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Spanish Debt Worries Drag Down Markets Monday

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

  • Duration 5:04
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This is this Imus in the morning from.

Around on the fox -- Good morning airlines only 7 AM here on -- 'cause but we're all getting ready getting seven earnings in Halliburton.

The oilfield services companies reporting a profit from continuing operations of eighty cents a share beating the estimate for 75 cents.

Revenue of seven point two billion dollars is also -- there the estimate was for six point 96 billion.

Markets around the world meanwhile are getting hit hard due to concerns about the European debt prices and slowing.

In the Chinese economy here in the US -- -- red arrows across the board all morning Dow futures you can see down.

Triple digits losing 136 so far the S&P -- down by about fourteen.

And the nasdaq's down by thirty in Europe they're growing concerns that Spain might finally need a full bail out an attack a government program to keep its finances afloat.

Investors are also worried that Greece might not fulfill its bailout commitments the interest rate on Spain's key ten year bond hit seven point or 1%.

And that's a level usually signals the need for a bail -- will be watching Spain closely.

In the meantime you can see stocks in Europe -- in the -- across the board.

London's down by almost triple digits Frankfurt's already there down by 106 cent against the dollar the Euro sank below 121.

For the first time in more than two years.

Let's hit some reaction to all this now from all -- senior market analyst James Hughes.

Over in London James and Germany's vice chancellors questioning whether Greece can fulfill the conditions of its -- while local media there.

Are reporting that the IMF is set to stop aid payments so what does this super Greece's chances of staying in the eurozone and what kind of ramifications are we looking at here if things go wrong.

What is things we're back -- to square one again with that we with the least stories -- -- we get to a certain point we run through this cycle is a buyout things get bad debt.

And then all of a sudden -- back again talking about would -- -- exit today the -- dynamic.

We -- for a long time they weren't necessarily meeting these.

These that the stipulations of that -- it out but I think.

The issue was that that we -- that was happening -- with the new government coming in what we knew that both sides want necessarily to McCain on.

Keeping the deal as it was on wanted to renegotiate some points today so this is not necessarily surprising is -- being.

Tested that -- beyond that -- gonna stop I mean because it has been said before that this would be the tightening I don't think it it.

Make too much for difference as to whether they gonna study and the -- -- -- -- -- they connect.

Gonna -- passing still people think that -- and and its ability to eventually Greece will leave the eurozone -- the -- -- -- Act so what is that -- -- nothing necessarily has changed full Greece and I think let me come -- -- in.

It's really nothing necessarily has changed and MA there just isn't new news story going around and that's it.

And did how do you change that cycle -- like you said it's like we're back to square one and I can't even count how many times we continue to revisit this idea of Greece leaving the eurozone not being able to fulfill their commitments and so on so.

How do you break that cycle -- that have to be taking a major hit to investor confidence and in -- Markets are reflecting that.

Yeah I mean -- -- best best that's the whole point I think the issue is that.

But the only way we -- this is quiet is by something -- being forced to do something so that's why a lot of people and markets weren't necessarily to.

Happy when -- degree connection happened we were looking at it if the other policy guarded.

It almost would have forced the hand of the eurozone does that -- -- -- -- something that this happened and we now have to deal with it.

What keeps happening is the official was the IM FEC -- the goalposts keep being -- to increase missed a deadline that they're gonna just be extended north I don't.

They don't meet the stipulations of that bad out and it will be golf -- over and that's what's happened in the cost I think it almost needs to be a found and so make sure -- things don't happen again busting the biggest issue is that.

No one -- anger -- accordion the officials of the IMF for the -- -- no one knows have to solve the problem and no one knows.

If increased -- come out the -- -- What the ramifications will that will -- is just not grey unknown yet again we do not not with what is going to happen -- -- that is evident and has been for almost two years now.

-- hopefully we don't -- to that question Hardaway James we're -- as usual continue to check in video on this and continue keeping an eye on all of it thanks so much James Hughes.

And we just got Halliburton is earnings in and we got -- second quarter results for that toy maker this morning it -- 33 cents a share ten cents above the street's forecast but revenue fell 11% from a year ago.

To 811 point five million dollars that missed the estimates for 829.

Million.

Hasbro says it's and a strong financial position and -- the second half of the year though so we'll see -- -- Here's a look at commodities now oil and -- let the markets have been to the downside all morning at 1 point this morning we sell oil down.

By more than three dollars right now it's down by about 270 -- 89 dollars a barrel gold is down by more than eleven dollars and 1571.

Announced.

Coming up this hour Imus guests will be former FBI hostage negotiator Brad Garrett Imus in the morning continues right now on Fox Business giving you the -- --

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