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This is the Imus in the morning from.
On the fox -- -- -- -- -- Good morning everyone we still have no debt deal by the congressional super committee that lawmaker but the by -- lawmakers rather but it looks like the major ratings firms won't be changing the US credit rating.
At least for now -- -- US by one notch in August says it won't lower the rating for there.
And Moody's also says it has no plans to change the US is rating but those decisions are based on the expectation that one point two trillion dollars an automatic spending cuts.
Will kick in as planned in 2013.
Also back in -- Fitch warned that failure by the super committee to strike a deal could result.
In a negative rating actions that we could still see a downgrade ever will learn more by the end of the month -- Fitch completes its -- Now as I said those cuts would take effect -- 2013 and slash spending for defense and social welfare.
Programs if they go according to plan but some lawmakers are already looking at waste either reworked the cuts.
Or block some of them all together their major concerns about the effects that those cuts particularly.
In the defense spending area.
-- could have on that country's national security as speaking yesterday super committee member -- Senator John Kerry weighed in on why the group failed to strike a deal.
America is stuck with the absolute rigidity of people who wanted to protect the wealthiest people in the country.
Instead of providing one point two trillion dollars of deficit reduction.
President Obama has warned lawmakers that he will -- any attempt to overturn the automatic cuts and that the deficit will be reduced one way or another.
Now let's take a look at the markets here in US investors will get the latest reading on third quarter GDP in about thirty minutes.
Growth is expected to remain at two and a half percent will also get minutes.
From the latest meeting at the Federal Reserve's Monetary Policy Committee this afternoon ahead of all that futures are mixed Dow futures are up by two points the S and -- up almost two.
And the nasdaq's down by five so they're almost flat.
But over in Europe investors are digesting the lack of a debt deal in the in the US.
And also weighing eurozone debt concerns as well as high yields on Spanish bonds you can see markets there are up across the board right now.
London's up by 2.3 Paris is up about ten and that Dax is up about thirteen.
Now with more on what's moving those markets joining me now is nick Hastings Dow Jones newswire senior correspondent.
Now nick we have stocks in Europe rising despite the lack of -- US debt deal surging bond yields in Spain.
Increasing concerns about the debt crisis so what's motivating these investors to buy.
-- -- -- -- I don't look -- me I want listeners.
-- -- Nickel credits used to be able to -- that question straight this morning.
Believe you me I think it's a case said -- allow these markets a little bit confused people have gone back into stocks.
But so you look if you look at bonds are not doing particularly well because we -- that Spanish bond deal.
Well basically they came to the mosques in the -- they got the money they wanted that but that that's available for it.
You know what I should think the Spanish government would be the better situation that -- elections over the weekend the government does -- -- mandate for putting reforms in place.
The market simply doesn't trust them.
I'm and they don't think that's gonna happen so that just stepping back and I think this -- to put another big piece of not sting used to fall.
Into place and then we have not -- see a little bit more sensible movement but at the moment it's the directions are just really -- But now we mentioned this last hour to with the European Commission is set to unveil proposals tomorrow.
Would they -- will significantly tighten control over the budget of the eurozone members so what -- reaction do you think they're gonna get.
I mean I think that is perhaps than you'd probably in the -- Hit the nail on the head that that is that -- this confusion in the hopes that that commission will amount -- something a bit more concrete.
But I think if you lived in the eurozone full lineup and then use them for long enough you know that -- -- -- times you've got a lot of high hopes that should.
-- pretty quickly.
And I think that's the case -- What can -- come up with this in the suggest that data be able to control the national budgets in the national debt of these countries.
You know these countries -- do it themselves like its base case and -- the reasons.
-- that paying more for them money.
Is that you have central government that in Spain -- incredibly.
Powerful local governments so -- the Spanish government on top settled on the front part tries to slash those budgets and impose austerity.
It's gonna force a local government stop on the ground level -- impose them and that's going to be very hard indeed.
And you know again it puts a whole question mark over how do you isn't the zones and resolve this problem.
Unfortunately that does dashed hopes are common theme lately but may be will be pleasantly surprised and thank you.
Taking a look at that because taking a look at commodities now oil and gold have been up all morning oil right now is up by about -- Imus in the morning continues right now on Fox Business is giving you the power to --
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