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What's Behind Euro Market Drop?

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    Louise Cooper of BGC Partners on what is causing European markets to fall.

  • Duration 3:56
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Let's start in Europe with those big drops and see what's behind at least Cooper joins us live BGC partners live from the trading floor in London boy it is an ugly start to the -- I feel I'm dressed appropriately rarely have I read shuts right red -- -- exactly yes.

As you said the tax down two and a half percent -- down two point 1%.

And here in the UK -- down one point 7% now about 11 that bit percent to fat leave you just catch up from the US.

The US market fell yesterday off to Europe and clients a little bit of that catch up a little bit of that is the fact that US market is expected to tighten about point six point 7% -- The moment.

But as you know it's -- -- that would help states and school at one affecting him in the UK.

Just a couple of last time and that is really gonna -- the -- and fool the markets today for the rest of today.

We're heading in it here in the United States can raise as you know it's a long weekend job Labor Day in the US is on.

On Monday some of the a three day weekend in terms of the US market I mean is that adding maybe to some of the jitters because you know we -- that we've known.

This jobs report is coming why such a big drop looking at stock index futures here in the US right now what you -- why such a big drop.

Some of these European markets today ahead of something that we've noticed coming for a long time and we don't know the result of just yet.

Hot I I think it's just nervousness we haven't got a lot of corporate news out to and Europe today this has not really a lot going on.

-- it's just nervousness people just don't wanna have a position ahead of the -- -- We've had a little bit of a rally to be fat I think -- rally -- lack conviction.

If you look at the volume off of stock markets the note also the volume happened on the Dow today is it didn't happen -- the rally.

And that teaches you that the rally lacks conviction.

Especially here in the UK.

I think given the -- black's conviction given we've got this big jobs that number coming out nobody wants to be positioned ahead of it and that will probably those how -- money in a rally and just taking off you know and -- -- -- trading positions because.

Hey you guys what the numbers innovate and -- you guys that the market reactions going to be to that number.

That's true and we know that the expectations that very high going in for less than.

100000 jobs have been added -- 75000 it's actually consensus right now which would not be a strong number by any stretch of the imagination -- European.

Economies and markets have been kind of just getting by the last few weeks but you know we thought maybe a month ago there was some kind of grand ending to what was happening in Europe that might be in the works for there was a huge bailout or some sort of -- blow up.

We've seen neither.

Is there anything in the works that you know whether it's the ECB taking more action or we just gonna keep going the way we've been calling.

It ain't it just keeps -- -- -- look at but this guy they expect what was the deal but a steady the Italian government come what -- did -- -- Builds this persuade the European Central Bank to -- Italian government bonds and bring them bring the yields -- what we saw that the ECB -- -- in pool Italian government yields found ten year yields down.

A full one percentage point but -- -- it'll start to perhaps.

Small president understanding don't have the key austerity.

An Italian food will be -- not happy came to pay more tax so the sort of the Italian that will -- threatening to go on strike -- austerity package that -- wind that.

Guess what that now saying that aspect it's okay.

We will clack clamp down on that is that don't pan -- tax -- have before as well senate they just don't winds along problems and not being addressed.

-- -- -- environments guess what it's all risk golf.

You know I was looking to you know utility stocks the fact that utility stocks hit in the UK trade in -- -- -- premium that He premium to the market.

Tells annual meeting tonight in fast -- the fifth full.

It is -- golf and until we see risk back on again -- She's a nine shape that is -- said this safest play you're gonna get if you're gonna try to play it safe -- Cooper thank you very much up from.

BGC partners over there.

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