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Futures Follow Global Markets Down Wednesday

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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 is this Imus in the morning.

Good morning everyone shares of target are trading higher in the premarket after the discount retailer's latest quarterly profit beat the street's forecast and the company also raised its earnings forecast for the year targets estimated adjusted profit of one dollar twelve cents in the second quarter eleven cents above expectations.

While revenue of sixteen point 78 billion dollars also topped the estimates for sixteen point 75 billion.

Shares of Deere & Co.

though are down sharply in premarket trading after that company reported a lower than expected third quarter profit and cut its sales -- for the year.

The maker of farm machinery says it -- one dollar and 98 cents a share well short of the estimate.

For two dollars 31 cents revenue of nine point 59 billion dollars did manage to beat the forecast for nine point 52 billion.

But Deere says sells -- -- and utility equipment US and Canada are expected to be flat.

May be up 5% for the fiscal year due to the drought in the US.

Staples is -- reporting a disappointing second quarter profit as well the office products retailer says it made eighteen cents a share missing the street's forecast by four cents.

Staples says sales fell 6% -- year ago to five point five billion dollars.

Hurt by weak demand in North America Europe and Australia.

The company says it expects full year sales to be flat compared to the prior year shares are down 13% in the pre market.

Checking the markets now here in the US -- -- red arrows across the board all morning Dow futures now down by 28 yes if he's down by three to nasdaq's down almost five.

In Europe the Financial Times is reporting Greece wants two more years to implement austerity.

And will formally ask European leaders for the extra time next week standard -- meanwhile shares are higher there after the bank agreed to pay New York's banking regulator.

340 million dollars to settle accusations that it helped -- launder money into the US that story first broke here on fox business and stocks in Europe.

Are down across the board London's down by 29 Paris is down by twelve in Frankfurt -- -- 47.

Let's take a closer look down -- what's moving the European market is Brenda Kelly market analyst at CMC markets in London Brent ultra stimulus from the Federal Reserve seem to be fading after yesterday's reports on retail sales and producer prices.

But what kind of an impact -- fading optimism here have.

Four hopes for stimulus there.

I think -- -- -- was depending on the Fed actually doing something because in some ways it looks like we've -- we needed for the -- abatement and of course we've seen some.

Reasonably decent numbers in terms of the and -- and employment -- today in the UK but of course inflation with a bit of a higher than than expected yesterday so I kind of -- that the by giving them.

And the ECB obviously we're still not sure we're still waiting for Spain to actually approach officially.

I'm requests an actual -- and that I -- -- I -- the fact that and looks like Greece -- -- -- for an extension on what is already an extended fed up program.

Is probably going to feed into that risk off attitude that we're seeing at the moment.

We forgot GDP numbers out of Germany this weekend -- one of the things that report showed that high value -- quarters there.

Are finding it increasingly get but the difficult to tap international markets now that presumably.

We'll get harder if the -- does start to rebound so even in Germany's best interest to help the region recovery not.

What does it.

It's a big big task for the obviously was it inevitable that we would see some sort of full black in the core economies -- we did see as you said that on an increase their GDP your better than expected -- point 3% which is like you know parity above that the zero mark but.

At the same time their factory orders which we saw a couple of weeks ago a bit more forward looking and not.

I think in -- way we are seeing an increase in -- sort short setters are in our brokerage here.

Officer and luxury car areas like BMW books like and so it seems to me that a lot of investors are anticipating.

Further declines in Germany on us to whether or not they have the -- -- but if there's.

Will depend on what discussions are -- in respect to the ESM in September on how we go forth from that was to fund this bank.

Brenda Kelly -- CMC markets thanks Brendan.

And -- during been reporting this morning it's now official retailers are stepping up efforts to allow customers to make purchases with their Smartphones.

More than a dozen merchants including Wal-Mart target and 7-Eleven have released plans.

To jointly develop a mobile payments network a network is called merchant customer exchange and -- -- And it will compete with similar services from Google and other companies.

Here's a look at commodities now like the markets oil and gold have been down most of the morning -- down by about fifty cents trading around 92 almost 93 dollars a barrel.

Gold is down almost eight dollars now.

That 1594.

Announced.

Coming up this hour Imus -- guests will be radio talk show host Monica Crowley Imus in the morning continues right now on Fox Business giving -- the power to prosper.

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