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UK Industrial Sector Drops Sharply

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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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Imus in the morning from.

On the -- Good morning well let's start things off with a look at the market here in the US facing green arrows across the board for futures.

The take a look at what they're doing now Dow futures are up by thirty BS and he's up by four in the -- up by about fifteen.

In Europe shares -- standard chartered or plunging.

By as much as 20% after New York regulators accused the bank of hiding dealings with the run.

A charge the bank rejected.

The UK's industrial sector collapsed in June as well posting its sharpest drop in more than three and a half years Stoxx -- -- currently mixed with London down by six Paris and Frankfurt.

Are both in the green though Frankfurt's up by about 2122 Paris up by seventeen.

Let's take a closer look now what's moving those markets -- -- Ingram market analyst at BDC partners over in London.

I Italy and Germany are in a showdown with Mario Monti saying -- -- that control over EU debt policies -- bring about the disintegration of the European project.

German politicians say they will not shut down their democracy to pay Italian -- how worried should investors be about the tension between -- two right now.

Well.

I think it's it's a slow burning issue to be honest I mean it's and that the -- to characterize this as Monty Ferriss.

Merkel I think the -- actually it deeper than that object to lore.

The previous head of the -- European Commission a few weeks ago so there is no whose sovereignty without solvency.

And the truth of the matter is is that your country such as its -- Spain.

Need ultimately German cash just do you know debt through the next few years.

And that means that's you know Germany and the Bundesbank to a large extent to be -- to be calling a -- so that's what's underlying this there's this big debate that.

This -- they -- things like you know we're entering the fourth Reich kind of rhetoric from -- so it's it's really very lot of angry.

Veteran character.

I given the fact that you know it at least -- needs Germany right now as you pointed out what insurance does the country have does -- -- to go after Germany.

Well I that I think to some extent I mean it's what he was talking about it was taken somewhat out of context because what he did say was that's.

He didn't think that the German parliament should affect ha holds.

Policy making -- -- and -- his hostage and and you know I think they.

It Germany's politicians quite rightly saying -- You know we go to democracy something which is obviously very sensitive issue in Germany and we gonna follow that process solely through and if it means we what move -- slowly.

Then you would like then tough luck.

And market IMF is pushing European governments now to lighten the burden of the bail out loans they made to act ends.

What is that safer Greece's economic state that there in such bad shape the IMF doesn't even want -- to -- of these conditions and what impact.

Would it have on bail -- past and future if -- these conditions are loosened.

Well actually -- on a few days ago I mean I think the IMF or the kind of preparing the ground.

-- their own withdrawal.

It's it's clear to me and and a lot of people out here.

That way Greece is at the moment that this is I like just isn't gonna work so somebody has to take -- paying somebody has taken haircuts.

You know where the -- the IMF -- -- -- -- lineup woods the rest of the European parents aren't in that.

You know remains a big unknown BI FR -- a lot of pressure from its own shareholders.

Not to take big losses in Europe.

But yeah but I think it's -- deal in September and -- the debt load is inevitable because they can't get out of these people would -- consultants.

That's -- Ingram from BDC partners in London thanks.

And are getting -- -- now from CVS Caremark the provider of pharmacy services is reporting an adjusted profit.

Of 81 cents a share the estimate there was for eighty cents.

Revenue came in at thirty point seven billion dollars that was a slight miss the estimate was for thirty point 96 billion.

We also got earnings in from off -- deep though the office supply retailers reporting a loss of 23 cents a share.

That's a loss of nine the estimate was for a loss of nine cents a share revenue came in.

At 2.5 one billion dollars the estimate was for two point 61 billion dollars.

Church and -- the household products company is reporting a profit of 56 cents a share beating the estimate for 55 cents.

Revenue came minutes 696.

Point four million dollars the estimate there was for 702 point seven million.

And in the Fox Business exclusive Blackstone Group was in talks for six months to take now Knight Capital Group -- Before the software error that cost the firm 440 million dollars in losses that's according to fox business' Charlie Gasparino who reports.

Blackstone had conducted in depth due diligence on night and was prepared to pay one point two billion dollars for the firm.

Blackstone is part of a group of investors that's now participating.

In a 400 million dollar rescue deal announced yesterday -- -- says Jefferies group one of the companies that provided the financial lifeline.

Used Blackstone three surge in deciding to bail -- the trading firm Knight declined to comment.

Imus in the morning continues right now on Fox Business.

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