Fox Business
Expand
Browse All Video
Watch Live

You're watching...

EU Leaders Look to Instate New Financial Rules

Details

  • Description

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

  • Duration 5:00
  • Date

Clips

Also in this playlist...

Latest Video

Auto-advance: ON

Auto-advance
View All

Transcript

This transcript is automatically generated

This is very.

Imus morning program on the -- -- -- -- Morning everyone here in the US futures are up across the board -- off earlier highs.

After we got -- numbers on the trade that this bit.

As well as keeping -- course on that EU summit we also have -- earnings reports out today it's all coming together and right now the result of all that Dow futures are up 29 points about thirty points now.

Yes -- up by four and a half in the NASDAQ also up.

By four and a half over in Europe investors have been watching that summit very closely right now stuck there.

Are also up across the board though again off earlier highs London's up about ten points.

Paris is up by 37 and Frankfurt's up by 44.

As I mentioned European leaders have gathered in Brussels for that critical summit in there working to strike a deal to try to easier.

But this is Ashley Webster is live in Brussels keeping track of all of that for us so actually what the latest that of -- sit down between these leaders.

While they're continuing to hammer out the details of this new -- if you wanna call it that Diane in fact a German Chancellor Angela Merkel is holding a press briefing right now and among her comment she said that.

The European Union has learned from its mistakes it is.

Moving towards stability union and also she says we should use this crisis as an opportunity for a new stopped so we revenue -- on the table.

One that -- is 26 of the 27 country say they could slide 23 for sure.

Three other countries hungry -- Czech Republic say we're gonna take -- while opponents just one country.

In the early houses this morning said we just cannot sign this deal of that is the UK Britain says -- It says it imposes new financial regulations that the country just cannot accept.

And that -- what are some of the stipulations that come as part of this plan I know these countries are -- -- A surrendering some of the power that they have over their fiscal policies can you sort of walk us through some of the main points.

Yeah well -- now being changed and addressed as we talk but to essentially they were at this new deal will provide for stricter enforcement of fiscal rules they'll also say that.

If someone violates those rules that will be automatic sanctions against those countries and over a span -- -- -- borrow.

It also calls for the -- Permanent bailout fund which is the our European stability mechanism.

To be board up and put in place by next year that's a year ahead of time it would have a 500 billion Euro cap.

-- but he would not be given a banking license which is what some countries a cold fall because then it would be able to borrow directly from the European Central Bank.

I would also give more power to Brussels no doubt about it it's calling for -- common.

Tax -- corporations has also calls for a tax on financial transactions is that very tax that's a British prime minister David Cameron said they just could not agree to there are many other points -- -- -- those those are the ones that they hope.

We'll bring some confidence back to the region and also stabilize the Euro Diane.

And ask you right now we have 2327.

Countries are on board with the plan so far.

The -- that aren't are not eurozone member countries and in the case of the UK they say never intend to be one.

So why -- it really matter that they don't wanna be a part of this plan.

While it well you gonna have the ins and the outs those that do signed this deal will have more influence over those countries that don't sign it don't forget the role in the European Union.

But -- someone like Britain if they do not join this agreement they will still be affected by decisions made buying.

The people in this new accords so it does have a big impact in fact of -- thing.

People assaying of Britain is now clearly on the sidelines it could old because it certainly -- -- business it could affect the decision making in the region but David Cameron Britain's prime minister says look.

We do not want to give up any more Abbas -- -- To Brussels and we certainly do not want the government interfering in financial transactions with but tax that's.

Is are outlined in the new deal.

All right thank you Ashley Ashley -- live from brothels than -- -- don't know Britain is the third largest economy in Europe behind Germany and France.

Now the trade deficit here in the US though narrowed in October unexpectedly it came in at 43 point 47 billion dollars slightly less than the estimate.

Which was for 43 point five billion that's the narrow its trade deficit we've seen since December of last year.

The September deficit meanwhile was revised higher to 44 point 17 billion dollars taking a look at commodities now oil and gold above down.

Oil down by about 43 cents around 97 dollars a barrel gold also down now by a dollar at 1712 announced.

Feuding -- have freedom watch at 8 PM eastern doesn't Palestine as gap will be Glenn Beck.

Imus in the morning continues right now on Fox Business giving you the power to prosper.

Load More