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Fiscal Cliff Optimism Boosts Futures

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  • Description

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

  • Duration 4:58
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Most of the morning.

I don't want to fund the.

Good morning everyone President Obama reached out several CEOs over the weekend for some more business perspective.

On how to avoid the fiscal clip according to the White House yeah.

The president spoke with Berkshire Hathaway's Warren Buffett JPMorgan Chase CEO Jamie Dimon Apple's Tim Cook Jim Mac and -- from Boeing and cost goes -- -- enact.

Sources tell fox business' Charlie Gasparino that the president's call would -- was a good.

Friendly discussion on the issue Gasparino says they also touched on other of Dion another academic concerns there.

A number of topics from US health to Health Care Reform.

Checking equity markets now stocks -- getting a boost this morning on optimism over all those fiscal cliffs dot talks.

Dow futures are up sixty BSB's up about eight in the nasdaq's up sixteen.

In Europe investors are also reacting positively we're seeing London up about seventy.

Harris is up fifty in Frankfurt up little more than 100 points.

Let's take a closer look though what's moving those markets with -- Potts equity strategist at Barclays wealth in London.

Now high -- -- on finance ministers and IMF officials.

We'll meet tomorrow for another attempt at a deal on Greece's aid program among other things up.

They have to bridge their differences over how to bring Greece's debt back to -- manageable level that they didn't make much progress on this last week.

So why should we expect anything different this time around.

Well hope springs eternal -- -- the reality is.

The Euro zone officials still need to try to manage the Greek problem has been -- to defend this story revolving around the sovereign debt issue in many ways has -- -- from Greece for their problems still.

We're pretty traumatic past -- -- you point to the debt levels.

What debt that was increased despite so we'll -- austerity despite -- spending cuts coming through.

Still likely to stand about a 190%.

Of GDP next year the -- preside over the next couple of -- -- can bring it down to -- this -- level.

Of 120%.

Listed along -- recovery for them remember Greece and its fifth year of a depression now we noted that unemployment is above 25%.

If you look at sound -- is -- right suicide race rising quite dramatically the -- moral on the streets the best -- European officials condition is right another forty billion you write checks and hope to stabilize conditions at least until -- the next tranche of money.

-- Hank isn't set an article today that -- expect euros and governments to write off its debt.

As that only happens under quote extreme circumstances based on everything you just said.

How far it really is Greece from being an extreme circumstance.

Well Greece is an extreme circumstances of the moment the reality is -- -- and and strong work with the European partners.

To try and moved to position forwards trying to stabilize its finances.

Continue to introduce structural reforms -- reforms revolving around these pension market revolving around the public sector.

Revolving around his label is in an effort trying bring yourself back to a position where -- come.

Become competitive once again on the -- best and an awful long way away.

So continue to write the -- I think won't be the order of the day for European Union while it focused on the much bigger -- -- which is.

Obviously the bigger countries remain Southern Europe the likes of Italy and Spain who themselves need to guide through changes while still trying to work on -- much longer term.

Challenges which included -- road map to fiscal.

Economic and -- to union.

I'm (%expletive) that can't happen -- -- -- course of European summit but recall -- direct challenge yet in fact we estimate might take a decade.

Before those southern European countries in -- European countries.

Get together and become competitive and fiscally integrated once -- -- Evidently no shortage of issues to work on merit that's -- pots of Barclays wealth we appreciate it Hank as always thanks talking to -- as shares of lows are higher in premarket trading after the home improvement retailer's third quarter results beat the street's forecast.

-- says it made an adjusted profit of forty cents a share a nickel above expectations.

While revenue climbed 2% from last year to twelve point one billion dollars compared to the -- -- for eleven point nine billion that was partly due.

To preparation and rebuilding efforts related to super -- sandy.

The company now expects same store sales increase about 1% for the full year compared with its previous forecast of point 5%.

And we have some good news for drivers the Lundberg survey shows the average price for a gallon of regular gasoline has dropped seven cents over the past two weeks.

Sitting at three dollars 47 cents.

The decrease comes despite super -- -- -- -- Long Island New York has the highest national average sitting -- four dollars.

Eighteen cents for a gallon of regular up more than 26 cents from November 2.

But Memphis Tennessee on the other hand clocked in.

But the lowest average at three dollars and four cents the surveys based on information gathered from 2500.

Stations nationwide.

Imus in the morning continues right now on Fox Business.

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