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FBN’s Robert Gray breaks down the stories moving the markets ahead of the trading day.
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-- -- -- -- -- -- -- -- -- -- -- Good morning I'm Robert Gray checking the markets here in the US -- -- futures started to move a little higher ahead of some key economic data on housing due out.
In about an hour's time you see the Dow up about eighteen point saw gains across the board.
Meanwhile in Europe Italy sold eight point five point four billion euros of bonds this morning with -- your borrowing cost below 3%.
At about two and a half percent now -- down from a previous auction the lowest since March.
Stocks -- moving lower across the board.
Take a closer look at what's moving the European market -- Michael geocities markets analyst at CMC markets in London and thanks so much for joining us in that it.
Died just upfront what are we seeing more -- the global economic concerns from the likes of Caterpillar in that.
Evo institute -- the lower business confidence -- Germany yesterday still weighing on the markets there.
Yeah I think that's that's that's the place rumba but drizzle sun -- -- -- -- in -- -- sent -- of coming up this morning.
And downgraded their growth full cost of the Euro area.
And originally spying was due to contract by about no point 5% next year it's that it impose it downgraded that some minus one point full.
So that's feeding into that not while wouldn't say the negative sentiment because is essentially it's been very very quiet here this morning.
But is sending making investors a lot more cautious.
And in this what I would call this window before on the Spanish -- -- -- which is due out and -- -- Yeah you've got a lot of -- events right -- when waiting to see -- possibly if that data will filter into the markets as well.
From the stress tests and also of course you've got Angela Merkel and no Mario -- -- Having some talks there you looking for -- thing to come out of that it may be in relation to Spain or perhaps side relation to Greece.
I certainly -- come there is an element of that -- -- definitely but I think.
I think will win the -- thing to woman Angela Merkel -- a drug you have to site I think we just gonna get the same old cliches we cycled.
I think the -- consent here the -- is the tensions in the political tensions that are on unwinding and spine and among we've had AM Catalonia and Catalonia the site cuts -- is pushing full.
A lot more fiscal autonomy about how to spend this tax -- and is pushing back against men draped -- nothing nice political frictions.
A great deal of uncertainty send me with respect to Spanish bonds and -- -- Yeah we've seen those yields are blowing out a little bit this morning Michael he's and they so much for joining us from CMC markets think -- didn't.
-- rigid in less than an hour from now look at the latest read on the housing market with the release of the case Shiller report on home prices it's for the month of July.
-- prices for the twenty city metro index are expected to have risen by one point 8%.
From the prior month.
Prices jumped 2% in June which was the first increase since September of 2010.
-- -- number due out at 9 AM eastern time we'll -- -- for you live as soon as the crosses.
Shares of Tesla meanwhile down sharply in the premarket after the electric car -- cut its forecast for 2012 revenue.
Due to a slower than expected roll out of its model S sedan.
Tesla says it expects to report revenue 400 to 440 million bucks is -- prior outlook -- by more than a hundred million bucks on the lower and upper end.
Yes and it was 542.
Point six million.
-- adding that some of its suppliers have experienced delays in meeting demand.
Shares of Caterpillar also lower in the premarket after the company cut its earnings forecast going out to 2015.
The equipment maker blamed the expected shortfall on a bigger than expected drop in demand for its products over the next few years it sees weaker commodity prices as the cause there.
That cat is the latest multinational to raise concerns about the sluggish global economic recovery.
Caterpillar says earnings in 2015 may be as much as 40% lower than they had originally predicted at the upper end of their forecast.
The company says it will discuss expectations for 2013.
When it releases quarterly earnings next month.
Yahoo!'s chief executive is expected today to lay out her plans to turn around that company.
Website all things.
After going over their strategy with the board last week.
At a site says Meyer will hold another all hands meeting on Monday there she's expected to introduce a new system and process for the company's goals.
That involves tracking and grating practices that system was in -- -- Google where -- was a longtime executive.
Before moving over to Yahoo! in July.
Toys 'R' Us is putting out the help wanted sign for the upcoming holiday season.
The company is hiring 45000.
Workers for its pop up stores and it's also beefing up customer services like shipping online purchases distorts.
That's a nearly 13% jump from the number of seasonal workers toys -- hired a year ago.
Take a look at commodities right now -- in oil and gold moving higher -- oil up here in 93 bucks a barrel as the dollar sliding its major currencies including the Euro.
Coming up this hour Imus is guests will be journalist Jeff Greenfield.
Here's the I man on Fox Business giving -- power to prosper.
