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FBN’s Diane Macedo breaks down the stories moving the market ahead of the trading day.
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-- Imus in the morning.
I'm on the -- those.
Good morning everyone it's time to check the markets here in the US futures have been in the red -- across the board all morning.
Dow futures are now down by 32 the S and -- down by about four and -- nasdaq's down by three.
In -- of the Bank of England has sharply cut its forecast for growth.
In Britain's economy.
In its quarterly inflation report the BO we said growth in two years' time was likely be around 2% a year down sharply from the forecast of two point 67%.
Just three months ago.
Stocks there in the red across the board as well London and Frankfurt are both down by about 35 Paris is down by 21.
Let's take a closer look now what's moving those markets with Brenda Kelly market analyst.
At CMC markets over in London.
But it -- the comments from Bank of England Governor Mervyn King this morning is this important do anything to boost optimism for more stimulants.
I did this morning McCain not much commitment to got me pretty much -- -- -- reducing interest rates by even a half percent.
We're not gonna make a difference -- growth under weaker growth.
So in some ways that they no commitment on the behalf off Mervyn King to any further stimulus and bear in mind we have embarked on another rabbit just very recently so I think the latency.
It's -- the indications are from there -- to walk actually comes out at this at its extra fifty billion that we saw happen in July.
But certainly the actual sentiment surrounding it and the -- we're -- the footsie lower again.
And it does seem to make that make you believe that investors don't believe to be at the forthcoming that I think that in the next that coming months without.
And -- a markets took a dive after S&P downgraded its outlook on Greece what stocks are most affected by that.
That was quick frankly that the stocks are going to be done this week that today already because we have a 25 companies going next -- so in some respects -- what it actually expect that to the downside in the policy initially to it to for the most part of the extent.
Stocks that are seeing a bit of -- -- black.
And of course that's down to when the pharmaceutical companies not been able to.
And get a drug costs by the FDA so it's mostly -- -- -- because that are down but.
Ultimately the best -- leader today will be standard chartered which is pretty much up six and a half percent that day after -- -- something that's yesterday I.
-- Kelly from CMC markets in London -- and and speaking of standard chart a New York's top banking regulators money laundering accusations against that bank.
Has reportedly blind sided and angered the treasury and the Federal Reserve.
That's according to Reuters which says Benjamin -- he's order also complicates talks between treasury and standard chartered to settle claims over those transactions.
London based firm allegedly schemed with Iran to launder more than 250 billion dollars over nearly ten years.
In the past similar cases have usually been settled through negotiation with the -- -- amount.
Of public shaming -- these orders at standard -- dealings expose the US banking system to terrorists drug traffickers and corrupt states standard chartered says it was surprised by the order because it's talking with the relevant US agencies.
It looks like another cost cutting move could be on the way at Morgan Stanley the bank reportedly is looking at closing brokerage offices laying off support staff.
And requiring some branch managers to bring in revenue as advisors.
Last week the firm cut the number of regions it is Morgan Stanley Smith Barney brokerage to twelve from sixteen eliminating four manager positions.
Morgan Stanley controls -- joint venture with Citigroup.
Exactly how many jobs will be cut -- a source says up to 100 offices could be closed -- Morgan Stanley spokeswoman declined to comment.
-- Knight capital were up more than 2% in extended trading after NYSE Euronext said the firm would resume its market making duties come Monday.
The nice to temporarily transfer those responsibilities to get -- another market making firm which also helped bail out night.
After a software glitch last week caused a massive trading -- that brought the company to its knees.
Get go along with a number of other financial firms provided 400 million dollars in emergency financing.
Investor group balance 73%.
Of Knight capital.
Americans are doing a better job when it comes to paying their mortgages on time.
According to reports from Trans Union.
Five point 49%.
Of the nation's mortgage holders were more than sixty days late on their payments as the lowest level since the first quarter of 2009.
The news coincides with an improving outlook for the housing market home prices rose more than 2% from April to may.
The second increase after seven months of flat or declining readings.
Still the percentage of unpaid mortgages is unlikely to return any time soon to where was before the housing market crashed.
Here's a look at commodities now like the markets have been involved and the downside all morning -- oil now down by about sixty cents -- 93 dollars a barrel.
Gold is down by little more than three dollars trading on 1609.
Announced coming up this hour Imus is guests will be York times best selling author do you Imus and Fox -- legal analyst.
Police will from blonde on blonde.
Imus in the morning continues right now on Fox Business.
