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This is -- Imus in the morning.
On the -- -- let's take a look at the markets right now here in the US futures are down across the board deputies are down by 63 points.
The S&P is down by eight and the NASDAQ down by ten over in Europe the French government sold ten point three billion dollars worth of various government bonds.
The auction of ten year debt produced the yield at 3.2.
From the prior month meanwhile bank stocks are under pressure on concerns about Spain's financial institutions taking a look at market to continue down across the board London's down.
About 2728 -- their Paris is down almost 31 and -- down about 46.
Now for more on what's moving those markets and joined now by market dot com chief economist bill Mubarak.
Bill in the UK we got better than expected services report why are markets getting a bigger boost from that.
Or zions first of all of you wish you happy new you happy new year and fortunately it may be the only time I'd say happy -- along British yourself.
We had we had construction we -- services and manufacturing all 3 PM last came in better than expected but as we saw on Tuesday.
None of the eurozone politicians said anything at all since we had a nice rally.
We -- yes they would think Greek Prime Minister -- if we don't have a government agreement will be bankrupt in March.
And then of course you have the situation with John -- -- up.
The opportunity European finance minister saying European Central Bank is not a lender of last resort -- they got it started yesterday -- -- just -- UniCredit the Italian banks -- -- would probably -- -- need about seven point five billion in new financing these here.
And as we've seen all along it.
The bank stocks but bank stocks are beating hit and hit very hard so therefore it overshadows what we saw from -- The UK PM managed you mentioned -- is -- -- is down over a hundred takes off.
I just think I hate to say this we have -- started even sooner than I expected how we finished 2011.
And speaking of banks -- have the European banks there under pressure after Spain's financial minister told the Financial Times.
They need to raise roughly 65 billion dollars extra to deal -- bad property assets how big of a threat are those assets is there any other way to get rid of them.
It very much so I mean it's the toxic loans and as we saw in the states we saw what happened with Freddie.
Mac and Fannie -- this is the same type of situation and my feeling is if the Spanish government is putting -- -- -- -- to.
A fifty billion you know it's gonna be much bigger and much wider this is sort of the situation he and his we saw as -- a -- saying the European Central Bank will not be the lender of last resort if you look two days ago okay.
We -- the all time record of European banks having to find through the European Central Bank because they can't find amongst themselves.
The highest since the Euro was established in 1990 -- -- -- it really is a question you know how big is big also remember we have over 820.
Euros worth of government bonds that have to be refunded.
This year and you know we're having -- -- problem albeit it's not the euros seventy.
-- -- Really I have a real definite problem and we may go into a credit default so it's really is a situation where.
It just never stopped in the banking system the funding system the liquidity system in the eurozone is -- most.
Reached a total.
All right bill thank you.
Not great news but thanks for being on anyway.
In its retail Thursday we're getting -- same stores sales numbers in from some of the big names.
Macy's is reporting sales increase six point 2% in December the F -- for an increase of 5%.
Target says its monthly numbers rose one point 6% last month analysts were expecting sales to rise by three point 1%.
And gas sales fell 4% in December the expectation was for a decline of one point 3%.
It's a busy morning for data on the labor market and we got the first piece thirty minutes ago.
According to outplacement firm challenger gray and Christmas employers announced plans to lay off more than 41000 people in December.
That's a drop of over one and a half percent from November and the lowest monthly total since June but it was up 31% from a year ago.
-- and all of 2011 job cuts are up 14% from two point ten we'll get the latest ADP report on private employment at 8:15 eastern and weekly initial jobless claims at 830.
They'd all come ahead of tomorrow's monthly jobs report as well.
We're getting earnings -- from Monsanto now the agricultural company is reporting a profit of 23 cents per share.
Yes but there was her sixteen cents a good beat revenue came in at 2.4 billion the -- it was for 2.0 five billion so bead on both for Monsanto.
Fiat meanwhile has boosted its stake in Chrysler the two companies announced the Italian automaker now owns 58 and a half percent of Chrysler an increase of 5%.
The move was triggered after the company met the US government's final mandate a requirement to be a bit build a vehicle that gets forty miles per gallon.
The auto -- CEOs they're -- Marchionne said he plans to acquire the remaining 41 and a half percent stake in Chrysler that's owned.
By the United Auto Workers health care trust fund some time in 2013.
Imus in the morning continues right now on Fox Business giving you -- Howard across.
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