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BOE Leaves Interest Rate Unchanged at 0.5%

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  • Description

    FBN’s Diane Macedo breaks down the stories moving the markets around the world.

  • Duration 5:15
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This transcript is automatically generated

This is -- Imus in the morning.

On the Fox Business Network.

Good morning everyone in the world is mourning the loss of apple co-founder Steve Jobs today the visionary died after long battle with cancer and we'll have more on that for you in just a few minutes.

But first you want to bring you some breaking news is we're getting the first of two interest rates.

Out of Europe coming -- we are waiting for an interest rate of from the bank of England and the bank has decided to hold interest rates.

That was in line with the expectation of rate -- been at half of 1% since march of 2009.

And let's take a look at the markets there and how stocks are reacting we've seen them up all day.

And they are up now even higher than they were earlier the London right now is a 121 Paris is up almost eighty points.

And Frankfurt's up 118.

Now with some more reaction from the Bank of England joining us now from London is James Hughes senior market analyst at -- -- I said from the bank of an adamant on their decision and James what do you make of this call.

Yet not necessarily a surprise with what we've seen citizens of keeping the rights.

As they on and not too much of a surprise to the markets are going to be going higher is that it's -- Bond Brian quantitative easing side that the -- -- looking into to -- -- again that that's.

That's helped to push the markets that little bit higher and and that's what what a lot of people want to -- of course if you that you're looking at what's going on globally it again that's not too much of the supplies you've got.

I would being warned on a daily basis not just in -- -- in the general press that we're in.

We're in almost economic.

Recession yet again I mean and people are worrying about this and that there's of -- Not too much of a surprise that we getting actions -- I think most of the odds are going to be on the ECB likes to see exactly what what I do because that's where they reason that little bit of indecision coming.

On the united said the ECB is coming out with this decision after that European leaders are going to be meeting what do you think we can expect both from the ECB and that meeting that's following a decision.

But I -- at the moment ECB is it for the ECB rate decision and people are are moved to the math and and Iran of that 55%.

Probability of the mind that we we may see a 25 basis point cut in that right.

So we all pretty undecided -- -- -- -- could be at the first of of all of a few surprises which coming out but it in terms of the meeting and -- what we gonna hear from them.

It is -- the ECB Internet help.

Prop up what's going on in the in the eurozone that this overall -- out.

At package decided rule.

These these time -- shopping.

Talked about it the money so that so it's a positives and that -- going to be looking into the -- I'm getting a little bit more support from the EC they.

Probably just in terms of positive was -- not necessary anything else just just maybe.

Some some words of reassurance everyone but I think what everyone's looking -- still we small concrete -- -- about.

How we gonna plan out these countries how Greece Italy explain how they can't be helped instill of course we don't have all the details on those of the month.

I think people need a little more than words of reassurance at this point thanks to -- Think -- -- we mentioned earlier we have some news that's sending shockwaves around the world Apple's co-founder and visionaries Steve Jobs -- died at the age of 56.

But is this issue -- just she's outside an Apple Store in New York City should Bonnie talked just a little bit about the legacy and -- Italy behind it certainly elected one.

Yes certainly -- the one -- certainly legacy that touched many people all around this globe you know He wasn't an ordinary man.

And their reaction to his -- has been extraordinary and here at the fourteenth street apple story here in downtown Manhattan.

And tributes are pouring in from everyday citizens from every day individuals at this makeshift.

And at this makes additional if you would like.

Here at the fourteenth street Apple Store the store doesn't open until 9 AMB can see.

Notes you can see candles -- -- -- flowers you can see people just stopping by to see what's going on.

To pay tribute to Steve Jobs in and they aren't the only ones tributes are pouring in all around the globe from politicians a luminaries.

The president Barack Obama weighed in last night saying Michelle and I are saddened to learn of the passing is Steve Jobs.

Steve was -- a greatest of American innovators brave enough to think differently bold enough to believe He could change the world.

And talented enough to do it.

The world has lots of visionary and -- may be no greater tribute to Steve six asked -- the fact that much of the world learned of his passing.

On a device He invented.

The president has -- -- Bill Gates is -- Mark Zuckerberg even posting on FaceBook last night.

Steve thank you for being adventure and a friend thank you for showing what -- been built.

-- change the world I will miss you when these assert their reactions that we've been seeing or -- overnight certainly still pouring in today.

And we'll be covering it this that you all throughout the day -- -- Diane.

-- -- -- And here's a look at the commodities oil and -- -- up Imus in the morning continues right now on Fox Business giving you that Howard across.

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