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FBN’s Robert Gray breaks down the stories moving the markets ahead of the trading day.
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This is the -- morning.
Of those upgrade from -- Good morning I'm Robert Gray were set to get a slew of economic data coming -- -- the bottom of the hour now this includes the final reading on growth for the second quarter.
Economists expect GDP come in at one point 7% that would be unchanged from the second reading on growth.
Also get the latest read on the labor market with -- -- weekly initial jobless claims 378000.
People are expected to have filed for first time benefits last week.
That would actually be down slightly from the prior week but -- to wait and see that number is indeed revised.
We'll also get the readings on durable goods for August that's expected to show a drop of 5% from July and we take out the transportation component orders are estimated to have risen by three tenths of 1% after falling the prior month.
All those numbers again due out at 8:30 AM eastern time.
Well -- take a look at markets now Asia up overnight rallying on expectations that China may take more steps to boost its economy.
Shanghai up nearly 3% -- up better than 1%.
Meanwhile here in the US futures all in the -- looking to bounce back from multi day losses the Dow up 61.
I in the futures in Europe meanwhile Spanish government set to unveil more austerity measures including higher taxes changes to pensions as well.
Over in Italy borrowing costs coming down in the latest auction the company selling six point six billion euros worth of bonds in the yields for those deals.
Coming in lower than in previous auctions.
Also however in the UK GDP edging up slightly but still contracting it was -- four tenths of 1%.
In the second quarter.
There we should point out that was slightly better than expected.
Now for a look at all doesn't what's moving the European markets right now we've got billion -- RTC chief economist at markets dot com in London and bill makes -- -- for joining us what would you point to as the single biggest mover right -- we're waiting for headlines out of Spain.
We've got -- talk about the Chinese stimulus overnight -- certainly giving a lift to markets around the globe.
Or rob enforcing what we've seen now in the past but especially this week now it is this so she'll political situation as you said whether it be -- -- -- -- -- -- out.
Really overshadowing anything that that Super Mario did a couple of weeks ago we that the Federal Reserve and as they say.
-- the first patent.
As -- -- And we we now -- at the political situation the economic data is really taking second -- but -- you mentioned we should get.
A budget from Spain today they're going to try to reduce.
It by eighteen billion euros and one of the things which is really.
So he he's very -- -- understand austerity.
You've got corporations making no money you've got individuals making no money.
What they want to do is increase austerity in that you say will more we want to reduce -- borrowing costs as a percentage of GDP.
Where is the money gonna -- up.
They're gonna credits it sounds like if you Ellison -- went over talking about -- On the -- -- -- and so are you looking to the streets -- suddenly this headline risk.
You know every few months it seems to come back whether it's in Athens yesterday in Madrid -- night the other night.
He is is set to possibly.
Looking for us stocks to pull back not only here in the states but in Europe as well.
It is very much so I think what we saw the last three or four days was quarter and -- reality check and what -- things remember.
Tomorrow -- be the end of a quarter the end of the -- fear in Japan so therefore volumes very low but I think one of the things.
Maybe you -- you need understanding United States is.
Two weeks ago it.
Cut colonial which is the richest province -- state in Spain which includes Barcelona they actually presented eight.
Referendum the Spanish government sent -- we'd like to leave and I put that in contacted me like sort of the city California San behave.
You know we'd like -- -- -- -- state I think what it links to look at is if this happens with sheet while.
But remember that profits has it gross domestic product greater -- Austria so it really is a situation of where.
Yeah they'd look like we will wishing hoping and praying that all of a sudden the politics -- -- second fiddle to the economic numbers one of the things we're looking at.
-- -- with the data we've gotten out of Germany this week.
Market implied which I disagree with.
-- 34%.
Probability that the ECB of operates.
Next week I don't think they -- -- November and now the UK GDP you know but yes it was an improvement but it's still a negative non law.
Ability of art a -- southern gentlemen thanks for joining us from markets dot com updated site -- -- the you can't.
All right let's take a look at commodities trading right now -- seeing oil and gold moving higher of the stimulus talk the dollar giving up gains against the Euro and other major currencies crude bouncing back from yesterday's declines -- -- -- percent gold rising as well.
Coming up this hour another performance by musician John -- -- Now here's the -- man on Fox Business giving you -- power to prosper.
