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This is this Imus in the morning.
On the fox.
Morning everyone in the past hour we've seen stocks pared their earlier losses here in the US -- we seeing red arrows.
Across the board for futures all morning we're now seeing a mixed market.
But Dow futures up by ten points -- S&P -- up I have one while the NASDAQ still down but just by half a point.
Over in Europe sky news is reporting that Moody's is expected to cut UK bank ratings today.
Mean off Spain -- a greater than expected 2.2 billion euros worth of 23 and five year bonds.
But they all came in with average yield higher than in prior -- still.
European markets are mixed now as well London's down by twenty points while Paris and Frankfurt -- change direction and are now in the green.
Now in addition to soaring borrowing costs Spain is set to find out how big a capital -- -- banks need to fill.
And how 125 billion dollars in eurozone aid will be used to do that -- Webster's in Madrid Spain with more -- Ashley.
What -- you expectations for this whole -- on the banks.
While I don't think they're very good to be honest review dying -- morning see you we've already had one ordered that said that the Spanish banks may need.
Up to fifty to sixty billion euros to fill those holes because of all the bad loans I have -- books.
But this our latest -- is being much anticipated and I think.
Generally considered to be -- probably a negative report it's going to be due out Wednesday.
Spanish markets are closed here around 535.
Local time so right around 11:35.
In the morning in the US it could be a market mover.
As you say the EU has promised claims -- banks.
Up to a 125.
Billion dollars if needed.
Because of all these bad loans since the mocking yeah housing market hit collapsed so we'll wait and see but it could be a market move and no doubt in the US today.
You mentioned the bond market does sale today not bad but my -- my Spain has had to pay a pretty penny to borrow money these days that three year bond.
Five and a half percent that's up 2% from just three months ago so a huge increasing costs.
And the only thing we have seen is the yield on the Spanish ten year notes.
Come down from around 7% to six point six however still very expensive for Spain.
Do not be able to borrowed money at this stage.
-- have to wait and see what the bank audit shows very quickly also had the eurozone PMI index out today actually held steady in June but interestingly.
Germany's domestic demand down significantly.
In June which shows you the Euro zone crisis is even hurting Europe's most powerful economy were covering it all day in here in Madrid Diane back to you.
And no shortage of things to cover by -- thanks for keeping track of at all whereas have a -- a and now let's take a closer look at European market with markets dot com chief economist bill -- -- Over in London -- Greece's new conservative led government took power yesterday but among other things they promised to negotiates doctor turns on its international bail -- How receptive do you think the other -- the EU leaders will be that.
Well Diane I know that's what they wanna softer terms I think what they'll get is an extension of maybe one -- two years because.
Everybody really doesn't awarded to fail but as you just yet.
If they give any kind of deal to the Spanish what are the Portuguese what are the Irish government gonna say -- it is adding to the Greeks and the key thing is.
If you go look for one that you're gonna have to do it for all and it's a real serious problem that.
Well I'm not know -- you know what does that say to countries like Portugal who for the most part have met their terms for their -- out.
And should the EU worry about setting a wrong precedent here.
-- very much so because.
The one thing that the markets have been so concerned about is whether it be the ECB of the Euro is out there have been really no decisions made -- she said -- eight new precedent is made is -- market gonna say.
Oh my goodness -- we go from here but what are the things that actually touched on earlier this morning was the flash PMI's second coming out of the -- -- -- especially Germany Germany.
Us three year low for manufacturing as we saw right now.
Which China being reduced.
I will say right now the market is implying when the ECB meets on the fifth of July after dragging their -- for months we could see at least a 25 basis point.
All right we'll see -- thanks so much that bill who barred from London always great -- on bill.
And we have some breaking news for you now Best Buy has authorized a 6% quarterly dividend increase to seventeen cents.
Per share we'll have more details on you as they come out in the meantime let's take a look at oil and gold.
They unlike the markets are still in the red oil is down by about fifty cents having -- on eighty dollars a barrel.
-- down by almost nineteen dollars at 1597 announced.
Coming up this hour I'm missing guests will be journalists that I EV Imus in the morning continues right now on box business giving you -- Howard across.
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