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OECD Warnings Don’t Hurt Foreign Markets

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  • Description

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

  • Duration 4:59
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This is the finals of the morning.

On the -- goes.

Well let's see how markets are doing the Organisation for Economic Co-operation and Development increased its US broad.

US growth forecast for the year to 2.4 percent from 2%.

Futures -- in the red across the board -- -- -- down by fifteen the SUVs down by one and the NASDAQ down about two.

Over in Europe the OECD is warning that the risk of severe recession the eurozone is rising it cut the outlook for yours on growth indicating contraction.

A point 1% this year the previous forecast for growth.

Of point 2% stocks and -- are still in the green -- up by 51 -- up by 25 and Frankfurt's up by 44.

Now let's take a closer look at what's moving those markets with Commerzbank global equities economist Peter Dixon over London Peter.

We have the OECD warned that the risk of severe recession in the Euro -- is rising to this could more fuel to that growing push for growth over austerity.

-- -- definitely I mean -- the idea that you can actually.

It imposed more clarity and still stimulate growth it's just a -- -- -- -- -- -- -- -- Businesses don't want to invest consumes adroit in -- -- -- all the time you know the governments -- being exhorted do more to to cut the budget balances in about it.

-- circle which doesn't just doesn't fit.

And British finance minister George Osborne said the debt crisis in the eurozone is reaching a critical point.

And that member countries need to stand behind their currencies or face the prospect of -- Greek exit what do you make of those statements and how likely do you think an exit really -- But you're gonna take cabs -- -- towards college with a bit of a pinch of salt because he is you know an observer on the sidelines like normal.

But I think intensive.

That the Greek exit scenario it really is a 5050 Corning from an economic -- -- view it's a no brainer.

-- so probably will be part but.

Unfortunately this is -- an economic scored -- much political want.

I think comes down to see how which horse trading -- -- -- combat come out with to hammer out -- deal which is acceptable tool politics to keep Greece on slide my sense is they won't keep me some side.

But say if in the final analysis they can't do -- then would they will reluctantly.

Be forced to let go.

Peter Dixon live from London thanks so much -- And they're getting earnings in now from autos on the auto parts retailers reporting a profit of six dollars 28 cents a share that beat the estimate.

For six dollars 25 cents revenue that was admits he came in at two point 11 billion dollars the estimate there was two point 13 billion.

Shares -- they -- are already trading in the premarket and it's being reported that the lead underwriter on its IPO delivered some bad news.

Leading up to that offering according to Reuters Morgan Stanley's consumer Internet analyst.

Told the -- major clients he was reducing his revenue forecast that the social networking site.

That cough followed Facebook's filing of an amended prospectus with the SEC earlier this month.

And -- the company itself expressed concern about revenue growth.

-- -- -- -- shift by users to mobile devices which are less lucrative for advertising minutes desktop version to investors who were -- Morgan Stanley's outlook tell Reuters.

-- may be what's fueling Facebook's week's stock performance.

Prosecuting -- in from Cracker Barrel restaurant chain is reporting a profit of 86 cents a share the estimate there.

Is for 75 cents revenue came in at 608 point five million dollars the estimate there was for 609 million to little chart.

Meanwhile the prosecution is expected to call its first witness today.

In the insider trading case of former Goldman Sachs director rajat -- up lawyers from both sides deliver their opening statements yesterday after jury selection.

The prosecution says that group -- threw away his duties by giving information about a five billion dollar Berkshire Hathaway investment.

In Goldman to hedge fund manager Raj Rajaratnam.

But the defense argues that any tips did not come from group -- and rajaratnam had numerous sources giving him in town.

Now look at the latest on weather from meteorologist Maria -- in our Fox Business by the -- name Maria.

Hey good morning saying that this year we're getting the -- -- -- -- city throughout most of today and also across the rest of the northeast and even down and in parts.

At a SE because we have a slow moving frontal boundary that has a lot of humidity ahead of and a lot of moisture and we're seeing those showers.

And even some thunderstorms as we -- this afternoon firing up ahead of -- -- from Boston that a flat out say you could be seen some travel delays.

Because of that -- -- also all of that cloud cover that will produce -- -- visibility for the airplanes.

-- -- -- -- it's gonna take some time for those showers and storms to fire up is really going to be later on this afternoon but expect to see them.

Otherwise behind the storm -- -- and Chicago Detroit sunshine temperatures into the low to mid seventies.

That's -- -- live for the weather center tracking a brand new and beautiful and Tacoma area.

They go look at commodities now oil and gold about down coming up this hour Imus is -- the author Jeff Kimelman Imus in the morning continues.

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