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This is very Imus in the morning.
On the fox -- Good morning everyone must start things off by taking a look at the markets here in the US.
Futures have been down across the board all morning we're seeing -- Dow futures down by 5060 S and he's down by six and nasdaq's down.
By about eleven over in Europe investors are reacting to data showing that China's economy grew.
At its slowest pace in nearly three years in the first quarter of 2012 stocks there are in the red as you can see -- down by 25.
Paris is down by 36 and Frankfurt's down.
By about 58.
We also got earnings in -- from JPMorgan they kicked off earnings season for the banks.
On a high no profit came in at five point four billion dollars that breaks down to one dollar and 31 cents a share.
Topping estimates for a dollar eighteen cents revenue was also better than expected at 27 point four billion dollars that -- -- Was -- 44 point 68 billion.
Net revenue for retail financial services.
Increased by 40% from last year seven point six billion dollars and the company also saw the quarterly provision for credit losses fall to 726.
Million dollars that's down.
From a year ago JPMorgan also hiked its dividend to thirty cents a share and announced -- fifteen billion dollar share buy back.
We also -- got earnings in from Wells Fargo.
Companies reporting 75 cents a share beating the estimate for 73 cents.
The S and revenue was for twenty point five -- billion that was another beat revenue came in at 21.
Point -- and that's when -- one point six billion dollars there and in the meantime let's shift gears just a little bit UN Security Council will hold an emergency meeting today following North Korea is spelled rocket launched.
And the White House has condemned that launch very quickly Fox Business is rich ads -- joins us now from Washington DC with the latest.
Rich what at the White House saying about this whole thing.
Oh well then the Obama administration's making the case -- sanctions are working senior administration official -- sanctions are keeping North Korea from advanced electronics.
And the failure of this missile damages the North Korean government.
Internally as for the US offer of food aid to North Korea that's off the table the official writes.
That US delivery of food aid is contingent on our ability to monitor the delivery of that assistance so it goes to the North Korean people.
Who are starving and not to -- -- for the military North Korea's provocations make it impossible to have confidence that those of monitoring agreements.
Can be implemented meanwhile the Republican response has been to brand the administration's approach to North Korea is naive foolish.
And -- competent.
House armed services committee chairman -- the king and writes.
Previous belligerent -- by North Korea have been met -- with slaps on the wrist at the United Nations.
The US must use our current role as president of the UN Security Council.
To ensure North Korea is made to pay for its aggressive actions.
UN Security Council meets later today.
Back to you.
All right rich thanks so much.
Now let's turn back to the markets and see what's moving them over in Europe with the help of Barclays wealth equity strategist and -- Over London Hank we just got earnings in from Wells Fargo after JPMorgan.
Kicked up the earnings season for the banks they came in better than expected both on profit.
And revenue what's your take on these results.
-- a pretty good start reporting season there's no doubt about that consensus beating numbers pretty much across supporters use at both in terms of revenue.
And in terms of profits.
Perhaps not -- real surprise particularly given their exposure to the economy given -- is strong positions have been taking it sounds in the mortgage mortgage market when you very big.
Profitable areas full by banks -- -- all of this period.
Not deceive those credit losses at its provisions coming down as well -- certainly helped.
The -- picture of course when you look at JPMorgan as well she independent performance coming through from investment banking.
I'm from his trading business as well.
JPMorgan still remains a favorite stock -- Think when you look at it that got strong capital ratios they're gonna good management team they've got good quality assets that I called.
And we you'll Sinai that they gonna competitive position as well -- have been a tremendous -- we still a lot of got a price -- at 55 dollars.
Try adding up a little -- this morning around 45 dollars.
All right -- -- thanks so much thank.
And now let's take a quick look at commodities oil and -- -- like the markets have been down all morning.
Oil is down by about 35 cents now at around 103 a barrel bulb is down almost eight dollars and 1670.
Q announced coming up this that Brian is his guest.
We'll be author of nuclear showdown Gordon Chang Imus in the morning continues right now on Fox Business giving you -- -- --
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