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Futures Up Ahead of July Housing Data

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

  • Duration 5:00
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This is -- -- -- sort of more imports.

I'm on the Fox Business Network.

Good morning everyone shares of Wal-Mart are lower in the premarket after the world's largest retailer forecast earnings that could fall short.

Of Wall Street expectations Wal-Mart narrowed its full year earnings forecast to between four dollars 83 cents -- four dollars 93 cents a share the estimate.

It's for 493.

For the second quarter the company reported an adjusted profit of one dollar eighteen cents a share a penny above the estimate.

That revenue of 113 point eight billion dollars fell short of expectations.

Same store sales rose 2.2 percent compared to a year ago.

Sears Holdings says its second quarter loss narrowed from a year ago as it cut expenses and reduced inventory the parent company of Sears and Kmart stores reported an adjusted loss.

Of 86 cents a share that matched the street's forecast.

Revenue fell 6% from last year to nine point five billion dollars missing the -- -- For nine point 63 billion earlier this week Sears said it's moving forward with plans to spin off its hometown and outlet stores along with some of its hardware stores into a separate company.

We'll get several pieces of economic data at the bottom of the hour including.

And you look at the labor market 365000.

People are expected to -- filed for first time jobless benefits last week.

The heaviest slight uptick from the prior week but will course.

Have to see if that number is revised we'll also get the latest data on the state of the housing market housing starts are expected to commend.

At an annual rate of 757000.

The last month.

-- down slightly from June building permits -- sign of future activity are expected to come -- at 770000.

And that would be up from the 755000.

In June also have all those numbers at 8:30 eastern time.

And taking a look at the markets before all of that US futures have been fairly flat this morning they are in agreed across the board.

Still are on the -- numbers you've seen all morning Dow futures are up by thirteen.

Yes and he's up by -- the nasdaq's up about six in Europe.

UK retail sales figures came in better than expected but overall optimism about stimulus actions from Europe and the US seem to be fading.

Stocks -- mostly lower.

With London down by ten Paris down -- to Frankfurt though still on the green up by five let's take a closer look now what's moving those markets.

With markets dot com chief economist bill who barred.

Over in London bill seven banks are being subpoenaed for questioning in the US for alleged manipulation of Libor and this comes right on the heels.

A standard charters money laundering settlement and similar accusations against -- SBC someone -- And it's obvious yes defects confidence in the in issue a kind of a fall out you expect from office.

What that what -- -- added the fact is look at the banks from two or three years ago when we started having the massive problems post Lehman.

All of a sudden the eurozone collapsed so banks have been under incredible pressure and if you just said now what Libor money laundering -- -- speed standard chartered banks are really not the place to -- -- as we saw yesterday George -- said one of his major -- says he is all bush reduced to zero his both his brokerage in his banks feeling.

That the banks are in for a lot.

More problems and -- it seems like a lot of these cases are also sparking calls for more regulation but it's -- a lot of these.

Jason the regulations were already there they just weren't -- force -- remedy that.

Well.

-- -- he just said it I mean back to 1974.

I was on the Federal Reserve committee when they made.

Re part government repurchase agreements and false balance sheet rather than -- -- -- back.

That started a massive movement especially in the swaps market so it really is -- just yet.

All of a sudden the government the regulatory authorities they get involved with something I think the problem we have.

And -- -- Angola Merkel said this two years ago when we have the problem when we really started seeing the problem with Greece politicians.

Really don't understand you know of the financial markets -- you just said it I mean they have become so so what algorithmic trade -- eccentric -- had significant remember a long term capital management remember they had three Nobel Prize economist.

And they still had a slight problem with what was happening in the markets I mean I think it's a situation where.

We yes we need a little bit more regulation but if we get over regulated -- the thing that I'm concerned about here I think I've mentioned this before.

Over regulation here in the UK could mean Dubai.

Schacknow and London -- back.

Nothing that I have got to realize that the simple fact banks provide a great deal of revenue to the treasuries.

Bill -- are not just an analyst about it now this morning -- we appreciate at that that they -- them.

Let's take a look at commodities now oil and gold have been searching for directs this morning particularly on the oil side we're now seeing oil up.

By about five cents -- -- 94 dollars a barrel gold is down by fifty cents.

At 1606.

-- -- and coming up this hour we'll have another performance from Rodriguez there Imus in the morning continues right now on Fox Business.

Giving you the power to --

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