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S&P Cuts Ratings of 15 Big Banks

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

  • Duration 4:57
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This is they.

-- most -- the morning program on the Fox Business that.

Good morning everyone Standard and Poor's downgraded its ratings on global banks as part of an overhaul of its criteria.

Last visited Robert -- in our newsroom with in detail so Robert how bad is it.

Well -- and then the move was expected but you know what do what's interesting at fifteen global banks here at 37 banks were totally effective fifteen -- -- including the four biggest US banks.

By assets -- -- Citigroup Bank of America Wells Fargo JPMorgan Chase and even though they've been talking about.

Revamping the ratings for some time it is affecting global equities -- seeing us -- under pressure across -- -- In early trading here futures as well to keep an eye on the financial today Goldman Sachs Morgan Stanley.

Barclays HSBC UBS also affected by the move over at Standard and -- Bob -- expected -- -- their ratings criteria.

Basically what you're looking m.s -- may make it more expensive for some of these banks to raise funds borrow money from each other -- -- says -- -- Includes the level of government support here as well part of the new ratings here of course they're new standards trying to repair -- public image Everett standard boards have to -- rated triple -- securities of course there were backed by subprime mortgages that went bad -- stocks are two companies I should say upgraded -- they're both in China -- video.

Hi thanks Robert.

Taking a look at how the markets are reacting to all this here in the US futures have been -- -- read -- morning Dow futures are now down by 48 points.

The S and -- down about four point nasdaq's down.

Little less than that over in Europe the bank downgrades are pressuring financial stocks there is well.

Though they have pared losses we are still seeing markets down across aboard London's down about 1213 points.

Paris is down about 21 and -- down roughly thirty points now for more on what's moving those markets and joined by MarketWatch London bureau chief.

How -- -- -- -- how big of a disappointment with yesterday's meeting by eurozone finance ministers in Brussels.

That we really haven't seen much of a boost from that at all.

Exactly I think it was quite a -- -- I mean there was some -- -- good news there but over the age for goodies.

What the next this does sportsman of aid to -- But that was a -- expected I think and there was some general agreement it seems on.

Both staying the fire up follower of the eurozone bailout fund.

But no specific feed that was provided -- still of the that there -- and -- -- plan in place yet.

And we had -- downgrades now by the S&P we also had threats from Moody's yesterday saying they might downgrade several banks.

Across the European banks so what does this mean for the European banking sector.

Well I think -- just -- forums.

The troubles facing the European banking sector I don't think that this move by S and is it really surprising to anyone but the scale of bad.

Is certainly awarding and is just.

Says that European banks are in trouble as -- disaster zone debt crisis keeps going without that resolution in sight.

All right thanks yeah.

And Asian stocks and -- actually did not fare much better we stuff that's there and today down sharply from the details let's go to Fox Business contributor Katie sergeant.

Who joins us by phone from Singapore hey -- -- and -- we had two days of gains this week that it couldn't lap the market turned negative today in the banks in the region certainly getting pressure today.

And it starting in Japan the Nikkei and South Korea copy -- down about one half of one per cent.

Among the Japanese bank Mizuho financial and that would come -- with daily financial were down 1%.

In Hong Kong with other -- bank believes that one and a half.

-- -- and China construction bank and IB it would sharply lower but Shanghai composite saw the biggest drop of the day it was down three and a quarter as an up.

Up all of them comment on the Chinese Central Bank can bite their indicated that banks would not meet its current monetary policy as -- people have been hoping band.

And I thanks Katie.

Now let's get the latest on -- -- for meteorologist Maria Molina and our Fox Business weather center -- Maria.

Hey good morning they and you -- -- a drop in temperatures there across northeast it's a lot cooler out there opting so -- large system of low pressure that's very ringing and temperatures actually closer to normal for late November so high -- -- York city.

52 degrees 53 Philadelphia and most of the showers are really over and done -- in Boston assistance quickly -- -- Into Canada as we're expecting drier conditions out there however we still could see some travel delays.

Because the systems close by we'll still see some gusty winds in an out of the city of Boston a little bit breezy -- -- in Philadelphia Atlanta still -- day high temperature.

A 49 degrees -- incredible that we're seeing cooler temperatures in the southeast and in the northeast.

I'll take it still -- pink.

Taking a look at commodities oil and gold -- both down Imus in the morning continues right now on Fox Business giving you the power across.

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