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This is -- that Imus in the morning.
On the parts of the.
I think -- -- let's start by taking a look at the market after yesterday's decline.
US futures have shifted into green territory this morning Dow futures are up by three the FBP's still flat the -- up by about half a point.
Over year of Spanish bond yields hit 7% this morning following downgrades by Moody's and Fitch.
Italy's borrowing costs also soared as three year bond auction brought in a yield of five point 3%.
Compared to three point 91 previously markets there.
Are in the red across the board let's take a closer look now at -- with markets dot com chief economist bill Barton over in London.
Bill we've been hearing for awhile that Italy's the next domino to fall on -- eurozone debt crisis and we did see borrowing costs soar again this morning so.
Well as you just said guy and the key thing is we can say anything we want to.
We're really counting down at how was in the minutes until Sunday with -- the Greek election and as a set.
My opinion is probably is -- as anybody else is that into Dallas get you on the subway.
That is really what the market is waiting for British you -- set -- the -- the stock market the bond markets to foreign exchange market.
We -- volumes so low that they would be exciting on new -- the nobody is doing anything to redefine it definitively is Greece caught is he's not going and as -- said no matter what happens Spain and Italy was very serious problems.
Greece is not.
And AM bill on that note with all the focus on Greece Spain and Italy some forget about Cyprus but that country.
Also was downgraded and it's expected to seek it's own bail out in the coming days how worried should investors be about that.
Well I think one of the things you've got to look at it is if you look at the Euro is out in total it's 27.
Of those countries in the last three years have gotten some kind of gifts from the European Union and this is one of the things whether it be Cyprus -- -- sector.
We all know it's the domino effect it's that contagion.
But the key is as I said and we in the paper did I wanted to -- have now formally admitted Credit Agricole soc -- HSBC they're making contingency.
Plans if Greece does exit I was in Stockholm -- business over the weekend and all of a sudden the Swedish Central Bank is sort of dusting off their old -- so people are making plans for the worst case scenario after Sunday's election.
Our rights of Cyprus is small potatoes and we need to focus on Greece were gonna be keeping an -- and that bill of course and will be back it's a follow up with you on all that after the election thanks so much.
-- Any insider trading case against former Goldman Sachs director is not good day is set to be handed off to the jury today.
Fox business's Adam Shapiro is -- the federal courthouse here in Manhattan and -- what's on the agenda for today.
Well the judge will read the instructions to the jury they should begin deliberations a little bit before noon and then everyone will wait.
To see if mr.
group -- will be convicted or cleared on the charges against him.
One charge of conspiracy.
Up five counts to commit securities fraud this all relates to his relationship with a broad -- -- not.
The hedge fund director who was convicted of insider trading.
He got eleven years mr.
-- that the defense points out there are no tape recorded phone calls in which mr.
gore Doerr -- -- and actually discuss any kind of trades.
There is however the phone record.
September 23 2008.
goofed up a former member of the board of directors of Goldman Sachs calls his friend Roger -- -- they have some kind of discussion it happens to be the same day.
That and billionaire investor Warren Buffett.
Plans to invest five billion dollars into Goldman Sachs two minutes before the close of the market on that day -- -- -- -- Purchases shares in Goldman Sachs which he will eventually sell.
And make an 850000 dollar profit.
It is that phone call which is the -- this case the prosecution alleging that mr.
-- shared inside information with mr.
rajaratnam the defense saying no such thing happen.
This will go to the jury today it could be a matter of days before we get over.
-- We'll keep checking with you on that -- that of and -- got several pieces of set of economic data coming our way at the bottom of the hour including.
The latest read on the labor market 375.
People are expected to -- filed -- percent jobless benefits last week.
Created 75000 that is and that would be down slightly from the prior week.
We'll also get a look at prices were paying at the stores consumer prices for May.
Are expected to dip by point 2% compared to April when they were unchanged if you take out that volatile -- of volatile food and energy aspect the core CPI.
Is expected decline by point 2% the same as last month and we'll have all those numbers as soon as they cross at 8:30 eastern time.
Let's take a look at commodities now oil and gold -- oil just about black gold is up by almost two dollars.
Imus in the morning continues right now on Fox Business giving you the -- across.
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