Fox Business
Expand
Browse All Video
Watch Live

You're watching...

Moody’s Downgrades 16 Spanish Banks

Details

  • Description

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

  • Duration 4:50
  • Date

Clips

Also in this playlist...

Fox Business Brief

Auto-advance: ON

Auto-advance
View All

Transcript

This transcript is automatically generated

This is the -- just -- of morning.

Around on the Fox Business Network.

Good morning everyone let's take a look at how markets you're in the US -- shaping up the excitement over FaceBook stock market debut seems to be contagious futures.

Are up across the board Dow futures are up by 44 the S and he's up by about five.

And the NASDAQ is up by about 1213.

All eyes will be on the NASDAQ fell 11 o'clock eastern as -- -- shares begin trading for the first time.

Late yesterday the social networking site priced its shares at 38 dollars a piece that was -- the high end of its price range which had been bumped up earlier in the week.

More than 421.

Million shares were sold raising at least sixteen billion dollars but that number could rise to more than eighteen billion thanks to extra shares set aside.

That makes it the biggest tech IPO in US history and the second largest IPO ever behind -- In total FaceBook is now valued at 104 billion dollars.

Shares will trade under the ticker symbol FB.

Over in Europe Moody's downgraded sixteen Spanish banks along with UK subsidiary of bond goes -- and there.

Add to that the fact that Fitch cut its rating on Greece and stocks there are mixed London's down by about 41 Paris is down by five.

Frankfurt is down by five but Paris has changed -- -- now up by little more than a points mean Lothian C market analyst Michael Houston is going to join us now for some more insight.

On what's moving the markets there Michael G-8 leaders are gathering here in the US over the weekend I'll really see leaders take any action over the European debt crisis -- -- we just expect a lot more -- Then -- dying yes son I think we can expect phenomenal for -- from the GI summit this weekend.

I mean essentially the main European leaders -- seventy new European leaders and really need do need to decide.

-- happens -- grace.

What all going to be that undoubtedly.

Mrs.

Merkel will come under pressure from President Obama.

And the other Shiite leaders to try and relax her insistent on insistence on austerity but I think the biggest meeting will be the one X -- thank.

-- in Brussels says that going to be an informal -- of the entire seventeen member Euro block.

To discuss.

Greece's future within the Euro and -- has been somebody -- this morning that the EU is formulating all contingencies.

For a Greek exit.

And we'll watch that one closely Michael we also in Moody's downgrading sixteen banks since they look kind of challenges -- that pose to the country as it tries to reduce its debt.

Well if this don't really gonna help but Moody's already telling if anything we've done already know they've cited recessionary pressures.

And I can stay on the timing of spending to find when you know when you've -- economy is contracting of the rights -- days and unemployment right.

Really the concern is the solvency of this punishing the Spanish banking system and it's less about liquidity and more about solvency.

We are seeing a bit and look balancing Spanish banking stocks in the -- and I think that's a neutral called a potential -- selling back because there's nothing concrete film at among men.

-- -- Michael Hewson from CMC markets over London thanks so much Michael thank you done.

And we're getting earnings in from foot locker now -- athletics you end of -- Companies reporting a profit of 83 cents a share.

Beating the estimate for 74 cents revenue also came in topping expectations at one point 58 billion dollars.

The estimate was for one point 55 billion.

And Yahoo! may finally have a deal to sell part of its stake Alibaba.

Back to the company all things digital is citing multiple sources reporting that the complex agreement is set to include.

A multi billion dollar share buy back to Yahoo! investors and an eventual -- PO of Alibaba.

China's largest e-commerce company.

The deal has yet to be officially approved by the boards of both companies but sources tell all things -- It's likely and it could be announced as early as Monday -- Yahoo! and Alibaba have been in an ad talked to last few years there have been unable to come to terms.

On the transaction some of -- -- found some middle ground there.

Meanwhile the new -- that Yahoo! is starting to make some changes at the troubled Internet company -- Levinson announced yesterday he's dismantling a consumer commerce division.

Created by former CEO Scott Thomson.

Instead of operating as a separate division -- commerce operations will be part of the company's global media team.

-- sent a memo to employees -- share more details on that division.

In the next few weeks Thompson resigned last weekend just four months after his arrival amid a controversy over if -- degree in his bio.

Here's a look at commodities now -- oil and gold are both up now -- up by about eleven cents gold is up by fifteen bucks.

Coming up this hour Imus is -- will be Jake Tapper of ABC news.

Imus in the morning continues right now on Fox Business.

Load More