The First Look - Joanna Ossinger, Bloomberg News

Good morning and welcome to the financial exchange in. Got to tell ya it's gonna be one of those weeks I decided June I've got to stop watching Bloomberg television on Sunday night because. They keep given me to head -- last night. Go to bed at 93010 o'clock in the futures are roughly three collections are in that things are looking pretty -- and thinking to myself oh we're gonna have a good week on Wall Street. And some of it on the futures are down. Carrier finance guy money guy -- know that these things happen it's it's a roller coaster ride this world and catcher and you live in a bit a lot of us live in right. Can't count on it we had a good. Week last week though when you look retrospectively. The Dow was up 212 points last week the NASDAQ up fourteen points in the S&P was up seventeen so. Year to date all the indexes are sitting in positive territory it's been a good year thus far. But today June I would suggest that the market is an open in negative territory correct. Yes we've got the Dow down 69 points as we speak -- S&P 500 down six NASDAQ futures down six oil is even trading down a dollar 23. To 8280. The ten -- US treasuries down slightly to one point 57. And you've got gold also trading down believe or not six dollars eighty cents its holding. At 1621. All right well let's get an interpretation as to the world events from -- -- singer Bloomberg television in New York Joanna welcome to the show Daria Dolan. Pretty good thanks happy Monday. Happy Monday looks like it's it this is again they're related to what's going on in Europe or their other extraneous factors causing the market to decline this morning. This is mostly on Europe everyone is bidding up the markets last week on expectations that the European crisis would be resolved this weekend and and it is there were some bright -- creek -- elected government that more pro working with the EU as opposed to one that. That would want to get. But it is it's still acute issues that -- -- -- has climbed to a record. And then we had them -- the marginal news from China about they're home values based Allan stick before except in these cities tracked by the government may. Let's talk about that as yet that that is an indication. That China is -- housing bubble is a non and it's starting to did decline housing prices. Because this isn't the first report that we got the same or similar reports this last month that -- We did and across China is trying to curb the housing market because this specially in the bigger cities. They got home prices were just going higher and higher as he had these billionaires sitting on on housing. It. There is also bubble early in the commercial property market there and they've just. They have all these buildings that. -- just sitting empty and yes tied it doesn't necessarily have to report and it did and actually report as. There early is the US I think they've been trying to waited out but that the banning it in for a seventy cities price declines but. Quite alive. Would it would wheel housing bubble look like do we have it is it possible to estimate just how over inflated their housing market is I mean here in the United States I think we saw. Maybe 35 to 40% decline. In housing prices during a 78 year period of time winner what are the expectations in China are they gonna have a decline of that magnitude. Because it and it is some of those that are actually trying to ease up a little bit because they don't want the prices to go up so much so. Some of this is -- it trying to manage it weighed down from an elevated level and and do it. Calmly and there's some people are saying -- Netflix placated that would like a great it looks like they've done it just right so. This could be a good thing but it is it any tiny got a decline like that you got to worry that it's. It it's going to go down a lot faster and and it and things just went up so quickly there that he you can get a big decline again at 30% 50%. -- at all. You know we we're getting our own housing data here. Tomorrow right we're getting housing starts and building permits tomorrow. We are. So it that would be data from -- and we're expected to have its 721000. Housing starts vs prior. 1171000. There are expected to get a little more growth and from April. Building -- expected to be up a little bit too. So people are are expecting housing to be better of course it's also receive little thing where you had hoped that it would be getting better and may have to get -- today that construction season. All right well Joanna thank you very much for your time sure appreciate it. I thought all right that's two -- our singer joining us from Bloomberg in New York today.