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This is this time -- of the morning.
On the find -- Good morning every well let's take a look at the markets right now here in the US futures are down across the board doubt -- -- -- down by 78 the S and he's down by nine.
The nasdaq's down by about fifteen over in Europe Greece and -- private creditors failed to come up with an agreement on debt swap talks.
Before the start of the European summit.
Also Italy -- borrowing costs fall sharply after it sold more than seven billion euros worth of bonds.
You can see stocks there are also in the red across the board -- down by about fifty points.
Paris is down by 38 and Frankfurt's down almost 54 points now with more on what's moving those markets joining me now is Dow Jones -- senior correspondent nick Hastings.
Nick markets are down ahead of the EU summit today what do you think traders have to here in order to turn these numbers around.
Well I think at the moment they're -- so many doubts about Greece this release that that really are lingering I mean the fact is that you have that going into this EU summit have I don't think anybody's expecting anything to concrete coming out.
That two key things surplus Greece is concerned one is the fact is that this certainly seeming to try and suggest that they don't want any sort of bomb outside it's because with the way they run their budget for the same time -- estrogen from more fiscal -- And it does look to really is -- -- at some stage.
If the German determines a warning that if he's been there won't continue or do you won't future Greece's next bailout.
I mean it does look as if -- good bit of a war of words have but Greece will lose either it's gonna default.
All it's gonna have to act absolutely except that is gonna have less national sovereignty.
With this budget being watched -- very carefully by the rest of the European Union.
And Italy sold bonds this morning and -- costs fell there's so that the confidence building move for Italy.
Well -- I really can't say that that is the case because I still feel that -- Italy they have got the money but it's paying -- the odds of me -- only have to look at what Portugal's on ten year yield today that Condo 50% earlier today.
So the look Italy is seen as one of the -- about -- limits paying an awful lot of interest for the month of put that money.
And it's it's got more than needed they did so that it loses it time to take that money.
No matter what cost -- -- cat so if you look at it from that point of view I think that this is still the case -- That despite all the money is being poured into the European banks by the European Central Bank.
On the hook for the purpose of buying these bonds -- -- -- to be an awful lot to the yields.
All right I tried to get some good news that -- -- it did not work.
Had to -- sorry about that next time and happens.
All right so former UBS trader accused of making unauthorized trades at the Swiss bank has pleaded not guilty in a London court today.
31 year old -- a lot of bully faces two counts of fraud and two counts of false accounting in connection.
With transactions that cost UBS as much as 2.3 billion dollars.
He was arrested in London in mid September but asked for additional time to evaluate the evidence against him before finally deciding on a plea.
And we have some breaking news for you now Pep Boys is being acquired by gores group the price -- approximately one billion dollars or fifteen dollars a -- we'll have more.
On that deal for you as we get more information on it -- off FaceBook.
Will loom large for investors this week -- -- -- journal is reporting the company could file initial paperwork as early as Wednesday for an IPO to come this spring.
The -- says the offering could raise as much as ten billion dollars.
And it would value FaceBook.
At between 75 and 100 billion dollars if so.
-- look at the social networking site alongside major corporations like mcdonalds Amazon and Bank of America.
Swiss engineering group ABB is buying US electrical components maker Thomas and that's for three point nine billion dollars in cash.
The deal -- -- to 72 dollars a share a 24% premium over its closing price on Friday the purchase will give ADV -- to Thomas and that's North American network.
Which will allow it to double the size of its market share to 24 billion dollars ABB -- many of its products to US utilities.
And -- expected to increase spending over the next several years to build new transmission and distribution lines.
Shares of Thomas & -- are jumping in the premarket now let's get the latest on weather for meteorologist Maria Molina in our Fox Business weather -- -- -- Tankan mornings and the big story weather wise as I apply the weather's gonna -- today across most of the lower 48 and also hum mild.
Those temperatures will be an honor that mild air will continue to push he -- as we head into tomorrow and also -- -- -- today are pretty near normal.
Across the northeast 39 in Boston forty New York City you'll seals temperatures were much.
As we head into tomorrow a little wintry mix is possible early this morning Abbas -- dry things out and see the -- -- -- otherwise Chicago Detroit across the Great Lakes.
A little unsettled but again very light stuff out there.
-- no news is good news when it comes -- -- whether we'll take it Maria thanks oil and gold them both down Imus in the morning continues right now on Fox Business.
Giving you that Howard -- --
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