negative at the close. There was some buying off the index. Some evidence of bargain hunting but it wasnt enough at the end of the day. Elsewhere in asia it was a reasonably robust day. Strong gains in australia and strong gains on the nikkei as well and thats imemblematic that contagion risk is limited. Many dont think its likely that well see a domino effect ripple through the rest of the peripherals in europe. Back to you now. Thank you for that. Joining us now is tim from harris capital associates. All eyes on this extraordinary sell off over the last three weeks despite various stimulus measures. I wonder if theres similar fears to be had in the economy itself. If they are thats much more than Global Markets. Im delighted to see that chinese policy makers arent saying anything about stock markets or trying to second guess them. Thats good. Actions do speak louder than words and weve seen explicit actions in terms of reserve requirements for the banks and Interest Rate policy and improving liquidity for the markets and in particular lending or margin requirements. If you stood back and said well this market is a very volatile market. What happened to it last year is roughly 100 . So it is in that context. Having said that its the last man in who is the guy thats getting very hurt and this is what policy makers care about. Somebody comes in and decides they have a trading account and love these markets and theyre getting burned so the margin lending requirements are very important here. If real people start getting hurt and this is confined to the cities and people that want to play in the market. Not all of them have the capital to play in the market and if that does spill over then its the next big challenge for policy markets. I dont think its quite the inflation scale weve had or real estate issues weve had but at a time when china is trying to shift to this path of sustaining growth somewhere near 7 if not at 7 this is unacceptful. The problem is really timing the mark and calling the top and the bottom. Im not going to ask you where we are in terms of the china markets but the problem is only a quarter of the margin buyers so far have been pushed out. That would tell you deleveraging is here to stay. The question is how long. A lot of folks are going home thinking one more bad day because its the animal spirits becoming bare market behavior. Thats how these things rollover. Look outside the china market where the hang seng trade, Global Markets, were talking about 11 or 12 times forward earnings and these are the red chip stocks so those companies which we all know as international investors, these companies we think are stable. When you talk about 200 shares on the local market being suspended from one day to the next we have to wonder what they are and what animal spirits lead investors into them this is where people are getting hurt. It does blow up. We have to look carefully at that. People will be tipped over from one day to another. If it blows into a macro story then it becomes a bigger issue but thats why these issues of liquidity and the margin lending support are coming in and chinese authorities acting. A lot of talk about when it pertains to china. Now speaking of china, technical analysts say theres about to be a big change in the direction for chinese stocks. To find out how and see the charts head to cnbc. Com but lets get a look at how european stocks are trading. Were one hour and 10 minutes into the trading session on this tuesday. Yesterday we saw the big sell off. By big we mean in no way panicy or disorderly but a sell off in the tune of 1. 2 but were bouncing back a little bit. Higher by 0. 2 . The individual markets are looking like this. The ftse 100 slightly under water and this is in part because oil and gas is putting pressure on that index given the big drop in oil prices overnight. The cac 40 just holding on to the flat line. In terms of the bond market we saw u. S. Ten year yields at a two week low in yesterdays trading session on the back of the greek news but its interesting that bunds didnt do too much. At 72 basis points and italian yield at 2. 33 . Nowhere close to the 3 levels that the ecb would find stressing. In terms of the currency markets, were seeing slight weakness in the euro dollar pair. Were currently back below the 110 handle. Were lower by 0. 6 and also keep an eye out for cable 15533 ahead of manufacturing and industrial output data. Still to come on the show hes a sharp tongued politician that had enough of the euro and austerity. After the break we hear from grillo on why he thinks a grexit is the only option. Worldwide exchange is back in two. Its up to greece to explain how the crisis can be resolved. This is a message from the european Commission President echoing comments from Angela Merkel last night. He tempered expectations for a deal today and urged the greek government to tone down its rhetoric. What can we expect from todays meeting . Lets jet out to jeff live in brussels. Good morning to you. Expectations are rock bottom here but maybe thats the point. Maybe if you set the barlow enough any progress in talks may be seen as a positive given the frankly cold atmosphere that exists as we come into these discussions. Euro zone leaders are not happy about the referendum. Jeanclaude juncker made that point this morning when he said the greeks were mislead. They voted on a policy proposal that no longer existed because the second Bailout Program already expired on the 30th of june. He also used his opportunity in parliament to say the greeks should stop shooting from the hip. They should stop the outbursts and stop calling the commission terrorists. So in this kind of atmosphere it is hard to see us seeing anything like a deal per se today or over the next few days. It remains to be seen what the greeks will turn up with. We know theres some desire here to see significant structural reform proposals but the greeks may want to put debt relief on the table and i dont think theres an appetite for that at all at this stage. Back to you. Im interested to hear if you think well get a deal today. The two sides were never close together in their reasoning in the first place and as far as i can see, hes the only man out there really supportive of reaching a deal. So surely were just back to square one. It antagonized things. It was a no. It wasnt a yes. I disagree to an extent. I think if you go back to that thursday where negotiations were taking place in the morning, it did seem if you believe in what we were told that we were only 600 Million Euros away from an agreement and the key Sticking Point was the taxization on the islands and the issues of pensions. So those were the stand out issues. It was a question of numbers and it did feel like we were do you remember that phrase . Inching toward a deal. That was one of the comments used by one of the Commission President s and it all fell apart and in the evening the hostile language began and suddenly we had the call for the referendum. I wonder if the greeks will try to take us back to that point and come back with that set of proposals where there seems to be room for progress. The problem theyll have is people feel bitter and bruised about