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FBN’s Lauren Simonetti breaks down the stories moving the markets around the world.
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This -- the Imus morning program on Fox Business Network side now 400 presents some very.
Warrants some of that -- Good morning deals on administration is set to unveil its plan to overhaul the corporate tax -- Treasury Secretary Tim Geithner -- Which President Obama probably outlined in his -- the union speech last month.
The administration is expected to push.
The corporate tax rate from the current 35%.
Which is one of the highest in the world actually 228%.
The plan will also likely call for the elimination of numerous tax deductions and loopholes for companies president Obama's.
Also expected to push to reshape current deductions for manufacturing companies so they can reduce their tax rate to 25%.
Secretary Geithner told a house committee last week that the administration wants to create more incentives for corporations.
To invest right here in the US.
Checking the markets this morning first in -- -- the Euro -- services sector shrank unexpectedly this month.
That's reviving fears that the economy risk sinking into a recession.
Stocks are down as you can see the Dax in Germany down.
By 1% here in the US -- a little bit better but still -- down Dow futures down by 23 points S&P futures down by three.
NASDAQ -- off by nearly five points and the price of oil touching a 106 dollars per barrel this morning that's on concerns that tensions.
Surrounding Iran's nuclear program could lead to supply disruptions not a good thing.
Right now let's take a closer look at what is moving the European markets this morning we have IG markets sales trader will heading over in London joining us -- has gone.
Not too bad no threat and it will UK prime minister digital cameras -- has called for tough action to prevent Greek debt turmoil from spreading across Europe right.
Look at steps DC looking for and can we expect to see of them any of them.
-- any shape at this point well.
When I think obviously it is early days or having just -- a -- -- effectively.
Signed and -- I think what we're looking forward to that cameras taking full -- perhaps a little bit more involvement from some of the other -- -- -- organizations around the world.
C if I can out in anything to help the years and perhaps in its interest in these for these comments -- when he's been in the policy very -- just have to put it on.
Record that Britain isn't gonna be putting out to be much to help but I countries like Greece and situation.
Again and talk about that surprise contraction -- on private sector activity in the Euro zone area are we really thinking that maybe second recession -- -- that and consent to steep.
Call this.
Not think that this this takes it does does then that could treatments and try to we will Paul -- probably see -- statistically a mall recession are who for years and in the next in this news sports -- seems leaving -- -- -- analysts and I'm sending -- -- now -- -- -- shocks if we if we avoid docking will get a big -- and it's not.
Stating that second recession is definitely priced into the markets.
I think I think it is I mean this this gonna -- to seems to be disappointing over the last few weeks.
Well I like you say we we expect to -- perhaps not statistically likely recession.
But a bit -- a -- on the left.
Thanks so much wealth -- -- of the -- there.
Europe's number two carmaker is in talks with General Motors for possible partnership.
France's labor minister confirms that Peugeot is holding discussions with the US automaker GM over a possible.
Strategic deal the Financial Times reported the -- are looking to team up.
To build cars and components in -- -- but that no deal has been signed off on just yet.
GM reported last week that its European Opel unit lost 747.
Million dollars last year.
And that it's working on a new plan for the division to reflect the struggling European market.
We'll gas prices continue their march toward four dollars a gallon triple A says the national average for regular.
Is three dollars 57 cents a forty cent jump from a year ago.
Premium gas is gonna say that's three dollars and 84 cents a gallon.
-- a gallon and diesel now at three dollars 95 cents as I mentioned before oil prices.
Had been heading higher on those concerns over Iran's nuclear program and potential disruptions to the global crude supply.
Right over to whether it's meteorologist marine -- and the Fox Business weather center joining us now -- ramp.
Hey good morning Lauren and we're expecting quite what our -- on -- five corridor from Boston that of Philadelphia -- very mild temperatures.
But as he had just -- the west around Chicago Detroit and even across parts of the southeast.
We're gonna have an unsettled day today with some thunderstorms -- across the southeast -- a bit of a wintry mix possible in the Great Lakes.
Some of those storms out across southeast could tens of years of course ready keep you updated on this with some large hail and damaging wind as possible otherwise the unsettled weather continues at across northwest normally got a lot of wind out here is some -- and even higher elevation snow.
With that avalanche danger in place of course be -- out there.
Thank you -- -- guys and here's a look at the price of gold this morning.
You can see it's down by three dollars and fifty cents coming up this hour on this is guests will be New York Times best selling author gives trimester and Fox News McDonald's -- -- In the morning continues right now -- -- this.
