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This is this Imus in the morning.
-- -- -- -- -- -- -- things -- with a look at the markets we're seeing a sell -- around the world in Europe stocks are down sharply and have been all day.
London's currently down 129 almost 130 their -- is down 88 and Frankfurt's down to 32.
Here in the US are also seeing red -- across the board Dow futures down triple digits almost down 200 there.
The S&P is down about 25 in the nasdaq's down about 48.
The selling comes after Morgan Stanley slashed its global growth forecast for the year the bank says the global economy is quote dangerously close to a recession.
And take a look at gold its surging this morning investors are flocking to that safe haven.
And right now it is above 18100 dollars an ounce.
Here with more on what to expect from today's trading day let's go to -- -- who joins us by phone call are we going to see some of that heavy selling that we saw last week.
A good morning and good morning everybody will certainly into doubt -- pointed at 200.
Lot of not a good way to start the day right -- that after yesterday.
Where it was one of those eight with traders come in and they stay at least it is that -- white shirt but they'll be completely a particular be the volatility accurate.
At the -- -- -- -- speed that will 48.
Eight put into effect where where the specialists can open talks quickly without having to post indication that -- BP and steady selling at the open on the heels.
And help put more panic and doubt -- cut their global -- act proposed that -- and act out.
-- -- mean that will continue to watch Bank of America partly that and eighty.
The market on murdered at that He had to have let it stop it -- that doubts about the banks will be on the -- yesterday at an -- But that today nightly look it but I don't know that that 800 -- pressure also experienced at the -- -- -- yesterday Abercrombie -- you talked about on.
Certainty and -- it.
-- -- -- -- -- It easier putting it in order though that's not good news -- me magic -- -- at it they have copied altered copy camp.
Packs that eight a wider at some point they were Paper right now the pressure is our -- -- there.
Open it sort of very -- -- Thanks so called contributing to that busy open will be some economic data that we're gonna be getting in and at the bottom of the hour.
The latest reading on weekly jobless claims expected to hit 400000.
That would be a slight gain from the previous week when claims fell below the 400000 mark.
For the first time in months we'll also get a report on retail inflation the consumer price in index price index rather is expected to rise two tenths of a percent.
And the core index which excludes volatile food and energy prices.
Is also estimated to be up to ten so those numbers should take a toll on markets at least here in the US we'll be keeping an eye on that.
Bank shares are also for all falling this morning especially European banks.
That might have something to do with the report from the Wall Street Journal -- says regulators are meeting with the US divisions of European banks.
The New York Fed's trying to get an idea of how much cash those banks have on hand.
Regulators are concerned the European debt crisis could spread to the US banking system and that those European banks will have trouble funding loans here in the US.
The Justice Department meanwhile is investigating Standard and -- over mortgage ratings.
According to the New York Times the agency is looking to see whether S&P improperly rated mortgage securities in the years.
Leading up to the financial crisis the DO days asking about instances when analyst one -- suicide and lower ratings to the bonds.
But may have been overruled by business managers.
Here's a look at oil prices now they're down more -- two dollars hovering around 85 dollars a barrel.
Coming up later this hour -- is -- -- -- musician an author Kinky Friedman Imus in the morning continues right now on Fox Business giving you the power to prosper.
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