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China Cuts 2012 Growth Target to 7.5%

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  • Description

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

  • Duration 5:03
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This is they're trying to -- of morning.

On the phone -- Good morning everyone China's prime minister is taking steps to tackle concerns of slower growth for the country.

Speaking to China's parliament today went about cut China's growth target for this year to seven and a half percent.

The first time the rate has dropped below 8% since 2004.

That move is aimed at giving the economy more room to slow down if needed.

Wen says China -- downward pressure on economic growth and prices remain high.

And that expanding consumer demand will be his first priority for this year.

-- along with President Hu Jintao are preparing to step down later this year after nearly a decade in power.

That is -- -- China's impacting markets this morning here in the US futures are pointing to a lower open Dow futures are down by 54 point.

All over in Europe we also had PMI data -- of the UK and the eurozone that showed activity in the service sector for both slipped last month.

And -- down by 31 -- is at about 28 and Frankfurt's down by 81.

Let's take a closer look at what's moving the markets -- -- our senior market analyst James Hughes over in London James -- China guiding cutting its growth target.

And this PMI data in the UK and -- on both obviously impact in the markets but I'm wondering which would you think -- having a bigger role in the market being down today.

I think is China I think China says the big one of the calls it would that -- not being moves -- -- from 9% level.

Since 2000 employee it's of course a big deal that was seeing that now revise that revised down southern China is that.

Is it -- -- story that's going on me in terms of all of keeping these markets that downside I think on the outcome we we Joseph tanner -- -- -- points in the U -- -- was thought he also lives.

But -- SP MI numbers claiming sought a little bit weakening expected again as sees a slowing in that service sector hasn't necessarily helps out.

Things either so -- -- areas of that that negative fear that rampant that the China story is definitely the one which which he's focusing most people's minds -- Even nice not a big moves -- downside the fact there hasn't been moved to such a long time or revise down for such a long time is is a big issue.

They also Greece's private creditors deciding this week whether to sign off on -- 140 billion dollar debt swap.

How confident should investors be at this exchange will go smoothly.

Well I think when you look anything this been going on in Greece out of the last nineteen months -- New Year's event and we can be confident about anything -- so to be perfectly honest at least if we look at history about.

I think.

The worries about this -- this week -- -- real pivotal week contents of this notices that the real worries opposes a patient that was -- -- -- -- -- -- -- -- that that's -- At the outlet be it be big enough -- actually make an impact and I think that's gonna.

Going to be the worry I think people aren't necessarily that confident that that these are gonna -- soon and -- and of course quiet quite understandably when you see what's happened -- last I think -- -- It instances of grace and no -- it really have a confident anything's gonna directly from that point of view -- is a real.

Big week in terms of this so I think the market is a much pricing themselves and -- PE guys well rather than rather than thinking -- -- Brian everyone's watching this very closely and so thanks for that -- -- we appreciate it.

And shares of VP -- higher in the premarket after the company reached a settlement with thousands of residents and businesses in the Gulf of Mexico.

Over the points and oil spill there.

BP agreed to pay seven point eight billion dollars to settle claims for economic lost property damage.

And injuries related to this bill but the company still faces lawsuits from the US government along with five states -- coastlines were damaged by it.

Eleven people were killed -- the deep water horizon drilling rig exploded causing the worst offshore oil spill in US history.

AIG is selling shares in its Asian life insurance unit in an effort to pay back part of its 2008 bail out.

The company's -- one point seven billion shares of AA group.

Which divided about six billion dollars the -- represented 14% stake in AA less than half of what AIG holds in the company.

And they'll along with the sale of other assets will allow AIG to pay off eight point four billion dollars.

Of the fifty billion still -- US taxpayers.

Now let's get the latest on weather from meteorologist Maria Molina in our Fox Business weather -- -- Maria.

He good morning and we're looking at some unsettled -- crossing east early this morning with.

A quick moving clipper system from Canada that has dip down into portions of Kentucky this morning and it is bringing in some accumulating snowfall some of the areas hit hard.

But -- -- last week on Friday and even into early Saturday and fortunately today.

Are seeing some of -- snowfall over -- areas generally light accumulations between one to three inches of snow in the system will continue to raced eastward.

Exiting the eastern seaboard as we head into later this evening otherwise generally tranquil conditions across the rest of the east thanks.

-- -- -- -- And let's take a look at commodities oil and gold -- both down miles down by about fifty cents at 106 dollars a barrel gold at 1697.

Announced.

Imus in the morning continues right now on Fox Business giving you -- how we're -- cross.

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