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JP Morgan Restates 1Q EPS

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  • Description

    FBN’s Diane Macedo breaks down the stories moving the markets ahead of the trading day.

  • Duration 5:04
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This transcript is automatically generated

This is this Imus in the morning we're.

Around on the Fox Business.

Good morning everybody.

Morgan -- -- Is restating first quarter results you might remember the firm mentioned a possible restatement.

When it announced last quarter's results well they're going ahead and doing that JPMorgan is restating -- provision credit losses.

To 726.

Million and there EPS.

Is now one dollar and nineteen cents it was originally reported in April.

At one dollar 31 cents taking a look at the markets markets in Asia and in the day higher across the board.

After Chinese inflation slowed in July to one point 8%.

That's raising optimism that Beijing has more room to cut interest rates or take other steps to shore up economic growth meanwhile.

The Japanese and south Korean Central Bank left their key interest rates unchanged ET and they said markets -- up across the board the kospi was up almost 2%.

Here in the US futures haven't searching for direction this morning we're seeing a mixed market now with Dow futures down by sixty S&P down by two in the NASDAQ up by almost to.

And looking -- up stuff there gave up early gains after ECB forecasters cut eurozone growth forecast.

For this year and next let's take a closer look now what's moving those markets with bill who -- chief economist at markets dot com over London.

As -- bill wesun initial -- on the news from China but they of course gave up gains.

On this ECB growth forecast cut but we -- for your previous guess that this wasn't a huge surprise so what kind of a reaction do you expect from investors.

Well I think that I and the key thing to look at -- I don't know how it is in this state.

But everybody seemed to have a dramatic case of the Olympics drew blood Kearney euros we see it in.

But -- you just -- if you live Soviet executive in the state no matter what the economists say -- about a central banks say.

The global economy is slowing down dramatically we had -- yesterday for the Bank of England -- coming into the twentieth century we had the ECB's -- -- coming -- eighteenth century this morning.

Growth is almost non existent in this is really what the markets look at that we may have to wait till September what are what will.

The central banks -- to try and get the global economy.

Not -- I -- just to sort of didian neutral -- -- rather than reach starting again because it is.

Very slow very abysmal and the economic attitude from the man on the street is.

What do we do now we're we go and where can we get some help.

On on a brighter note China came out this morning easing inflation slowed and so the country has more room.

To play around with its economy does that -- confident Saddam.

They're very much so and I think you know we've talked about this before.

Being a bond man ever since that slight problem with Lehman Brothers in 2008.

Almost four years ago -- -- -- Inflation has not existed.

Any where in the world so.

All of the economists except except -- now it's a situation where the economic data showing that there is no inflation -- really is a case right now what can what -- -- that -- Quickly the central banks will sought trying to just jumps thought the global economies as saying we may have to wait -- after this flu epidemic here euros gets of the with the Olympics we may have to wait to look for us.

These guys are on vacation anyway.

I read a billion barred from London making me jealous of the LA thanks bill.

And -- getting earnings.

From Wendy's is now the fast food companies reporting adjusted profit of five cents a share matching the estimate -- on.

Revenue came in at 645.

Point nine billion million dollars a slight miss -- the -- -- -- was for 647.

Point five million.

Meanwhile standard chartered reportedly is looking into a possible lawsuit against the New York regulator that accused of British bank of being involved in money laundering -- -- London's Financial Times reports bank CEO Peter -- refused to comment on possible legal action.

But he -- that the company's reputation has been damaged according to people close to the bank it's legal advisors believe there is the case for claiming gravitational damaged.

The new York state department of financial services accused standard chartered.

Of exposing US banking system to terrorists by helping Iran laundered 250 billion dollars into the US.

From 2000 want to 2007.

Standard -- denies those allegations.

World food prices jumped 6% in July from June.

After falling in the previous three months and that trend could continue.

At least according to United Nations food agency the agency says.

It could be a food crisis due to those prices like the one we had in 2007 and 22008 prices then.

Sword for grains like corn for example might cause some food riots but a senior -- an economist says -- -- would only happen if countries start to impose some export bans.

Here's a look at commodities oil and gold a mixed oil is up by about nineteen cents gold is down a little more than three dollars.

And coming up this hour drive it is guests will be John Stossel of Fox News Imus in the morning continues right now on Fox Business giving -- the power --

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