the fact that the referendum took place at all and theres been a suggestion that the greeks will now have to do much better than the last set of proposals where there was almost a narrowing to the point where an agreement could be achieved. So we wait and we watch. But as i say, the backdrop to these discussions today does feel rather frosty. Back to you. Well frosty over here too. Jeff, thank you very much. Now over in athens incoming greek finance minister says he will seek a sustainable answer to the greek crisis as he prepares to attend his first euro group meeting. He resisted and says that this country deserve deserves more and we cannot accept an unsustainable solution. Ordinary people working people the middle class, those that lost their business said they want to trust a government that will bring us a sustainable solution. Some comments in studio i might not have gotten the pronunciation of that name right but jewel kwaulia i can say shes live in athens. Just to quickly follow on what jeff was saying. The numbers being thrown around 80 of the way there. Just 20 left to agree as far as the noises we were hearing from brussels a week ago. Just a few steps. They were the red lines, the pensions, the debt issue. But part of that negotiating team is now the finance minister. The belief is, look, they were trying hard to reach a deal as late as friday night. Can this man be crucial to the making of this deal. Im reserved about that because i believe hes more in line with yanis than other options he could have gone for but you were talking about the difficulty surrounding the as a result of this given the question. One man is grillo of the five Star Movement. He wants to see a referendum on the euro so more specific than what we got here in greece but i asked him because he was here this weekend to support tsipras, whether he believes its a turning point not just for greece but perhaps more broadly for the euro zone. Translator they cant find 1. 8 billion euros to save a country for default. What is europe if not for sharing and solidarity among difficulties. That must be shared. Everything must. Were squeezed within treaties signed by people mentally ill. They signed us up inside a blocked fiscal system. If you want to invest you cant. Municipalities have to default because they cant invest because the constitutions impose a balanced budget. The 3 debt to gdp ratio, spain, france, they exceeded it. Germany did too. That means its been rigged the last 20 years. Its a trick. Were inside this trick and we cant move. I know that you believe in power to the people but do you think this referendum actually helps greece get a better deal in europe or do you think theres still a risk that theyre actually forced or ultimately have to leave the euro zone . The question is quite difficult. In the shortterm the referendum will be a great sacrifice for greece but in the longterm well have these annoying alarms but this is normal. Were living in a time of panic. Alarms are normal just like the conversation of ours. While were talking someone is committing a robbery and robbery is at the center of global business. Robbing countries. How does greece come out of this . In the longterm theyll have to confront an exit from the euro. Would italy be better going back to the lira and greece be better going back to the drachma . Would they be better doing that now. Translator with Central Banks that have Exchange Rates under control the ecb could do that. Each one with its own currency with the ecb controlling fluctuates in the exchange rate. Im not a economist. I can tell you what they say. Theyre saying the system isnt working. Im saying it with my soul. I say it with the common sense of a comedian. Were dealing with a crazy state of mind. This isnt a Financial Economic situation. You have to look at the reality through the eyes of a psychiatrist. Grillo creating quite a few come mens on twitter after i posted this interview. He is a colorful character. People are saying he is a clown and comedian and he has extreme ideas but in italy his party is the second largest party. He gets almost 23 of the votes out there so in that case he is relevant also toward the idea of what this referendum showed us here. If you add his Party Support you get under 40 of the population pushing back on the idea of the euro. This is a very Important Message and issue on how creditors deal with greece and negotiations over the next two days. Back to you. Thank you for now. Lets discuss more with tim harris who is still with us on Worldwide Exchange. For me greece has been the Surprise Party that never ends. No one thought greece would miss the imf payment. They did. No one thought greece would vote no on sundays referendum. Well they did. Now theres a higher likelyhood of exiting the euro. Do you think it actually would happen . It should happen. Whether or not it will happen i dont think is an economic decision. The ecb looking to brussels and frankfurt for directions. How they manage the greek banks through the crisis in the shortterm so economic decisions are running secondary to the political might of the eu euro Area Management right now my feeling is whether greece is within or without the area you look at the issue of contagion and the extential debate. In my view what doesnt kill you makes you stronger and theres a whole bunch of folk across the euro area making sure that the ramparts, the wars of the core members of the euro area and im not just saying the core six, im talking about the 18 greece is welcome to join if they can play by the rules and get in there but Going Forward from here, if markets can get their heads around the fact that the euro area as a Monetary Union and were nowhere near a Political Union here if markets can get their heads around the fact that the issues of the euro area have been sured up in the longer term then we have a case for moving forward and markets can move positively. Doesnt it suggest that the contagion risk is contained . Well, well see. Theres so many flashpoints. Whats happening around some of the members, the markets are clearly pricing the worst case on greece right now. What is interesting is you look at bunds, do you remember ten year bund yields . Got down to 7 basis points and they have rallied. Were now trading 70 up now so were not quite seeing that dash for cash or safety weve seen earlier in the summer so its almost as if its almost like trying to repair a bad marriage. Youre thinking what comes after this. Sometimes you have to say hey, you know. I agree that this is a political decision and not an economic one as to whether or not we get a deal or not but on the political front can a lot of the National Leaders that will all have to approve a new deal can they survive domestically . In germany we had gabriel also change his tune. If they now cave in to greece this time around do they just lose all support back home . Well his agenda is a very personal domestic one. He has two years to repair his form and personality and position in french politics and he has taken unique position among europe and the germans are standing full square among each other. Youll find core europe the economically strong members of the eun ron are goin