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This -- this Imus in the morning.
On the farm -- Good morning everyone European Central Bank has decided to leave its key interest rate unchanged and Fox Business is -- Webster.
Is live in Frankfurt Germany outside the ECB headquarters.
With more -- good morning -- Yeah good morning Diane in fact ECB announcing just about fifteen minutes ago they will indeed keep their key interest rate -- -- three quarters of a percent.
That's not a huge surprise even if they had announced a cut down -- half a percent.
The belief is that would have minimal impact on the Euro zone debt crisis the critical thing now is what mr.
Mario Draghi the president of the ECB.
Has to say -- just -- -- half an Arab.
8:30 AM eastern time he will begin his press conference in the building.
Over my shoulder and it's then that the markets will be paying special attention what all week if for mr.
Well he stopped talking about the alleged.
Big bazooka -- financial fire -- that the markets think will be needed.
In order to bring the borrowing costs of these struggling eurozone economies under control in particular Spain.
And it's really the question is how much leeway does the ECB have and let's be honest.
The ECB cannot sold all of the problems.
The deep seated economic problems all of those struggling countries.
So we will find out at 830 exactly what the ECB has in mind there's been plenty of speculation in the markets took a big jump last week as we know.
But he said the ECB was prepared to do what ever it takes to preserve the Euro -- of course was perceived as.
Some aggressive financial policy the question is will the ECB deliver but will the markets -- be disappointed we will find out soon enough and of course Diane -- here.
Monitoring what mr.
-- has the same bring it to you soon as it becomes.
Public so will be -- here in Frankfurt throughout the rest of the day Diane back to you.
That's great reporting -- -- live from Frankfurt -- will be at tuning in with you at around 830.
Let's take a look at the markets in the meantime here in the US were awaiting the weekly initial jobless claims numbers features are now up across the board.
Dow futures are up by -- BS and he's up by five in the nasdaq's up.
By about ten points there over in Europe in addition to the ECB's decision the Bank of England.
Kept its interest rates and -- -- half of 1% in stocks in Europe -- in the green across the board.
London's up by 26 -- is up by about 21 and Frankfurt's up by 37 let's take a closer look now what's moving those markets with markets dot com chief economist bill who -- Over in London bill what's your take on this latest interest rate decision from the ECB.
Well -- this is it that you are expecting I'm expecting another 25 basis point rate cut.
By the end of the year but I think the key thing -- is here's.
After -- these comments last week we had a major short squeeze in the Euro we had to drop about twelve and a half thousand short contract but over the weekend.
More and more people including yours truly said.
Let's see how much of a quote -- ideas that we did -- -- spike of about thirty basis points very quickly and did two minutes but is it ends you know actually went to -- this is gonna be key about.
What he says.
And -- key thing the main focus is.
So many things -- he's in third.
Would violate the ECB.
Banking license -- that's going to be a very ferry in seeing press conference.
And depending on what he says at this conference if he doesn't say much.
Howl that impact other central banks and their incentive to do more to acts to stimulate their own economies like.
-- on Federal Reserve well.
It's I think what we saw last night the statement by the Federal Reserve is basically saying that we know the US economy is slowing we know the global economies -- slowing and basically we getting ready to do something on the thirteenth of September.
Now with the Bank of England when they do not think we don't get this statement for two weeks.
But how will guarantee you this statement -- -- from the Bank of England in two weeks almost -- word for word what the Federal Reserve says so really the market is gonna be -- it.
-- -- -- -- Move the central banks into the next say fortunately I don't think he will that this guy because remember traditionally.
The all of this meeting of the ECB is basically a phone in -- Most everybody -- Calling it.
And we are jealous of that belly another rabbit in here at credit except for fact that.
-- our live from London about to go on vacation making me very jealous thank you bill -- a great having you on.
And its retail Thursday here in the US where we're not on vacation and we're getting same store sales numbers in from some big names.
Macy's said its monthly numbers rose four point 1% in July from a year ago analysts were expecting sales to rise.
By 3.2 percent target says its monthly numbers -- three point 1% in July analysts were expecting sales to rise.
By two point 7%.
And we just got earnings in from catalog -- cereal companies reporting a profit of 84 cents a share matching the estimates -- 84 cents.
Revenue 3.4 seven billion dollars BP estimate for 3.3 eight billion.
Let's take a look at commodities now oil and gold have been searching for direction a little bit this morning announcing them up across the board blows up by sixteen -- of my -- cents.
Coming up this hour another performance -- just Don Imus in the morning continues right now.
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