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Global Markets Sink Following Easter Holiday

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  • Description

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

  • Duration 5:07
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Imus in the morning.

On the phone -- -- morning everyone let's take a look at the markets right now after yesterday's sell off we're seeing Green across US futures Dow futures are up by seventeen the S and -- up.

Almost two in the nasdaq's up by seven.

Over in Europe markets are getting their first chance to react to the disappointing US jobs report.

Traders are back after the Good Friday and Easter Monday holiday and stocks there are in the red.

You can see -- down by 56 Paris is down almost fifty and Frankfurt's down about 73.

Let's think a closer look at what's moving those markets with BGC partners markets analyst Louise Cooper and over in London -- yields on Spanish and it's -- government bonds rose today after a -- a holiday for those markets what do you think is driving those.

-- I think we had the LTR euphoria in the past three months of the year and -- reality is really coming back.

In the last three weeks -- cut equity markets in Europe and raise most of the gains they passed yet today and he had Spanish and Italian bond yields -- Almost one percentage point say it's sort of risk -- yeah it is coming back.

And German exports also rose for the second straight month in February led by strong demand from outside Europe.

To fed -- do anything to come fears -- recession there.

Oh what's interesting is I just said that Europe.

European equity markets a pretty much now flat to slightly -- slightly down.

The one exception is the gentlemen tax which is still up an extraordinary.

Fourteen.

-- that -- I think this is kind of reflected in the gentlemen -- because that really.

That judgment export machine that is small and medium sized battery companies a still doing incredibly well exporting that way outside of the euros and and that the reported a growth potentially -- in general it's about a clearly the country benefiting from a Euro significantly weaker than deutschemark would be.

All right Louise Cooper from BDC partners over.

In -- London thanks to -- And earnings season is unofficially set to kick off today when we get results from Alcoa.

The aluminum giant will release its first quarter earnings after the bell and the company's expected to report a loss of four cents a share.

On revenue of five point 77 billion dollars due to slowing demand in Europe and China.

So far this year shares about -- are up roughly 11% after falling 44% last year.

Fox Business we'll have full coverage of those results after the bell today.

President Obama will be in Florida today where he'll call on congress to approve the Buffett rule.

Which would boost taxes on this country's millionaires Fox Business is Robert -- in our newsroom with more.

Robert what is the president calling.

We're here well basically -- -- -- call fro what he and the administration are calling a fairness in that taxes here push this millionaire tax also known as the Buffett rule of course.

As Warren Buffett very publicly saying that he -- pays a higher.

Tax rate than his secretary of course he does pay himself I had in a different way he could pay more if he paid himself a salary.

Emanated Republicans are saying basically this to a much -- -- hurt small business owners entrepreneur awards and stymie job creation.

Here's a look at what's -- part of this millionaire tax plan imposing a 30% minimum federal rate for people earning more than a million bucks a year.

The current average tax rate is 25%.

It was still allow for charitable deductions and -- payroll tax credit.

Basically though it's looking to ensure that the class earners pay a higher rate than the middle class that's the bottom line here.

Congressional estimates say the plan would generate 47 billion dollars in revenue -- a decade.

That's less than 1% of the six point four trillion dollars in deficits.

That would be projected over that time under the president's budget proposal.

The senate is scheduled to vote on this measure on Monday not likely to pass Democrats trying to make a campaign issue of this of course.

They want it on the record polls are showing lots of public support for more than 60%.

Are in favor of this and -- trying to Taurus a Republican presidential hopeful Mitt Romney who paid a 14% rate in 2010 Diane.

And Robert -- live from the newsroom thanks Robert.

And now let's get the latest on weather from meteorologist Maria Molina downstairs in the Fox Business weather center -- Maria.

Hey good morning and they weren't we seen some activity across parts of the northeast the very -- in nature there's not a lot of moisture work without there so our area of low pressure that's actually -- over parts of eastern Canada.

We'll be spinning in -- some showers and a little bit of a thunderstorm activity specially later on in the day.

But I don't think we're really didn't -- too many travel in packs for New York City or the city of Boston Philadelphia.

Most of the activity -- out of your area -- expect to see some sunshine high on the cooler side at 62 southeast looking good some sun and warm temperatures for Atlanta 79.

And across a Great Lakes cool as well with highs in the upper forties.

And some sunshine -- Angry at thanks a lot.

Let's take a look at commodities now oil and gold are both down gold has reversed direction is now down by a dollar ten.

Coming up this hour Imus -- guests will be Jake Tapper ABC news Imus in the morning continues right now.

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