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Good morning everyone it's a big day for the Federal Reserve Chairman Ben Bernanke is set to speak at the national bureau of economic research in Boston this afternoon.
Making his first comments since Friday's release of the better than expected June jobs report Bernanke will also take questions from audience members -- expected to ask him.
About when the federal begin tapering it's 85 billion dollar monthly bond purchases.
But we may -- get hints about that two hours earlier when the Fed releases the minutes from its June policy meeting at 2 PM.
That could shed more light on the Fed's internal debate concerning that program.
Meanwhile markets here in the US have been fairly flat this morning futures are down across the board Dow futures are down thirteen yes -- down three the NASDAQ down four and a half.
In Europe stocks are also reacting to Chinese exports falling in June for the first time since January 2012.
Italy's sovereign debt rating was also downgraded one notch to triple B by Standard and Poor's due to softening economic conditions stocks there.
-- in the rhetoric got London down about forty same goes Frankfurt Paris is down a little more than twenty points.
An -- -- a closer look at what's moving European markets with Brenda Kelly market analyst -- IG.
Over London -- the market seemed tentative this morning will this continue until the Fed minutes can now.
I -- tonight what I think the surge he's seen over the last number of days particular parts of the European -- -- here and of course the US.
We're -- quite decent resistance levels there.
There is this test of -- I think it is mainly -- -- the fact we've seen at the Italian sovereign debt being downgrade of justice too not just above.
Don't cannot solve -- CC India -- in force.
At underperforming if the other European and desist but I do feel the idea off the -- -- inch is actually coming back into the fold for the time being I'm one over the last number of days -- was a -- that the fundamentals were driving the markets.
At Kearney that the lack of risk on sentiment in the markets today.
Is showing that it is very dependent on central by -- action.
And the EU has published some new rules concerning how its troubled bank will receive taxpayer money but Germany seems to have a problem with the EU being the authority and that -- I certainly it's extending -- in case of the point that there are is this such -- globalization of the banking system -- of course Germany has got -- of -- which is again a couple icann itself what husband seemed to be possibly and it's a bit bigger than a lot of the other banks in the eurozone so there is a statement of some of -- zombie banks that are still continuing to trade.
I -- possibly costs under the radar.
Under the EU -- guidelines so I think there's a banking union the union scenario taking place at the moment and of course that's under discussion from the likes of the ECB on the -- kept for now.
But I do feel about it's just the second act a -- the -- -- what sort of -- the roads.
Would need to be in place and not needs to be -- was justify eight before we actually decide what sort of recapitalization would take place -- of those fronts that are struggling.
All right that's -- -- -- of NIG we appreciate it Brenda thanks.
I think it.
And top US and Chinese officials meet this morning in Washington for two days of talks at the fifth annual strategic and economic dialogue.
Topics will include cyber theft North Korea's nuclear program barriers to US trade and investment in China.
And climate change the meeting comes a month after President Obama and China's president she -- -- held an unconventional summit -- -- California resort.
In hopes of establishing a more collaborative relationship between the two countries.
This time around the US will be represented by vice president Joseph Biden secretary of state John Kerry and Treasury Secretary Jack -- Wal-Mart is threatening to cancel plans to build three new stores in Washington DC -- local lawmakers approve a bill that would force the retailer to pay its workers.
At least twelve dollars fifty cents an hour.
A regional general manager form Wal-Mart wrote an op Ed piece in the Washington Post yesterday saying.
That the DC council's proposed living wage legislation.
Would hit the -- stores with on -- costs and challenge their fiscal health.
The bill would raise DC current minimum wage of eight dollars 25 cents and is backed by worker advocates and unions a vote is set for today.
JPMorgan Chase reportedly made mistakes while suing thousands of its credit card customers for not paying their bills.
That's according to the Wall Street Journal citing the bank's internal review of its debt collection process.
Sources tell the newspaper JPMorgan examined about 1000 lawsuits.
And found mistakes in 9% of those cases the errors range from inaccurate interest and fees higher balances and the amounts actually owed by the borrowers.
JPMorgan has concluded the mistakes it found were mostly small and had a minimal impact on customers.
Imus in the morning continues right now on Fox Business.
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