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Imus in the morning program on the fox -- Morning everyone we got some more weak economic news out of China with the country posting a much bigger than expected deficit in February.
China -- -- that it nearly 31 and a half billion dollars last month.
After reporting -- more than 27 billion dollar surplus in January economists had been expecting a deficit but forecast range from eight and a half.
To around 23 billion dollars is still well below where they came in meanwhile the bigger trade gap is due partly to seasonal factors along with weaker demand for Chinese goods.
It's also comes after China announced last week it was lowering its expectations for economic growth for this year to seven and a half percent.
Let's take a look at markets now which are reacting to that news from China here in the US.
Futures have been bouncing around a little bit but mostly to the downside and now we're seeing them in the red across the board.
Dow futures are down by sixty S&P -- down by one and a half of the nasdaq's down by three over in Europe we also have finance ministers' meeting today in Brussels.
Where they're expected to sign off on the 170 billion dollar bailout package for Greece.
Markets in Europe are mixed London's down by almost three Frankfurt's down about four.
Of preference out by twelve rather while paris' out about 40 let's take a closer look at what's moving those markets with all -- senior market analyst James Hughes.
Over in London James -- -- bigger than expected trade deficit out of China how concerned should investors be.
Given that China had a surplus just in January.
Yeah I think you say it's a -- -- numbers be honest I think I think we have rule.
Issues is it around the Chinese economy especially when -- -- -- week's news tip to cut those who cart full cost so it's it's not necessary scene is good news you can see it's.
Some of the reasons why one of those huge reasons why is that those there's raw materials so -- Canada -- China servant on on boosting their economy.
The crosses are all going up says -- commodity prices are ramping -- -- as oil prices.
-- results of that having an effect then and it's it's not been seen is great news and markets are reacting necessarily to negatively but still I think.
They could be an issue where we have to -- China have to do something to steam yeah.
I didn't eurozone finance ministers are set to approve that bailout package for Greece today the Moody's is warning that risk for default remains high.
-- the credit rating agency has sort of lost their effect on the market lately so I wanna how much weight to that -- halt.
I would I would guzzler not very much on I think -- the moment and I don't think that's necessarily a bad thing.
I think -- is that a Greek default was hoping just -- -- have die -- happening already difficulty is forcing these bondholders to accept -- still pretty much -- any like where there is a weather is and I think the whole eurozone.
-- crisis is almost it is losing it said ethics on the markets of course -- -- just do.
Still there but there.
-- that crisis he's he's gonna continue for the markets don't necessarily.
On on carrying as much as I I happen in a possible I think an interesting point about to die in signing off on this.
By -- out is that the next focus will straight away baby on -- and Portugal not consent before -- -- one problem but there other programs that.
It's always on to the next -- -- right thanks it's James Hughes from out RE.
And the prices at the -- continue to hurt the wallets of American drivers according to the latest Lundberg survey.
The price of -- gallon of regular gas has jumped twelve cents in the last week.
Putting the average at three dollars 81 cents -- speaking on ABC this week.
Senator Chuck Schumer called on Saudi Arabia to do more to put a dent in the rising price of oil.
It's because of Iran in Iran is threatening to -- off oil production.
The saudis have two point eight million barrels of extra production total Iranian production is 2.2 million if the saudis were to promise that they'd replace.
Every barrel Iran took off the market with a new barrel on the market price of oil would plummet.
That's high gas prices are also hitting president Obama's approval ratings a new Washington Post ABC news also 65%.
Of those questioned.
Say they think the president's handling of the issue is unsatisfactory.
And it's -- this still PepsiCo is taking steps to beef up its management in light of -- potential successor to chairman and CEO injuring knew we we were reporting this earlier now it's confirmed.
-- the company is named former Wal-Mart executive Brian Cornell to -- its largest and most profitable unit at its America's wide food unit.
-- also appointing John Compton.
A longtime company executive to the new position -- president -- a wind will be responsible for integrating PepsiCo's global operations and brands more closely.
The changes come following investor frustration with the company's loss of market share to rival Coca-Cola.
Here's a look at the commodities now oil and -- are both down Imus in the morning continues right now on Fox Business.
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