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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 is -- Imus in the morning program on the fox.
Good morning everyone JPMorgan Chase CEO Jamie Dimon will be back on Capitol Hill today to face another round of questioning.
About the bank's two billion shot dollar trading loss but he won't be alone that it will go before the house financial services committee after.
Representatives from five top government financial agencies including SEC chair Mary Schapiro.
CFTC chair Gary Gensler and acting chair of the FDIC -- -- testify.
Lawmakers will be looking to find out how regulators missed the bad trades and whether the Dodd-Frank law.
Would have prevented them -- in testimony is expected to be similar to the comments he made to the senate banking committee last week.
Where he told lawmakers the bank chief investment office adjusted its investing strategy to comply with new regulations.
But ended on taking on ended up taking on too much risk so he did stress that the massive loss was an isolated incidents.
Let's take a look at the markets now here in the US futures haven't sort of searching for direction -- but we are seeing green -- across the board now.
Dow futures are up by 33 the S and he's up by three of the nasdaq's up by twelve.
-- -- in -- Spain's borrowing costs rose again this morning average yield on twelve an eighteen month debt.
Soared above 5% much higher than a previous auction also a German report on economic sentiment shows it dropped -- at least sharply still markets there.
Are also in the green across the board and now let's take a closer look at why.
With European markets CMC markets analyst Brenda Kelly over in London -- -- we got a draft communique at the G-20 summit where European leaders are agreeing to move.
Toward a more integrated banking system what's your take.
On the -- -- in that in that proposal and it do you think it's feasible.
-- -- -- -- -- -- But the moment I thought of anything that the you can might have something to say about suffered picnic and Cameron are prime minister -- so I would say in some respects it's an idea -- -- -- -- -- laugh.
No punt -- open to potential -- put through -- ended in the near future so I don't necessarily see it as a solution to the ongoing problems.
It may have been a solution prior to the actual that.
European -- -- quite -- took another crisis but -- -- and just an idea at the moment that I don't think will be the end of what's happening in Spain.
Or is deepening Greece.
And I think the end of the day it does talk to be ratified by the parliaments it would have to be agreed by Germany but most of all -- was up the agreed by the UK.
I've when he -- and they would be the sticking point uptick juncture.
That Brennan one of the complaints we we hear a lot is that there isn't enough unity.
Among the eurozone and that it's hard it is to continue on without that because there's you know fiscal unity yourself I wonder what what options are before them if something like this can't go through.
And well I think in some respects there are trying to fix something using Ana two well I have the solution that's it -- have been in place before this thing you think about it but they have killed -- policy that was Sutton place.
By the CP during the -- treaty way back in the 1990s it didn't come into effect.
And then -- now we're trying to do with bringing something to affect retrospectively.
That is necessary to going to solve the problem which is ultimately huge -- private sector debt.
-- off continues I would say even if this -- union.
And will necessarily solve the up the issue I think we need to see happening is some sort of monetize nation that and then we can start from there.
But -- -- Germany that not move forward with some sort accidents like up until they see some sort of fiscal unity.
And because of -- of the stalemate so -- I honestly don't don't know where ever gonna go from here expanded basic.
All right indices that Brenda Kelly live from CMC markets and money we appreciate it Brenda thank you.
And we're getting earnings -- now from Jefferies Group the securities and investment banking firm is reporting a profit of 31 cents a share that beat the F -- For 28 cents revenue came in at 711.
Million dollars also beat the estimate there we were looking for 681.
Million.
The Federal Reserve kicks up its two day policy meeting today and some fed watchers and economists.
Think the Central Bank will extend its Operation Twist program.
That 400 billion dollar program which involves selling short term securities.
And buying longer dated ones to lower long term rates is set to expire at the end of this month now the Fed has bought.
Over two trillion dollars of treasuries and housing related assets to bring down interest rates.
It's also kept its Fed Funds target rate near zero since December 2008.
But Bernanke did not endorse more easing during his testimony to congress last week and that has some thinking the Fed will stay put on its policy.
And see how the economy moves over the next few months.
Here's a look at commodities now like the markets oil and gold have been fixed for most of the morning but.
Oil just a little while ago changed direction we're now seeing green arrows across the board there as well.
-- trading at around 83 dollars a barrel gold at 1631 announced.
Coming up this hour -- -- guests will be Imus in the morning -- immigrant and Fox News radio talk show host.
-- -- Imus in the morning continues right now on Fox Business.
