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Obama Set to Meet With Top CEOs Wednesday

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

  • Duration 5:15
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This transcript is automatically generated

This is -- Imus in the morning.

Program on the Fox Business now.

Good morning everyone President Obama -- to hold his first white house press conference since being reelected this afternoon.

According to reports -- president is expected to touch on several topics including a looming fiscal -- And will call for one point six trillion dollars in new taxes over the coming decade now that we'll likely -- strong opposition from Republicans.

As it's doubled the amount proposed during the failed debt negotiations last year.

The president's press conference is set to begin at 1:30 PM eastern and Fox Business will bring it to you live.

-- after that press conference the president set to sit down with some of the country's top CEOs to get their insight on avoiding the fiscal clip.

That follows yesterday's meeting with labor and civic leaders on the issue.

Today's guest list includes Jeff Immelt of General Electric.

Alan allow -- afford -- -- were many of IBM mark -- Bellini of Aetna and Robert McDonald of Procter & Gamble.

Now if the president and congress can agree on a way to cut the deficit before the end of the year.

A combination of tax increases and government spending cuts will take effect which could send -- US economy back into recession.

Checking the markets now ahead of all of that US futures have been in the green across the board -- Dow futures up 53.

The S and -- -- six the nasdaq's up about seventeen in Europe Bank of England Governor Mervyn King said this morning that the UK economy may shrink in the fourth quarter.

And that it faces an unappealing combination of subdued recovery and higher inflation.

We'll also be watching -- several countries there.

Hold strikes and protests over austerity measures missing stocks down across the board in Europe London's out about thirty Paris is down ten.

And Frankfurt's down about 21 -- a closer look now at what's moving the markets with be noticing -- -- market analyst at city index in London.

-- several anti S thirty presses protest that is supposed to take place today across Europe.

But -- protest really accomplished anything are all these measures that there against pretty much a done deal at this point.

I think and what was happening his -- -- voice nagging sense ally I think austerity is it done get.

Actual timeframe involved in these austerity measures does seem to be slightly more -- for discussion.

And just recently we've seen that include Christina got -- said that asking him more time should be -- can.

I have full of these austerity cuts not things that is something that deafening is up for discussion on is gonna make life much more parable for people living in these countries.

-- EU finance ministers meeting yesterday -- a plan to establish a banking supervisor dominated that agenda.

-- wonder how you think they did -- they make any real progress on this.

Progress has been slight but a -- led disgusting in and it's coming up each meeting and that -- -- -- -- meetings that I happening in the -- Does mean that we are getting some last feels like -- again kind frank.

There is definitely progress being -- -- -- And that will part will be deafening in its natural -- did see some actual damage is being picked him.

And I asked that's gonna sink had a over at city index in London thanks so much enemy great -- on.

And Staples is reporting mixed results for its third court of the largest US office supplier.

Says it -- 46 cents a share that's adjusted a penny more than expected.

Sales fell 2% from a year ago to six point four billion dollars that came in short of the estimate Staples has faced increasing competition for years.

As governments deal with budget cuts and traditional items are replaced with electronics the company said in September it would speed up the closing -- roughly fifteen of its US stores.

And shut down 45 stores and some delivery businesses.

Over in -- we're set to get several pieces of economic data this morning including the latest retail sales figures sales for October.

Are expected to show a decrease of point 2% after jumping more than 1% in September.

If you take out the auto component sales are expected to rise by point 2%.

After rising more than 1% in the prior month we'll -- get the latest reading on producer prices those are expected to show a gain.

A point 2% last month after again they climbed more than 1%.

In September the so called core index which factors out food and energy that's expected to rise by point 1%.

And that figure is unchanged last month all those numbers will cross at 8:30 AM eastern and we'll have them for you as soon as they do.

They're more management changes add zing -- David one -- the chief financial officer for the troubled online game company is leaving to join FaceBook.

Using it says -- will be replaced by chief accounting officer Mark Bryant is returning to the job he left two years ago.

Among other executive -- cheap mobile officer David -- has been promoted to the vacant position of chief operations officer.

-- adultery -- re organized is top managers several times this year as it tries to revive its business amid increasing competition.

And a consumers' shift toward mobile games what are overs causing his high profile IPO last December but since then the stock has tumbled.

-- -- the 80% closing yesterday at two dollars and eleven cents a share.

Here's a look at commodities oil and gold -- currently mr.

-- oil up by about twenty cents gold is down a little more than a dollar.

Now here's the I man on Fox Business giving you the power to prosper.

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