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Imus in the morning.
On the phone -- Good morning everyone President Obama and house speaker John Boehner have new proposals out for a deal on the fiscal cliff.
With just nineteen days until the automatic spending cuts and tax increases are set to take effect.
Senior White House officials tell Fox News that both sides spoke by phone last night.
After exchanging their new plans the president has lowered his proposed figure for tax revenues from one point six trillion dollars to one point four trillion.
The speaker's office didn't provide details on his counter proposal.
Congressman sandy -- -- top Democrat on the house Ways and Means Committee told Fox News the president's one point four trillion dollar figure was one Democrats can work with.
They -- -- Republicans in both chambers have urged speaker Boehner to give the president what he wants on tax rates and instead focus on fighting for entitlement cuts.
But senate majority leader Harry Reid has said it will be extremely difficult for lawmakers to reach a budget deal in time.
The Federal Reserve is set to wrap up its two day policy meeting today when it's expected to announce a fresh round of bond buying.
The central banks anticipated new program would further reduce long term interest rates.
An effort to encourage borrowing by companies and individuals and it would replace Operation Twist which expires at the end of the year.
Economists also expect the Fed to continue buying forty billion dollars a month.
In mortgage backed securities and that will announce its policy decision around 12:30 PM eastern and chairman Ben Bernanke.
Will discuss -- at his final press conference of the year at 2:15 eastern Fox Business will bring them both -- you live.
Let's check the markets out here in the US.
Ahead of that that meeting we're -- markets up across the board.
Dow futures are up two point one -- -- up about three and the nasdaq's up almost eight in Europe investors are also watching this fed meeting very closely.
Stocks there are in -- green as well London's up fifteen -- is up almost two points.
And -- up about 28 the figure closer look though what's moving those markets as will -- market trader at IG in London.
-- the International Energy Agency is slightly raising its forecast for oil demand for -- point their team but says.
The rate of global economic expansion would keep demand relatively sluggish so what does that mean for both investors and just the everyday consumer.
-- -- -- -- any on the back vanished -- today restore a little bit -- on oil.
On the price is about report I think that this kind of two stories -- -- -- that.
The great story I think you've got the political risk story -- if we stay seated trying to has -- and that's going to be may be.
More the topic the key one key to you next year.
-- -- we can hopefully see to knock on effect for global demand in the us -- -- federal cross and and oversee the political risks still existing in the Middle East and other major oil producing.
Areas when we're seeing these being perhaps investors -- all white that this is perhaps more the consumer issue is that the short time effects to.
To parts the possible will have a knock on effect to continue.
And well another expected market -- will be the -- announced -- they are expected to come out with another bond buying program.
That it seems dread stimulus measure -- stimulus measures one expires they find a replacement for how long can this go on.
What I -- -- that's the ultimate question and I think there's a very clear on -- you mentioned European markets dropped today and the we're we're we're sort can continue to trickle -- from the mid November.
Rally that's really on the basis of expectations in the continuation of this of this -- And I'm really -- them.
No we -- and in sought full full full monetary stimulus for markets.
All right that's well ahead in -- IG in London well thanks so much.
3 AM is backing its 2012 earnings expectations at six dollars 27 cents a share to six dollars 35 cents a share the estimate there.
Is for 630 to the diversified manufacturer and Dow component says it sees another strong year at 2013.
With earnings of six seventy to six dollars 95 a share the estimate there is for 685.
Let's take a look.
At help oil and gold are doing this morning we are seeing -- in the green have been all morning will was mentioning we saw some buying this morning we're now seeing oil of about 63 cents.
While gold is up about six bucks but almost very very early this morning we did get earnings in from cost go.
That company says its latest quarterly earnings jumped 30% from last year the largest US warehouse club operator made 95 cents a share two cents more than analysts expected.
While revenue climbed nearly 10% to just over 23 billion dollars though that was.
Below the forecast cost -- bottom line also got a lift from higher membership fees which rose 14%.
To 511 million dollars.
The company raised fees for most US and Canadian members by 10% last month here's a look at commodities -- -- mentioned green arrows there Imus in the morning continues right now.
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