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FBN’s Diane Macedo breaks down the stories moving the markets ahead of the trading day.
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-- -- -- -- -- On the -- Good morning everyone decide things up with a live look at the market stocks in Asia ended the session mostly lower after China's trade surplus unexpectedly narrowed.
In July markets there were down almost across the more the cost he managed a small gain their -- the Nikkei was down almost 1% here in the US futures are also red arrows.
Dow futures are down by 55 the S&P is down by six in the NASDAQ is down by nine same picture in Europe -- that worse than expected.
Chinese trade data is pressuring stocks there as well London's down by almost eighteen Paris by 32 and Frankfurt.
By 53 elected a closer look at what's moving us markets now with John Randolph director of sovereign risk and I just global insight -- Markets have been rallying on hopes for ECB action but more than a week after the central -- conference still no developments on that front is there anything the bank can say at this point to get markets back -- does the next group have to be announcing some sort of stimulus.
What I think the ECB will wait until the politicians come back from vacation.
And also.
The job and constant constitutional court will decide on the ESM on its legality and in -- lol.
Until that happens the ECB has to wait.
It has said that is for -- do everything it takes.
But in fact what it's prepared to do is become a financing a home all the IMF.
The other part of the IMF being the ESM that provides the conditionality and programs.
-- it's not -- and mobile Central Bank that we understand.
I'm given -- the time period right now you have all these meetings coming up as you discussed the Euro group the central banks the German Constitutional Court decision.
How risky is it to make any big bets in this market before knowing how all of that will play out is there anyway that investors can.
Capitalize on this and someone.
Well I think we're still living in this world well there's no visibility.
To make big bets.
And the visibility is is conditional -- these political choices.
As a result of these meetings.
What the ECB has -- said -- what it's prepared to do.
So on I'm political choices crates binary outcomes.
And it's -- -- multiple markets to compete but so that hunkering down there is genuine uncertainty of the worst kind.
Until we get a political visibility hard to.
And investors that aren't -- -- -- -- that I just global insight in London thanks him.
Shares of Goldman Sachs were higher in extended trading after the Justice Department said it won't prosecute the investment bank for financial fraud.
Fox Business is Robert Gray has the details from our newsroom hi Robert -- -- that's right no charges were they Goldman and its employees allegedly concealed the fact that there are betting against securities tied to the housing market at the same time.
There are selling the same securities.
To their clients now prosecutors say quote based on the law and evidence.
As they exist at this time.
There's not a viable basis to bring a criminal prosecution.
That the US attorney's office had reviewed the case after -- Goldman deals were.
Faulted in a senate panel's report last year called -- us senator Carl Levin led that investigation in a heated.
Grilling of Goldman's chief executive Lloyd Blankfein before that panel last year.
About the banks sales practices eleven -- accused.
The bank's executives of misleading congress investigation on much of the blame for the credit crisis on Wall Street banks is a package risky loans together and sold them.
Goldman Sachs for its part telling Fox Business quote we are pleased that the matter is behind us.
In a separate matter Goldman had already paid 550 million bucks to settle a securities exchange commission lawsuit back in 2010.
And accused the firm of misleading investors in the sale of securities that bet on sub prime mortgages now former New York City Mayor Rudolph Giuliani Rudy Giuliani who's known for -- white collar convictions when he was -- US attorney.
Weighed -- on the case -- -- -- last night.
It may very well be.
That there was no justification for a prosecution of of Goldman Sachs but maybe there was no justification.
For arresting and to the extent that they underestimated.
And -- -- dominant you mentioned have been moving higher in after hours trading back to you -- a grabber Ghraib from the newsroom.
We're also talking JC penny today because shares are down as much as 7% and the premarket.
After the company reported an adjusted second quarter loss of 37 cents a share the estimate.
Was for a loss of 25 cents revenue of three billion dollars also missed the estimate.
Of 3.2 billion same store sales for the quarter fell by a greater than expected 21% from a year ago analysts were looking for a seventeen point 4% drop there.
That's the second straight quarter of severe sales losses for the company since changing its pricing strategy.
In February -- eliminated the use of coupons and discounts in favor of everyday low prices and that move cost the 102 year old retailer many shoppers.
Here's a look at commodities now oil and gold are both down oil's down by about a dollar thirty.
Pulled down by eight bucks Imus in the morning continues right now on Fox Business.
Giving you the power -- from.
