Futures Flat Ahead of Shortened Trading Day
FBN’s market experts with the stories moving the markets around the world.
- Duration 7:27
- Date Jul 3, 2012
FBN’s market experts with the stories moving the markets around the world.
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Let's take a look -- your markets around the world start with -- first those markets are closed and it was a good trading day we've gain of more than one and a half percent.
On the Hang -- -- year up big European markets all three major markets there in England France and Germany are up as well.
Attack Iran France barely hanging on the gains the -- Sierra market's close at 1 PM will be closed all day tomorrow for July the fourth.
And it's a bit of a mixed picture the Dow futures are down just seven points.
-- commodities oil and -- are both gaining but again there -- news out of Iran about that.
Missile tests may be adding some -- to the price of crude oil today up -- buck 63.
For more on the European markets let's go live to London where we're joined by Peter Dixon -- equities economist for Commerce Bank.
-- equities economist is the economy looking good enough that you would be a buyer and would be may be upping your way and stocks at this point.
I'm -- -- -- yet about stage yet because I mean I think -- a lot of foot for lot still to come from the eurozone crisis.
-- -- pot that's gonna have on confidence and and indeed go to the real economy and I expected over the course of the next.
In the three months are gonna get a -- was of soft data reports which.
There really suggest that you these numbers are gonna come and depression in the second half of the year -- not perhaps time yet.
Actual -- stopped it would you think at that time could arrive -- later in the year potentially.
Potentially and I think that so we need to see you -- it will -- already colonies going.
If we get -- then certainly it's possible that some act of 2013.
We'll -- another little -- back in 2012 if that's the case then.
-- a great that there was plenty of upside for stocks.
Citi -- valuations because he that we should be cheap at the moment but I just think investors and we do want to see lot of -- -- an -- that's put loan -- table.
Which I think given all the uncertainty surrounding the global economy right now is -- -- -- do would you be about do you think that more juice.
From the ACB him on the they could be -- this week obviously but in the Federal Reserve which some investors seem to be counting on -- that make any difference.
I'm well I think it you know by pumping liquidity into the economy you could rob the market a bit high for Sheila.
But it's a tricky hit on people for so long and I think the board -- -- -- and that the next -- largely -- about extra liquidity so I think they'll limits that's how much central banks can -- over the course of the next few months.
You know and and I think that would -- haven't we -- such such a -- You can you can engage in QE3 -- -- really wants to bullets that I don't think it's gonna have a huge -- how the driving markets -- enables support them however.
Which I think we'll -- testicle that.
Peter thank you great speak with you this morning Peter -- global equities economist for Commerce Bank.
We're closer look at Asia we get a Fox Business contributor Katie sergeant who I know is sitting on the phone and her red white -- -- Good morning he would Aegon has not a holiday perhaps this week that that will do our best to the wave the flag anyway.
Board today the markets in Asia were pretty doing pretty well they were all higher.
There's been a steady stream that the data indicating -- low most willing.
Global economy so that has investors getting in the policy easing measures could be on the horizon.
Today without the Nikkei two Q I've -- -- and gaining points then present the kospi and so without -- point nine per cent.
Hang -- habit is getting that -- started today after their holiday yesterday that index finished the day up one and a half and Shanghai composite has been moving higher for three sessions around -- added 110 of that -- and today we did he.
The pressure among the on the auto stocks in Hong Kong today.
They were sharply lower because of a report that at the southern city of one Yahoo! is going to be the latest.
In China to start limiting ourselves to help ease some of the gridlock going on there's about spreading the -- stock in Hong Kong today day.
Thank you Katie Katie sergeant on the phone from single war.
All right now I look at the US markets and what is on deck for today's short trading day -- some -- from box businesses in our newsroom good morning line.
Good morning it's a four hour workday for most traders the market's close at 1 PM eastern and they remain closed tomorrow for the fourth of July that doesn't stop us factory orders and auto sales are due out today.
Yesterday was a decent day despite a shockingly bad report on US manufacturing.
Showed that sector contracting in June for the first time in three years the sell however was mitigated by optimism for more fed stimulus.
Drugmaker GlaxoSmithKline will -- record three billion dollars to settle criminal and civil charges.
That it illegally promoted to drugs and failed to report safety data on another.
Glaxo miss branded -- and anti depressants for treatment of kids even though the FDA never proved it that way.
It also promoted will -- trend for weight loss and for substance abuse when the FDA had only green -- it for depression.
And what about its Blockbuster diabetes rather -- India Glaxo never reported to the FDA results from key studies.
And this may shock you a record eight point seven million Americans are on federal disability according to the Social Security Administration.
And that does not include their spouses and kids add them into the next.
And nearly eleven million Americans are receiving federal disability payments another way to look at the data.
One worker takes disability for every sixteen people that are working.
-- -- -- Thank you that warrants some netting and now Diana say I was standing by with more business headlines hi Diane hi again Damon so we keep Damon -- combine and -- -- and -- -- because the theory go with.
But diamond I can't get this story out of my head and now I'm calling you by his name -- you -- call me at -- where.
Well thank you and dig in and now on to Bob Diamond this CEO Barclays has resigned in the wake of the bank's interest rate rigging scandal Dimon says external pressure placed on the bank has reached a level that risks damaging the whole franchise.
He also been facing mounting calls to step down as UK regulators -- criminal charges.
-- some Barclays employees the bank was buying more than 450 million dollars last week.
By British and US regulators for submitting false documents on the London Interbank offered interest rate.
Or Libor that's the rate at which banks lend unsecured funds to each other.
-- Barclays has admitted.
That some of its traders attempted to make that -- appear lower than it actually was.
Which would make the bank any industry in general look healthier than it actually is Britain's finance minister George Osborne says diamonds resignation.
Is the right decision for Barclays and the country chairman markets ages who announced his own resignation yesterday will now stay on and he will lead to search.
Four in new CEO.
And look -- auto sales figures in for June today and the recent run of strong gains is expected to keep rolling.
According to -- sales are estimated to be up 20% from year ago.
Toyota and Honda are forecast to leave that rise with gains of more than 50% each but keep in -- that's compared to numbers from last year which were heavily impacted.
By the Japan earthquake -- not me.
Chrysler sales are expected to be up 20% while Ford and GM are expected to see single digit gains.
Those results will cross throughout the day and as usual we will bring them to you as soon as we get them.
Day getting back to you.