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Weak Global PMI Figures Hurting Markets

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  • Description

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

  • Duration 4:56
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Imus in the morning -- On the fox.

Everyone investors are concerned about global growth this morning as the HSBC survey showed manufacturing in China contracted.

For the eleventh month in a row here in the US futures had been down across the board all morning we're -- -- Dow futures down by 32.

The S -- he's down by -- the nasdaq's down by six we 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 were lower than in previous options and that's -- a little bit of confidence in Spain still markets in Europe.

Are down London by about 35 Paris is down by 26 and -- -- about 31.

Let's take a closer look now what's moving those markets.

But bill who -- chief economist at markets dot com over in London -- -- serious is this situation with these PMI numbers both in Euro -- And -- China.

Well I think we got notification from the ECB two weeks ago when -- kind of came with a couple NT program the fact is.

We are quote in New York cause fundamental -- technical recession in the Euro is out of and hence after we got yesterday's Bank of England minutes I'm expecting -- the Bank of England meets in November probably another sixty billion quantitative easing that even before the ECB's meeting.

Two weeks ago my feeling -- -- probably get another 25 basis point rate cut from the ECB at the November meeting.

And bill how much more time keeping today's Spanish bond auction bought Spain as far as asking for a possible bailout.

Well I think it's a question -- most people feel that -- getting very very close to a decision by the Spanish government -- and it really is a situation where.

They will have no choice and I think what you wanna call it pride eccentric -- truck when it's this weekend next week except for it will be done.

Also the simple fact is we'll -- the same thing out of out of Italy but I think what.

Today's data showed -- this what the market had been missing for quite a few months.

-- became for a political situation both here in the eurozone in the UK.

Now we see in -- simple fact is doing -- PD ECB the bank of England and even with the said they are truly looking now with the economic data and decisions are being made that central -- based on the economy and he's getting dislike me down and instant.

-- a little bit slow -- with each passing -- That's tough -- but better looking every day -- barred and -- -- -- that and it.

And we're looking at live pictures now of the shuttle endeavor as it takes off from Houston continuing its trip to California.

The space -- ever will fly over the city of Tucson Arizona in -- former congresswoman -- real Giffords.

Giffords husband mark Kelly commanded the shuttle's last mission and reportedly requested the flyover.

For his wife.

Meanwhile ConAgra Foods is reporting some better than expected quarterly earnings today.

The company says it made adjusted first quarter profit of 44 cents a share -- eight cents above the estimate.

While revenue of 3.3 one billion dollars also topped expectations.

Looking follower cut never raised its earnings guidance for fiscal two point thirteen to between two dollars and three cents and two dollars six cents a share.

The estimates for a dollar 98 the company is also raising its dividend to one dollar a year.

Bank of America's reportedly planning to cut 161000.

Jobs by the end of this year.

According to the Wall Street Journal the bank is making the move is part of a company wide cost cutting initiative.

That aims to slash 30000 jobs in five billion dollars.

An annual expenses by the end of next year -- the journal says this large chunk of cuts but but -- -- they year ahead of its schedule and reaching that goal.

The bank is slashing jobs due to declining revenue.

Which it -- a new regulations and the struggling economy.

But getting earnings and now from -- -- the -- bank is reporting a profit of 31 cents a share beating the estimate for 28 cents.

Revenue came in at 739.

Million dollars the estimate there was for 703 point seven million.

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

The -- already owns fifty point 4% of tell that it has been the controlling shareholder since February 2007.

The cable operators offer breaks down to 45 dollars 72 cents a share.

A twelve and a half percent premium over -- -- closing price yesterday the move marks the latest by the cable group to increase its presence in Europe.

Here's a live look at commodities oil and gold are down at the moment -- down by about thirteen -- -- 92 dollars a barrel gold is down.

Almost nine dollars and 1763.

An -- Imus in the morning continues right now on Fox Business.

Giving you the power to prosper.

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