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Good morning everyone let's kick things off with a look at the markets here in the US after a record a weak futures are pointing to the downside this morning Dow futures are down about fourteen point.
Yes -- he's down to the nasdaq's down almost five over Europe.
Fitch downgraded -- from a minus to triple B plus stocks -- also in the red across the board until blended changing direction now up slightly by about a point.
Paris and Frankfurt still both -- it got -- down about fourteen Frankfurt's down almost 25.
A closer look at the Asian markets though let's go over to Heidi good business reporter for cctv -- markets were mixed Heidi what happened.
Heavy spending -- get just let me set to the week thank you not -- someone is not a threat to cut wasn't pleased that US jobs stay cents.
And others -- well but -- economic indicators out of China over the weekend about the Japanese and the policies saw highs today that we haven't seen since 2008 Nikkei.
Ending hop isn't high gas attack by the weakening and that profit prospects the Japanese exporters that index is now up 20% that he -- -- A -- best performance out of the region.
On the other end of the spectrum though you've got out tiny not only had data out at the -- basically the take away that we saw inflation coming in at a ten month high you know unlike means nobody expected and the property not to -- -- -- sentence that is supposed to make is yes.
Imagine a rock and a -- price really intense -- guards from CF monetary -- how did -- economic and -- -- what they collapsed economy and going to all of the sensitivity dragging down sentiment he on an island died at pumped out about a quarter of this cents.
And basically says how -- it also -- down the Clusty succumbing to profit taking after a stroke extension in the morning Diane and I.
That's -- -- from cctv thanks I.
Now let's pick a closer look at those European markets is Mike -- market analyst at BDC partners in London Mike how much of an impact is this Italian downgrade having on markets.
This morning we would -- Well.
Well that -- -- many confirm what the market has already been pricing in if you look at the the spreads that.
-- he was trading historically -- Spain over the last.
Six to twelve months loosening up 500 or 600 basis points cheaper it's now within a hundred.
So while -- the initial shock of the Italian election -- but the contagion threat periphery -- bonds in Spain Portugal.
the fifth trading practices of comfortable levels but but -- -- just hasn't traded down and other points -- at the time of the election itself.
So we know government to negotiate with.
You know did that ECB can't activate DO its elevenths he -- buying program so what's credible -- flying solo right back.
And Mike -- banking reform bill as being debated in parliament today how likely is it that that will patents shouldn't.
So I got new cuts in passing Baghdad Bureau Barton reform this banking reform bill in the UK am wondering how likely it is that it will -- if you think that should fast.
Oh I think if you look at the rhetoric coming out of Westminster at the moment that they've really hardening.
That there there Stalin's.
On green fencing what they call electrifying to wring fences between.
Deposit taking -- executions and the investment bank so.
I think it's very very likely that fiscal policy let's be honest.
You know politicians don't have much good news about to talk about in the UK economy right now so we are -- bank -- is like shooting fish in a barrel.
And adding I think it's a debate affect the debate over bonuses and whether those -- be happening yeah well.
So I dining -- out again I was just wondering if you think this will affect the debate over -- on -- caps.
-- I think that's certainly something that George salzman is keen to keen to avoid but -- right here that -- equally well and how much practical impact in the UK anyway.
Because of over the weekends.
I was -- any number of news articles.
That was cited as a reason.
You know -- -- -- their contracts.
To increase that base salary is due to attempt to facts leading -- -- -- so I actually think it's gonna have little -- no practical impact and I.
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