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This is -- Imus in the morning.
I'm on the Fox Business.
Diane -- and good morning everyone JPMorgan Chase CEO Jamie -- they will be back on Capitol Hill today to face another round of questioning.
About the bank's two billion dollar trading loss but he won't be alone.
Dimon 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 want to know how regulators missed the bad trades in whether the Dodd-Frank law would have prevented the problem.
That is testimony is expected to be similar to the comments he made to the senate banking committee last week.
During that appearance he told lawmakers the bank's chief investment office.
Adjusted its investing strategy to comply with new regulations but ended up taking on too much risk still he stressed the massive loss was an isolated incident.
A sick a look at the markets now here in the US futures are civic greenside not much but still holding on to positive territory Dow futures are up by seventeen -- -- up by two.
The nasdaq's up by about nine meanwhile in Europe Spain's borrowing costs rose again this morning as average yield on twelve an eighteen month that.
Sort above 5% much higher than in the previous option.
Also a German report an economic sentiment shows -- drop sharply stopped there though are in the green across the board now Paris just changed direction.
We're seeing that up by three points London's up by 45 and Frankfurt's up by twenty.
Now let's take a closer look at what's moving those markets with Commerzbank global equities economist Peter Dixon over in London.
Peter good morning Greece looks like it's heading for -- clashed with Germany over its bailout program.
As the new Democracy Party prepares to ask for more time to cut public spending -- kind of problems you think this could create.
What you know I think it's really incumbent upon the gym is enough to get a bit of ground because the elections -- walls that's it to quotes of people the wall which people once it's on its European -- want to see.
But I think we can only go from here if we allow the austerity program to -- kicking you know more slowly because -- we try to implement the austerity packages.
As they are currently on the table campus you're gonna kill the Greek economy but gonna find ourselves when we go around in circles fool you know for months and possibly -- -- comes I think it's important here.
That we see Jimmy given in the habit of ground.
Of course the other country in focus right now is Spain is famous calling on the ECB.
To intervene and fight financial market pressures on the eurozone is it time for the Central Bank to step then.
But -- ECB has been very active foot for months the ECB federal law com and frankly to halt to know what more accounting.
Although just opened up the spigots -- flooding the markets with that was liquidity.
And that's not necessarily the best possible strategy.
What we need now with the seem more I think movement on the political side.
And much more movement towards a common in a couple of union and until we get -- adopted the market pressures got to go away.
Hi Peter Dixon live from Commerzbank in London Peter we appreciated as always thanks.
And President Obama and fellow G-20 leaders are set to wrap up their summit in Mexico today.
After making some progress on a plan to handle the European debt crisis it draught communique leaders from Europe agreed to move toward a more integrated banking system.
With measures like -- common financial supervision system and guarantee.
To repay -- bank depositors there was some backlash from EU president Jose Manuel Barroso about the pressure being put on Europe.
Barroso said it to the fellow leaders that it will take time for the seventeen eurozone members to agree on how to unify.
On these fronts and for the G-20 members to stop lecturing.
Leaders also agreed that -- -- that heavy debt problems like Germany or China must be ready to act together to stimulate growth if the global economy slows further.
The Federal Reserve kicks up its two day policy meeting today and some fed watchers and economists think essential bank.
Will extend its Operation Twist program the 400 billion dollar program which involves selling short term securities.
And buying longer dated ones to lower long term rates.
It's set to expire at the end of this month so the Fed has bought over two trillion dollars of treasuries and housing related assets to bring down interest rates and it also kept its Fed Funds target rate.
Near zero since December 2008.
But Bernanke did -- indoors more easing during his testimony to congress last week.
Which has some thinking that that -- stay put on its policy and see how the economy moves over the next few months.
We are set to get the latest data on housing market later this morning in housing starts.
Are expected to come and at an annual rate of 720000.
From -- -- be up slightly.
From April's reading -- to -- building permits for last month the permits which are -- future activity.
I expect him in an annual rate of 728000.
Up from 7151000.
In the prior month all those numbers -- at 8:30 eastern time and as usual we'll have them for you then.
Let's take a look at commodities in the meantime oil and gold.
Are mixed oil is trying to get into green territory right now flat hovering around 83 dollars a barrel gold is up by almost five bucks at 1631 announced.
Imus in the morning continues right now on Fox Business.
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