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U.S. Bracing for Occupy Protests

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

  • Duration 4:58
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This is -- Imus in the morning.

On the funds -- Good morning everyone UK lawmakers have released their report on the investigation into instances of phone hacking committed by employees at a former News Corp.

newspaper their Robert -- has more from our newsroom now Robert what -- the new details on this.

That's right -- this -- released from the British culture ministry has been released just within the last half an hour.

In fact they're holding a live conference right now British officials are addressing the matter.

To the public now at -- these of course are related to the phone hacking scandal from the now defunct news of the world newspaper.

Other reports suggest a former news international executives less -- in Tom Cronin column mile -- misled parliament.

It does not -- either chief executive of News Corp.

Rupert Murdoch -- deputy chief operating officer James Murdoch.

Of misleading parliament.

The report is critical of news -- corporate governance saying the company should quote willful blindness on the issue of hacking.

The report says -- Rupert Murdoch is not fit to exercise stewardship of an international company.

The report says -- James Murdoch should quote an astonishing lack of curiosity about the hacking.

Rupert and James Murdoch -- testified they did not know about the widespread phone hacking practices at the news of the world newspaper.

-- in its response News -- saying that it put it's carefully reviewing the select committee's report and will respond shortly.

News Corp.

get fully acknowledge the significant wrong doing it news of the world and apologizes to everyone whose privacy was invaded.

These -- -- is the parent of the Fox Business Network Diane back.

I'm Robert -- live from the newsroom thanks Robert you're welcome.

And we're getting earnings in from -- are now the drug -- reporting a profit of 58 cents a share beating the estimate for 66 cents.

Revenue came in at fifteen point four billion dollars and that was decide the expectation there was for fifteen.

Point 47 billion.

Taking a look at the markets now here in the US futures -- dancing around this morning we're now seeing Dow and the S&P futures up the -- up by ninety -- -- up by half a point while the NASDAQ still down by about one and a half points.

Over in Europe German and French markets are closed for the May Day holiday the London is treating.

And stocks there are up so now let's take a closer look at what's moving the markets with Commerzbank global equities economist Peter Dixon.

Over in London's Peter.

I had Spain is bracing for a wave of rallies against an austerity package before parliament but we've seen this before in the government there is a pretty solid.

Parliamentary majority.

And given the recent push for growth over the us over austerity.

-- wonder if these protestors actually have a shot at you -- these measures.

-- -- famous downstate but you know -- I think as you pointed out Spain -- but a good example because it just had an election on behalf parliamentary majority which -- the time.

I think basically suggested -- them you know austerity was what's the way forward.

But but Thomson -- because and I think the growth figures which coming in from you know -- -- pulse of Europe and not -- -- in the United States.

And -- indicated that he had the global economy has lost some momentum.

So -- people on the streets I think is -- an indication that perhaps the governments across seven Europe on a going to be pushing established yet factor to -- And and Peter shifting gears a little bit Britain has spent nine billion pounds now building Olympic venues in hopes the games would help revive the sluggish economy there.

But Moody's now says there are only likely to providing temporary boost to corporate earnings -- this is a waste of money.

I don't think anyone who expected an Olympic Games of non billions how much in -- in a one and a half trillion economy.

You know frankly was so was expecting fall too much.

Question money time will tell but it certainly cost experience tends to suggest that certainty facilities -- become a bit of a white elephant.

Well off -- the get just finished so I'm not not confident that -- London will be significantly different.

Peter -- live from London thanks Peter.

And we're getting earnings in now from Avon Products to beauty products companies reporting a profit.

Adjusted non-GAAP of ten cents -- share the estimate there was for 28 cents.

Revenue came in at 2.5 nine billion dollars the estimate there was for 2.5 two billion to look at the -- on both for Avon we're also getting earnings in.

From Archer Daniels Midland the agricultural products company is reporting -- profit of 78 cents a share and that would -- beat.

Yes and it was for 59 cents revenue came in at 21 point 16 billion dollars and that.

Missed expectations for 21 point 38 billion.

Occupy Wall Street protesters are set to take to the streets across the country today for a series of demonstrations.

The protestor being dubbed a day without the 99% and are taking place on the anniversary.

Of the traditional labor movement holiday known as mayday.

Demonstrations are planned for major cities including Los Angeles Chicago and San Francisco -- -- New York protests are expected to start off the day up by the major banks and later marched down to Wall Street.

Imus in the morning continues right now on Fox Business giving -- them how part of --

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