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China PMI, French Elections Moving Markets Lower

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

  • Duration 5:04
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This transcript is automatically generated

This is -- Imus in the morning.

On the -- Morning everyone -- Take a look at the markets give a lot of things affecting trade today as survey Chinese manufacturing.

Indicated contraction we also have the start of the French elections you conceit futures here in the US.

Are down across the board the S&P is down by fortune -- nasdaq's down by almost 25 and Dow futures are down triple digits losing 120 so far.

Over in Europe data showed business activity in the Euro -- also contracted.

At a faster than expected pace in April in stocks there are also in the red across the board he conceded -- -- like our Dow futures is down.

By triple digits -- let's take a closer look now what's moving the markets with Jane Foley senior currency strategist over at rabobank in London.

Jane how much of a concern are these economic reports this morning particularly that PMI survey from China.

Well if you like in China attaches that medical is that China steel contract you know we -- have Chinese consents.

Paulson eighteen I can have a soft landing another gonna have a hot land in I would say the consensus right now is.

That's who says soft landing scenario body consent every time we get at disappointing day tech -- that the market -- back to tie his consents.

And Jane we've been talking about the French elections -- -- a lot of different things to look at.

For one French president -- is the act came in second of course with socialist fronts while Holland winning.

But another big point here is that the conservative candidate Le pen also did much better than expected here so what do these point should investors be picking on.

-- that one is the big surprise.

The rise in the support for the far right but I think what we could have seen this is.

Back to as a protest -- to -- -- close at Adventist in -- of protesting against.

It's against austerity and the lack of growth -- this is fifteen.

At that was seen that throughout Europe right now particularly of course in Spain and we've have got enough of course seeing Greece.

And this is a big question for Europe at will politicians have to battle to -- demonstrable progress policies.

What will not need to that's been added to the fiscal pack so a lot of uncertainty still to come in Europe.

And Jane quickly IDC -- Sarkozy -- if that happens how all of that impact European financial crisis.

Well -- -- detonated at honestly it just yet but it could be quite worrying the -- a heartland to finish this kind of kind of candidate has said that he wants to put some pro growth policies.

In that fiscal -- -- one that way.

That is perhaps to be at my given the recession we continue conditions and yet.

On the on that.

Will invest is it gonna be scratching their heads and wondering whether or not that means that up fiscal -- as we know -- the move towards at that fiscal austerity.

Could be undermined and that could be -- consent and we could see rising bond yields as a consequence.

All right -- Jane Foley live from London thanks Jane.

And we're getting earnings in from Xerox now the companies reporting a profit up 23 cents a share that was directly in line with the estimates.

Revenue came in at a slight beat came in at five point five billion dollars the estimate there was for five point 45.

Billion we also are getting earnings in from DR Horton home builders reporting a profit of thirteen cents a share -- was a big beat the estimate there was for just four cents.

Revenue was also -- beat that came in at 935.

Million dollars topping the estimate for 800.

51 million.

And as you can see it's another busy week for earnings report along with those two we have 176.

Companies in the S&P delivering results because -- nine coming in.

From the Dow Industrials stacks and look at earnings -- from big oil companies but ExxonMobil and Chevron ConocoPhillips will report later this morning.

On the tech front textures instruments.

Is reporting after today's closing bell and we get the big report from apple tomorrow also big pharmaceuticals will be represented this week led by mark.

And we'll have all of those results for you as soon as they cross now let's take a look at the whether it looks like it's gonna be -- wet day out there Maria.

-- -- be a soggy commute across parts of the northeast today but the worst of it is over for us in New York City in areas to the south of us alike -- Jersey and also Philadelphia you're gonna continue to -- with some isolated showers up for the rest of your morning -- and also investing winds so the airports could still be experiencing some delays.

And a -- batches of -- are actually moving into southern parts.

I mean and also into the city Abbas -- still looking at a lot of heavy rain out there.

And then on -- -- portions of the northeast where it's cold enough we're seeing some snow coming down across parts of upstate new -- -- down into the western.

Our West Virginia and we're expecting significant accumulation at -- over a -- of it possible.

On some of the higher elevations -- -- and as you head out of the storm system Atlanta Chicago Detroit looking good some sunshine and relatively cool temperatures.

Maria Molina live from the -- senate thanks Maria loan.

Let's take a look at commodities now like the markets oil and gold have been down all morning -- now down by about 86 cents at 103 a barrel gold at 1632.

-- -- Imus in the morning can.

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