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FBN’s Diane Macedo breaks down the stories moving the markets ahead of the trading day.
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This -- 1000000 Imus in the morning from.
On the funds -- Good morning everyone UK lawmakers have released their report on the investigation into -- -- -- phone hacking committed by employees at a former News Corp.
newspaper there.
Robert Gray has more now from our news.
Hi Robert.
Good morning Diane the British culture ministry select committee did release that report this morning -- address the media afterwards.
That has now like the Dow ended the media conference but the reports -- -- former news international executives less Hampton Tom Cronin Colin Myer.
Misled parliament it does not accuse either chief executive -- News Corp.
Rupert Murdoch or deputy chief operating officer James Murdoch.
Of misleading parliament the report was critical of news -- corporate governance saying the company shows quote willful blindness on the phone hacking.
The report says James right -- -- astonishing lack of curiosity about the hacking.
The report also went on to say that Rupert Murdoch is not fit to exercise stewardship of an international company.
Now the report was approved by the committee largely on party lines in fact six members of labor and liberal Democrat party's approve the report.
While the four conservatives voted against it.
And as a conservative member of parliament -- -- said.
The conservative MPs voted against this final report largely because of that line saying that Rupert Murdoch is quote not a fit person to run a global company.
Rupert and James Murdoch both have testified they did not know about the widespread phone hacking practices.
For its part news -- said it is carefully reviewing the select committee's report and will respond shortly it did fully acknowledge his significant wrong doing at news of the world.
And apologize to every one whose privacy was invaded.
-- -- is the parent of the Fox Business Network Diane back to you.
-- a great thanks Robert Iraq.
And now let's take a look at the markets here in the US.
Futures seven dancing around today now we're seeing them and agreed across the board Dow futures are up by nineteen the S and he's up by one and the nasdaq's up by three.
Over in -- -- German and French markets are closed for the May Day holiday.
-- London is trading in stocks there have been up all day could see them out by 22 right now.
Well let's take a closer look at why now with market analyst for CMC markets -- Kelly.
Over in London -- workers across Europe took to the streets today for annual May Day rallies.
And tens of thousand -- demonstrating against austerity and rising unemployment what kind of effect if any do you rallies like this have on the markets.
And -- to -- is not a whole I'm not a whole -- honest -- -- I think in some respects the media couple beyond -- not I'm not seeing some pictures from actually Athens and it doesn't look like tens of -- me so I do think it's a certain amount of bank saturation in some respects to not.
But in terms of the market reaction.
There is a very much else -- we are seeing a rise today probably on the back of the fact that we have very much data today and -- would generally -- -- -- the markets and at the bit higher but ultimately we saw a rise in that PMI data from China which is better than expected under was tempered against that that that all locked in the month UK manufacturing PMI.
Which was a bit of a surprise the markets but.
And unless the services that we would necessarily be too concerned about it but it will be something further down -- for the by giving them on the Monetary Policy Committee.
To consider that next week when they talk about what rates and decisions are teammate.
And on the on the noted that -- -- PMI number.
Yeah -- came out and as you said it was kind of a surprising yet markets there are up they are they kind of shrugging -- off.
I look I think in the way it was sort of -- and we -- -- we yet we went into double dip recession here on the face of the GDP numbers last week and ultimately.
We only saying that the last manufacturing that PMI data -- we're very good at what point until -- growth that this is pretty much confirming to an extent.
As the actually decline in growth over the last number of months.
And other such services make up 70% of the UK economies have got to be more important number that would be looking for rob in the manufacturing.
But when you think about the fact that the RPA devote -- -- the -- it did actually cut there.
Rates by fifty basis points is at a 25.
It has served and it shocked me out equity markets is while so it started on the front foot to start -- and obviously -- some very decent results of Lloyds which came in better than expected.
And they're -- but last I checked and it just over 6% on the day.
At which is ultimately -- the banking sector driving it long upwards with us now.
Brenda Kelly live from London thanks -- And we're getting earnings in from DineEquity the restaurant operator behind the Applebee's and I have chains.
Is reporting a profit of a dollar 36 cents a share beating the estimate by ten cents.
Revenue came in at 245.
Million dollars that was shy of the estimate the expectation there was for 253.
Million meanwhile let's take a look act commodity and those have been down -- morning hours seeing gold in the Green at 1665.
Announced.
Imus in the morning continues right now on Fox Business.
