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This is good Imus in the morning.
Everyone it's time -- take a look at the markets and here in the US we've seen green arrows across the board all morning Dow futures are now up by 27.
Yes and he's up by about three the nasdaq's up by five in Europe second quarter eurozone GDP contracted by point 2% that was expected.
France and Germany meanwhile reported better than expected figures of France -- -- came in at zero growth.
Meanwhile a German survey of economic expectations fell for the fourth month in a row to its lowest level since last December's -- mixed bag when you -- -- European reports.
And has stock markets though still up across the board London's up by 23.
Paris is up by thirteen and Frankfurt's up by 57 let's take a closer look now at how markets are reacting to all that would CMC markets analyst Michael Hewson.
Over in London Michael Germany's constitutional court is scheduled to rule in early September and whether they European stability mechanism.
And a fiscal back our legal but there's speculation now that the court might postpone that decision what kind of impact that that have on uncertainty there.
Well hello it's certainly wouldn't because it's it's dying -- moaning -- this -- a legal challenge.
By I German institute.
But I Euro skeptic institute.
And is a possibility that the decision from the -- the September could get referred.
So the European -- justice.
And obviously that happens that would -- any likelihood.
All of the -- coming on line probably this year which means that European leaders took place and -- have to -- -- wrong.
We've the piecemeal approach that we've been seen I would a couple of the -- -- three months.
And it eurozone GDP figures you've been talking about the -- morning and they did show contraction in an even though some of these numbers came in better than expected for Germany and France.
Still not great here says some say that this just boost calls for growth and stimulus -- saying that indebted countries in Europe need to carry on with their reforms and they will soon start reaping the benefits that you have to get through this rough rough patch.
What's your take on that debate.
Well a lot of the problems in Europe done -- political.
The money so very well to preach austerity but when you populations are opposed to spending cuts that you're implementing.
It's very very difficult.
And Muni that you talking about slightly better than expected growth in Germany and France but I think that's largely as a result although we can you are it that's it really.
Deal with the underlying problem stuff on now starting to stay -- Into the coal.
And unfortunately that -- -- to further easing but still very very -- Europe because they are going to be conditional Mariano Rajoy this morning.
Had a meeting with the king of spying.
-- he's basically said that until such times he knows about the conditionality.
With respect to any further -- out that you have nothing really much has changed.
All right that's Michael Hewson from London thanks -- Thank you.
And -- getting results now from -- the retailers reporting a loss of eight cents that was better than expected.
The loss of forecast there was for nine cents revenue of 704 point one million dollars was also slightly better than the estimate for 704 million.
We're also set to get several pieces of economic data out at the bottom of the hour that's when we'll get retail sales for July.
There are expected to rise by point 3% from June if you take out the auto component sales are predicted to rise by point 4%.
We'll also get the rating -- producer prices for July those prices are expected to have ticked up.
Point 2% last month from June the so called core index which factors out food and energy is also expected to climb point 2% and we'll have all the love his numbers.
For US -- as they cross.
Meanwhile shares of Home Depot are higher in the -- market.
After the company's latest quarterly earnings -- forecast and raised its guidance earnings guidance for fiscal 2012.
The biggest home improvement retailer reported a second quarter profit of one dollar one cent -- share four cents above the estimate.
Revenue rose one point 7% from a year ago to twenty point six billion dollars but that.
Came in short of the forecast for two point point 74 billion.
Home Depot says it now expects to earn two dollars 95 cents a share in two point twelve.
Which includes stock repurchases the estimate is for 292 the company also confirmed sales growth a four point 6% from 2011.
Shares -- -- on meanwhile are plummeting in the premarket after that company reported disappointing second quarter revenue.
The daily deals website made a profit of eight cents a share nickel better than expected.
But revenue of 568.
Million dollars fell short.
Of the 573.
Million estimate and revenue growth was down from the first quarter group on gross Billings which represent the total amount collected from customers for -- sold.
We're also downed the last quarter and below expectations.
Here's a look at commodities now like the markets eleven gold had been up all morning oil is up about fifty cents around 93 dollars a barrel and gold at two bucks and 1614 announced.
Imus in the morning continues right now.
-- Fox Business.
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