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Eurozone Unemployment Hits Record High

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

  • Duration 5:03
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This transcript is automatically generated

This is -- Imus in the morning.

I'm on the phone bill.

Good morning everyone unemployment in the eurozone climbed to a record high last month which is adding pressure to the European Central Bank.

To take more action at its monthly meeting in Frankfurt Germany later this week.

To help the struggling economy fox business and that she Webster's in Frankfurt with -- actually.

And that ECB meeting president Mario Draghi -- -- Treasury Secretary Geithner yesterday what came out of that meeting.

Well that's a good question no one really knows they met for about an -- here in Frankfurt there was no official statement released after that meeting -- you can be sure.

Today we're talking about some of these.

Perhaps aggressive actions that the ECB could take to try and at least get this -- prices and more importantly the borrowing Kosovo's both Spain and Italy.

Down at least in the short but again we have no idea the meeting lasted barely an hour and then mr.

Geithner was back on the plane and heading back to the United States.

And as they obviously ECB in Brussels a thrown a lot of his problem in the last.

Twelve months or so and so far nothing has worked whether it's a second bailout for Greece a rescue of the Spanish banks -- evenly.

LT -- over the long term refinancing operation so far nothing has worked.

As you mentioned the latest numbers unemployment showed how difficult struggle it has been for the eurozone economy.

The unemployment rate in June coming in at eleven point 2% that is a new record high.

That is up from eleven point 1% in June.

Seventeen point eight million people in the eurozone now out of work Spain taking the top -- if that's what you wanna be top of 24 point 8% unemployment rate.

Italy coming in at ten point 8% -- jobless rate that is a thirteen year high for Italy meanwhile Germany.

Six point 8% that is up from six points 2% in -- but these numbers actually released by the German government themselves not from the official.

A Euro -- the puts out these numbers.

So all eyes will be on the ECB on Thursday Diane -- what perhaps aggressive action if any.

They planned to take.

Back to you.

The -- -- that's -- live from Frankfurt banks actually.

And getting earnings and now from -- the drug makers reporting an adjusted profit of 62 cents a share beating the estimate for 54 cents.

Revenue came in at fifteen point one billion dollars that was also -- beat analysts were looking for fourteen point nine billion.

And it that you test on the Federal Reserve is set to kick off its own two day policy meeting today and the big question is whether the Central Bank.

-- take any action to boost the struggling economy.

Analysts say they expect the Fed to hold off on any new stimulus for at least a few more weeks in order to determine whether the economy is in a soft patch or more serious trouble.

Friday's monthly jobs report will help give some clarity on that issue and that bank we'll get to more of those employment report before its next meeting in mid September.

Fed Chairman Ben Bernanke gave no hints of any imminent moves during two days of testimony on monetary policy to congress earlier this month.

At its last meeting in June the Fed extended its holdings on long term government bonds in an effort analysts say.

To buy more time and see how the economy fares during the fall.

We're getting earnings in from Archer Daniels Midland now the agricultural processor is reporting an adjusted profit of eight cents -- -- estimate there was for sixty cents revenue came in at 22 point 68 billion dollars.

Facing an estimate of 21 point 75 billion looking at markets are seeing green arrows across the board here in the US futures are up.

The Dow futures up by 3380 S&P by three the NASDAQ by nine in Europe banks are under pressure.

After earnings tumbled at UBS and Deutsche Bank stocks there are mixing now let's take a closer look at why without -- senior market analyst James Hughes over in London James.

In an interview today the ECB's former chief economist at the Central Bank should -- -- pressure.

From politicians to do more to stop the debt crisis.

They are we keep hearing is over an hour and a bank can't do it all what do you make of those comments.

It Khamenei says it's the same mounting sneaky -- dynamic and I think we to tell you about -- of the month where where we study that.

That there's nothing necessarily new that we hearing which isn't it which -- differences.

So anything that we've heard before anything is is coming out there which is gonna so many -- she's now okay.

This statement and then and these these -- -- I've taken it to about banks and gonna effect banks to stall we've been and the fact that -- ECB can't.

Necessarily save everyone and and banks and these banking giants -- we're talking about don't necessarily see too much to.

Says it to have too much to work -- so there are so many big issues here that.

The markets don't know which way to react to -- -- -- and nothing's necessarily solving any of the problems.

And certainly looks that way you look at the markets they're not an issue what to do right now.

I Fed's James Hughes from mild -- over in in London thanks James.

Imus in the morning continues right now on Fox Business giving you the --

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