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Imus in the morning program on the Fox Business.
Good morning everyone President Obama gives his first State of the Union Address of his new term tonight and he's expected to focus on the economy.
The White House aides say the speech will include a plan to create more jobs and strengthen the middle class.
The president will also call on Republicans to prove more tax increases and avoid the automatic spending cuts known as the sequester.
Fox Business -- -- -- -- -- will have live coverage and analysis of the State of the Union Address starting at 8 PM eastern.
Meanwhile North Korea has confirmed that it's conducted its third ever nuclear device testifying UN Security Council orders.
To shut down atomic activity or face more sanctions.
The White House is calling that test a quote highly provocative act.
The UN Security Council hold an emergency meeting this morning.
To discuss the issue here in the US we've seen futures fairly flat this morning Dow futures now up by a point the S&P is down not even appoint the NASDAQ down a little more than two.
Over in Europe European Central Bank president Mario Draghi will meet with Spain's prime minister Mariano Rajoy today.
As European finance ministers meet in Brussels stocks in Europe or in the green across the board we have London up seventeen Paris's up fourteen.
And -- up eleven electing a closer look now at what's moving those markets.
-- down -- -- global head of financial markets research over rabobank.
-- on the group of seven nations are considering issuing a statement this week reaffirming their commitment to quote market determined exchange rates.
After Euro group ministers discuss potential currency wars what's your take on this whole debate.
-- -- some diverging views even in Europe for the seem to be diverging views with the French calling yesterday.
These French official -- yesterday forty Europe to be that we -- thinks is overvalued is too strong.
Of course response from Germany vice Bundesbank president missed a beat him -- saying -- -- is not over valued.
So I think the G-7 statement -- words -- -- actions they were stable sort of told to go to party line here.
But -- imagine Japanese its own party line they'll say yes we believe the market based exchange rates and -- think as long was exactly do we want which is -- weakened -- She got the words and the actions and the actions on -- of these countries is that the printing money like there's no tomorrow.
And that that money debase that currency to -- that currencies.
That's creating problem for emerging markets currencies as creating problem for a few of the developed economies who are not doing this yet she have to Werth struck supposed to -- actions.
-- -- on -- -- also sort of hinted that we could see a decision on a bailout for Cyprus.
Come march how do you expect that to play ask.
Still a long ways marks.
Some of -- definite key uncertainty here.
Is about so called bill in.
So it's like okay what happens if you bail out the country what happened to example bond -- awful awful bank debt suckers up -- bank debt.
And that is important because Sarkozy is not -- but at the -- has a big demonstration effect lets people sought to worry that what happens -- May be starting to -- relates to the rest of eurozone debt bank debt yields a particular to die is what a real question Marcus.
There's been yes they'll website -- -- up north Central Bank some response saying that a -- and -- also be be unconstitutional.
Then I was wondering -- might not be able to be -- here so this is really something the market is watching very closely.
All right that's down -- -- over it let rabobank thanks so much younger it's tacky.
-- We have earnings and now.
From -- -- products the beauty care companies reporting an adjusted profit of 37 cents a share topping the estimate by ten cents.
Revenue came in -- -- -- three billion dollars matching the estimate for three billion dollars.
And we have -- -- also now the retailers reporting adjusted profit of two dollars 27 cents a share that -- the estimate by a penny.
Revenue was also beat at 948 million dollars analysts were expecting 930.
Point four million.
Meanwhile over Barclays expects some layoffs the British bank says it will cut at least 3700.
Jobs and scale back its equities and advisory businesses across Europe and Asia.
Chief executive and -- Jenkins says 18100 of those jobs will come from corporate and investment banking.
While European retail and business banking will lose another 19100.
The major restructuring follows a series of scandals including interest rate rigging which led to the resignation of Barkley former chief executive.
The bank also reported a net loss of one point three billion dollars in last year's fourth quarter.
Here's a look at commodities now we've -- not oil and gold oil particularly searching for direction this morning -- now up.
By about thirty cents and speaking of searching for direction gold has -- changed direction.
And agreeing now by thirty cents -- -- -- -- there all day.
Coming up this hour Imus is guests of the father Edward back and now here's the -- -- live on Fox Business giving you the power to prosper.
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