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FBN’s Dagen McDowell breaks down the stories moving the markets ahead of the trading day.
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Election.
The first let's check on your markets -- is closed -- -- know -- -- -- -- Again hopes of more juice from the Federal Reserve our Central Bank here -- the biggest Gainer there up more than 1%.
But Europe has lost its no -- this morning and you have the -- Iran France.
And the Dax but -- now and the FTSE 100 is still up but barely hanging on to gains.
Futures in the US showing that similar move now it down they were op -- roughly 33 point gain on the Dow futures now.
All those major market gauges are lower.
Right now we're about an hour half from the opening bell.
Then commodities oil and gold both gobble gold is still up more than 1%.
And the more on Europe let's go live to London were joined by bill Hugh -- chief economist for markets dot com bill why that turn around in the market isn't just a realization of we're expecting too much from the US Central Bank.
Well I think that's a combination.
Also here.
Morning we got French Germany Euro zone PMI indices and it really reiterated what we -- The contagion now -- spreading throughout and they were all based theater three year low so the key thing you said -- we have a double dichotomy if there's such a work as you said last night the key thing that we got out from the Fed was.
A number of the governors maybe you where they preempted what mr.
Bernanke may or may not say on the 31.
But next week but remember we have to go back to the 27 of August 22 -- When mr.
Bernanke did clearly -- Q -- -- and if we can remember at that date.
In the next eighteen months we saw the S&P up twenty -- percent.
But the market right now and I know these are ought trading follow Osce -- wishing hoping praying that we do get something.
Concrete out of the Fed next week -- also after the Chinese data this morning.
Sooner rather than later will probably get an interest -- positive interest rates decision from the People's Bank of China as well.
Bill what about the mating between Markel and -- small -- later today at the believe there's a press conference at their -- -- -- it's 1 PM our time.
He'll be obviously after the markets closed.
In Europe what did -- they say any thing that will drive trading tomorrow.
Or maybe this simple fact is.
I thought.
I ordered a rose 1962.
-- -- 67.
Any comments they made -- going to be short sweet and very close to the point of almost saying nothing because remember we've got the ECB meeting coming up we've got a major situation with the torque and Greece but it really is going to be a situation.
Don't expect.
Any change at any velocity for -- -- missed a whole lot or Angela Merkel so expect short sweet and to the point and be very quick.
-- be very few words mentioned.
Bill great to talk to you as always bill -- barred chief economist for markets dot com we have a great day now.
And a closer look at the US markets would get a Disney all from our newsroom good morning.
US futures up on fed meeting those released yesterday that gave the strongest clue yet that the Fed may take new moves to stoke the dormant economy.
But the Fed's efforts would keep interest rates low and that makes it easier for the government to keep borrowing.
And yesterday in new congressional report came out saying that we have a fourth straight year of trillion dollar deficits.
But the drastic cuts and tax -- set for January.
Would do even worse damage in the short term drastic moves would slash maybe for a fifty billion dollars from annual overspending.
But it also what's in the economy into recession.
Kill jobs for two million more people and cause a 3% decline in GDP in the first half of next year.
Back to you.
Thank you Dennis and more business headline story this morning -- Citigroup says it wants regulators to shoot down the nasdaq's plan.
To make up some of the losses that firms suffered in Facebook's market debut.
In a letter sent to the Securities and Exchange Commission the bank says the exchange was quote pasty and self interested in how it handled IPO.
Citi claims the NASDAQ went ahead with transactions ignoring technical problems.
That ultimately led to hundreds of millions of dollars in losses.
The nasdaq's proposed a 62 million dollar compensation for those affected by the botched IPO.
But -- -- Citigroup says that would only cover a small part of its losses.
People close to Citi estimate that banks stood alone stands to lose twenty million dollars.
Citi added it doesn't intend to waive its right to seek relief from NASDAQ through appropriate legal channels.
Later this morning we're gonna get to critical pieces on the economy of news.
The latest look on the -- labor market at the bottom of the hour really unemployment.
Exit 8:30 AM eastern time.
We expect that 365000.
People filed for first time unemployment benefits last week.
That would be down slightly from the prior week but we have to see that number was revised.
And then we get another look at the housing market with new home sales for July.
That number expected to comment at an annual rate 365000.
Homes that would be up from Jin that figure out at 10 AM Easter.
And now news stories.
Making headlines this morning tropical storm Isaac churning over the waters of the Caribbean and gaining strength and it could hit Florida early next week.
Causing problems potentially for the Republican National Convention when a tropical storm hits.
Bomb hit the host city of Tampa a few months ago thousands of homes and businesses lost power.
The current forecast has eyes it becoming a hurricane tonight or tomorrow and heading towards South Florida are -- around Monday.
Opening day of the convention.
In addition to the potential threat of tropical storm -- organizers at the Republican National Convention are also gearing up for protesters.
Officials in the host city of Tampa have been preparing the for the event nearly two years.
And more recently in the last few months they've been meeting with different groups planning to demonstrate.
An effort to avoid any serious conflicts.
A coalition of groups descending on the convention are expected to hold -- 5000 person march.
On the first day.
Officials in Texas are working to try and contain an outbreak of West Nile Virus is plaguing this day.
Federal health officials say this outbreak is one of the largest in the US ever -- -- 11100 cases reported around the country.
About half of those are in Texas which is seen 21 people die from the disease so far this year.
Dallas especially hard hit an official started spraying for mosquitoes last week though it's too early to know if those efforts are having.
Any and.
