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Senate Panel to Hold Hearing on JPMorgan 'London Whale' Trades

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  • Description

    FBN's Diane Macedo breaks down early-morning market news.

  • Duration 2:52
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Good morning everybody -- I think dumb little live look at the markets first in Europe stocks are currently.

Up across the board we have London up by sixteen -- up about 26 Frankfurt's up.

More than forty points found 42 right now.

Here in the US the Dow climbed to a new high for a third day yesterday ahead of the February jobs report futures are also in the green across the board.

It Dow futures up forty BS -- piece of foreign nasdaq's up about five and in Asia.

Japan's Nikkei average at a new four and a half year high rising two point 6%.

Other Asian shares posted gains -- the exception of the Shanghai.

And speaking of that jobs report again it's one of the most important pieces of economic data and it comes out later this morning the overall economy.

Is expected to have added 160000.

Jobs last month and the unemployment rate.

Is expected to hold at seven point 9% as always we'll also be looking at the labor force participation rate which shows -- percentage.

Of working age Americans who have jobs or are looking for them.

That number held at 63 point six in January and the report comes out at 8:30 eastern Fox Business is Peter Barnes.

We'll be at the Labor Department give us that news as it breaks.

A senate panel investigating JPMorgan's more than six billion dollar trading loss is set to hold a hearing on the matter next Friday.

The Senate's permanent subcommittee is expected to focus on how much top officials of the bank.

Knew about the huge risks traders from its chief investment office for taking and there are growing losses -- hearing follows months of private interviews with those top officials.

And the announcement of this sit down comes on the heels of the New York Times reporter earlier this week saying the senate committee will -- certain executives.

For those losses still see how that would plays out.

In the meantime new stress test results from the Federal Reserve have revealed that all but one of the eighteen largest US banks.

Could withstand a hypothetical economic meltdown much worse than the one that took place in 2008.

Government owned car loan lender ally financial is the only bank to not meet the Fed's minimum hurdle of a 5% capital buffer needed for severe downturn.

-- fired back saying it believes the test was based on a fundamentally flawed analysis.

Of the -- largest US banks wells Fargo Bank of America and Citigroup.

Had improvements in their minimum tier one common capital ratios compared to last year's test JPMorgan -- capital level held steady.

Fed officials say the eighteen banks in that test represented more than 70% of total banking holding companies assets in the US.

KKR has reportedly reached a deal to buy Gardner Denver for nearly four billion dollars.

Both have more on that deal as we continue but let's take a look at commodities now oil and gold.

Are currently we've got the -- that would -- -- right now we've got a red arrow there for gold down by about two cents gold is up a little more.

-- three dollars and was four dollars Imus in the morning starts right now on Fox Business giving you the power --

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