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Eurozone Business Activity Falls in September

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    FBN’s Diane Macedo breaks down the stories moving the markets around the world.

  • Duration 4:52
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This is this Imus in the morning.

I'm on the fox.

Good morning everyone investors are concerned about global growth this morning after the HSBC survey showed manufacturing in China.

Contracted for the eleventh month in a row.

Markets in Asia are down across the board same goes for in the US Dow futures are down by 33.

The S&P is down by four and the NASDAQ down by six we PMI -- PMI figures are also impacting European markets.

Eurozone PMI contracted for an eight month Spain.

Also sold four point eight billion euros worth of three and ten year bonds the yield on the ten year was lower than in previous auctions the markets are still down London by about forty.

Paris -- -- -- -- seven and Frankfurt's down by 32.

But getting earnings.

Auto retailers reporting a profit up 48 cents a share missing the estimate for 52 cents.

Revenue came in at two point 76 billion dollars that was a slight beat the estimate there was for two point 75 billion.

Let's go back -- those European markets now in check and with Peter Dixon global equities economist at Commerzbank in London -- -- business activity drop in September at its fastest rate.

Since July 2009 what does that tell us about the ECB's bond buying plan doesn't appear to be inspire much confidence at least among businesses.

I think they give a little bit of time because you know these numbers were collected around about the -- to point to which the year.

-- ECB started to announcing it's it's numbers.

So I think you've got to wait a couple of months before we start to see that activity feeding through.

I think the first point of reference is -- for the ECB's.

At -- -- we'll see how markets react over the course of the next few weeks if boarding firmed up quite lots over the past four night.

I'm expecting to -- to get better over the course of the next few weeks and I think that would eventually -- to feed through.

-- -- popped -- on the real economy.

I'm like that -- that's sticking with PMI numbers we had an interesting contrast in France.

And Germany France -- at its fastest rate since April 2009 but Germany's PM I was actually better than expected.

With this services industries slowing a slight uptick what do you make about.

Bob you know I think basically the it just highlights the fact that we've -- a big divergence of you know outcomes across all of -- result.

It's nothing nearly not sense I think the worry is that we've now got frowns going into reverse.

If that's the French economy continues to contract in the -- -- recent event.

But clearly we're gonna have big problem for the for the eurozone as a as a whole because I think confronts is struggling -- -- will struggle to current.

As Peter Dixon thanks so much -- appreciate having on.

And -- getting results and now from Rite -- the drugstore chain is reporting a loss of five cents a share that smaller.

Than expected we were looking for a loss of seven cents.

Revenue came in at six point two billion dollars that matches the estimated dead on.

Meanwhile we're getting resulting from Scholastic as well the children's book publishers reporting a loss of one dollar two cents again smaller than a lot that was expected we were looking for a dollar five.

Revenue came in at 293 point six million dollars and that was -- -- the estimate was for 313 point nine million.

Bank of America's reportedly planning to cut 161000.

Jobs by the end of the year according to Wall Street Journal.

The bank is making that move is part of a company wide cost cutting initiative that aims to slash 30000 jobs and five billion dollars an annual expenses.

By the end of next year the journal says this large chunk of cuts would put -- -- a year ahead of schedule in reaching that goal.

The bank is slashing jobs due to declining revenue which -- blames on new regulations.

And the struggling economy.

Liberty Global has launched -- more than two and a half billion dollar bid to buy the remainder of Belgians tell that.

The re already owns fifty point 4% of tell men and has been a controlling shareholder since February of 2007.

The cable operators offer breaks down to 45 dollar 72 cents a share a twelve and a half percent premium over telmex closed on Friday.

Or yesterday rather the move marks the latest by the cable group to increase its presence in year.

If he's in talks to buy a stake in a Russian state owned oil firm.

According to reports the British oil giant is looking to acquire at least twelve and a half percent of rosneft.

In exchange for its 50% stake in the Russian oil venture T and KBP.

In addition to its own shares rosneft would also pay BP.

Ten to fifteen billion dollars cash for that -- -- BP's stake.

Here's a look at commodities now oil and gold are down at the moment we're seeing oil down by about fifty cents at 91 dollars a barrel.

Gold down nine bucks at 1760 to -- Coming up this hour Imus is -- to be found in legal analyst camera holder and Imus in the morning bringing -- Now here's the -- -- Fox Business giving you the power across.

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