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Spain Formally Requests Aid for Banks

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

  • Duration 5:01
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This is the Imus in the morning program on the fox.

-- -- Good morning everyone let's start out this hour with a look at the markets here in the US through seeing red across the board to see that the common theme today.

Dow futures -- down by 78 yes -- down by nine and the NASDAQ down by about fifteen.

All over in Europe investors are looking ahead to this week's European Union summit.

Where leaders will work on a plan to integrate the region's banks markets there ahead of that are also in the red.

London's down by almost thirty Paris is down by about 51 at Frankfurt's down almost triple digits.

Meanwhile Spain has formally requested aid from its eurozone counterparts to help fill the capital holes in the nation's banks.

Fox Business -- that -- Webster's in -- watching the latest developments out of the region.

And -- how soon will -- be to force Spain gets this money.

Probably not soon enough Diane and good morning TU we don't even know exactly how much money -- possible we do know that.

There's a hundred billion euros available.

Bombed the finance minister as saying today that the formal request is being put in in writing.

We'll get the full details by July ignites but when they -- banks actually receive the money is still yet to be determined.

In the meantime as you say all eyes will be on Brussels -- the end of the week on Thursday and Friday with a big EU summit.

The banks today and certainly the markets across the European.

Exchanges -- moving slightly lower I think because.

There's a belief was setting ourselves up again for a major disappointment time and again.

EU leaders -- said this next summit is the most important we cannot afford to talk we have to take action.

We've heard it all before and I think there's -- could do -- skepticism about the outcome and probably will own skepticism.

-- we do -- that serve French -- president terror -- well hold on will be meeting with German Chancellor Angela Merkel.

Wednesday night in Paris they are probably going to try and hash out some sort of agreement.

Before moving on to Brussels on Thursday the Germans want strong control.

Open national budgets in taxation.

Before they'll even consider such things such as Euro bonds but no doubt -- focus on Thursday it will be the integration.

Of the banking system cross border integration in the question is.

How much suffering -- rule will be individual company countries be willing to give up.

To Brussels so lots to be discussed and a -- a today of the track record for the -- hasn't been that great land back to you.

Now actually there will be keeping an -- and all of that we appreciate you keeping us posted thanks a months.

Now let's take a closer look at what's moving those European market to the IG market sales trader will head in over in London.

Will -- says run -- to surprise delays in recent renegotiating its European bailout.

With both the new prime minister and the finance minister basically calling in sick kid prime minister that I surgery finance minister -- stomach problems.

So the -- of business now delay the prime minister also won't be able to attend.

That European summit that -- was just talking about so how much of a setback is this for Greece.

Welcome -- -- I think it's going to be -- pretty a pretty big setback obviously we're.

A little bit expecting immediate results I think for -- -- -- in the years I'm from the from the developments from the Greek election in this deciding not gonna help proceedings.

I'd say it's one of the things weighing on markets this morning as your management should mention -- perhaps are -- -- -- up for another disappointment late in the week.

And then markets pretty much in the need to continue to.

The fools we've seen over the loss to a three days and we are coming off a fairly strong levels on that -- -- a -- southern gets.

Too -- -- to see the kind of weakness we're seeing today.

And I wonder how could affect this summit to not have Greece there since -- it is about.

Key player in all this.

What I mean -- more BS money to the benefit of perhaps Germany AA -- haven't you know.

Haven't got the obvious con has elephant in the corner today in the -- complain evil -- looking for that the renegotiation of the austerity semi left in their favor.

-- but it's -- it's going to be a problem for Greece and and it's certainly something that we can do without the moment.

And and last question William French president fronts while -- is supposed to meet.

With German Chancellor Angela Merkel Wednesday to try to work out some of those differences ahead of the summit but thirst is serious policy differences here.

And Merkel said as recently as Friday that -- unlikely to budge on -- lot if not all of them -- What do you think the chances are that they couldn't find a middle ground going into the summit.

-- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- All right well -- live from IG markets thanks so much really appreciate it.

Let's take a look at oil and gold very quickly oil is currently down while gold is up -- Imus in the morning continues right now on Fox Business.

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