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Deal Reached to End L.A. Port Strike

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  • Description

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

  • Duration 4:59
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This is -- Imus in the morning.

On the -- Good morning everyone for workers in Los Angeles and Long Beach will be back on the job today after agreeing to -- a crippling eight day strike that's according to the chief negotiator for the shippers and terminal operators.

Who says striking clerical workers and longshoreman refused to cross that picket lines.

Were returned to work this morning.

Clerks were working without a contract for more than two years.

Los Angeles mayor Antonio -- -- pushed both sides to reach a deal.

Talking for two and a half years.

This.

An eight day strike that had tremendous impact on the city of Los Angeles and on the nation.

And obviously.

This is a.

Great great day.

Details of the agreement were not released but the union claimed terminal operators wanted to outsource future jobs out of state and overseas.

The strike cost Southern California an estimated eight billion dollars.

We're set to get several pieces of economic data this morning including the first of this week's readings on the labor market.

Payroll processing firm ADP is expected to report that 125000.

Jobs were added in the private sector last month.

That would be down from the 158000.

Added in October a lot to see if that number is revised that figures out at 8:15 AM eastern and it comes ahead of the government's November jobs report on Friday.

Which is expected to show 93000.

Nonfarm jobs in 95000 private sector jobs.

Were added to the economy now at 8:30 eastern today we'll get our final reading on third quarter nonfarm productivity that -- estimated.

To rise to an annualized rate of two point 7%.

After the initial reading showed a gain of one point 9%.

We'll also get labor costs which are expected to decline by point 9% lower than the initial decline.

A point 1% and as always we'll have all of those numbers for you as soon as they cross.

In the meantime let's take a look at the markets here in the US futures are up across the board Dow futures are up.

Almost fifty points yes and in Europe the Euro -- PMI services report for November again showed contraction the reading was higher than the prior reading but short of the estimates stocks there.

-- currently in the green -- -- London up almost twelve Paris is up almost seven and Frankfurt's about sixteen.

The figure closer look -- what's moving those markets with -- Potts equity strategist at Barclays wealth in London.

-- turnover in European equities trading is at its latest since the Euro zone debt crisis began and is set to stay low enough that pays.

A pretty -- picture for investor confidence and how concerned should we be about that.

I suppose there's no real surprise in those numbers so you've been talking about the reality is there's still a huge amount of risk to a huge amount of uncertainty is revolving around.

The -- -- picture and how it deals with the sovereign debt crisis.

Well I think -- -- say the pace of progress has been picking up.

-- verticals in the past few months sudden we know that seven living in the right direction but it's still a long long right recovery.

Might take ten years before we get to the situation where it countries are once again being competitive.

And we get the integration from a fiscal -- cool.

Perspective that is required in order for the eurozone say what property and until we get that situation I mean to understand why investors hopping consent.

Inside that look at some of the valuations.

Very cheap indeed.

You know -- on eleven and a half times multiple ten year average closed affecting in the hall if you're -- still some wonderful opportunities in the Euro -- There aren't a little optimism there we like that now.

Let's see if we can find some here in UK chancellor Osborne's autumn statement that set to come out at the bottom of the our ranking doesn't sound like -- -- a lot of optimistic things to say how do you expect this to be received.

What is fields and diamonds and -- it's and many budget quite frankly given how code isn't London's -- how -- the message is around.

The economy should be more like adult wouldn't excitement from the chancellor because given the backdrop of very weak growth and we've been saying in the UK the tax take has also been on the pressure.

Gives it's also very little room -- my name about.

We -- out of schools that the markets that fiscal conservatives the model they continue on the austerity -- On the left you've got people saying that she'd been too aggressive you cut too far too far.

And that's been negative for the economy what we're likely -- hit states that austerity hit to -- going to be more aggressive and longer than was anticipated.

And that -- the -- taken she left the UK public is still gonna -- Pressure of that there aren't that tank box so -- up -- -- there you go grab Barclays in London Hank I think stocky thanks.

And let's take a look at commodities now oil and gold like the markets -- to -- up piracy oil up about thirteen cents trading around eight 88 dollars a barrel -- up about eight bucks at 170 for an -- Imus in the morning continues right now on Fox Business.

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