In perhaps, germany and spain, some more muted declines. U. S. Equity futures are looking a little bit better this morning. At this point, the dow futures are up by about 46 points above fair value. But i dont think how much faith you put in these implied opens at this point. What is indicated now is not necessarily how the day ends up, but it is certainly something to watch and see. The fed did decide to trim bond purchases. It was the Central Banks first unanimous vote on policy since june 2011. The fed made no reference to the selloff in emerging markets. They didnt talk about that, they didnt mention the cold weather. But the fed stood pat and this is an enormonormous decision. Joe, you are looking righter and righter on that call. And im not happy about it. I dont want the globe to slowdown. No, no, no. I just did the math. 75 divided by 1850. Were at the s p were at 1774. So its down from 1850. So 7. 5 divided by 1850 is exactly 4 . When you put it in those terms, a decline of 4
Calls. Well talk more about david tepper and some others in just a moment. But first, andrew has a roundup of some of the mornings top stories. Andrew, that story is already here in the new york city area. I cant believe it. We needed it about a week ago. I dont know. Shocked me a bit this morning, whoa, back to work in the snow. Well, happy new year. You, too, happy new year. Fiat decided to buy the stake in chrysler it doesnt already own. This is all in cash. Once that deal closes, chrysler is committed to giving the trust an additional 700 million. The agreement ends months of tense negotiations. The deal means no chrysler ipo. Thats important because the ceo never wanted that. And phil lebeau will have more at the top of the hour. In our corporate news, mccow ka seeno has reeled a deal. Were going to talk more about the big business of gambling coming up at 7 40 eastern time. Cnbc is part of that and windsor media, an Investment Firm run by former yahoo chief terry stimble, its sig
108. The current continues index, 111. 3 in october. Again, versus the reuters consensus of 111. 6. Ifo expected index, 103. 6, a little below the expected forecast of 104. 5. There are no revisions to the september indices. The ifo index is probably the years most important sentiment index, slightly lower than what we might have thought. Not by much, but by a little bit. Joining us in the studio for the first part of the show today, moo moodys analytics. Frank, thanks very much for joining us. Thats the ifo sentiment index. Slightly lower than we might have thought. Yesterday we saw from the pmis, as well, slightly weaker than we might have thought. Is the economy, are things just softening slightly . I dont think so. The German Economy is doing very well. The pmi did slow down a little bit. They came weaker, but they still point to expansion this year. The Unemployment Rate in germany is 6. 9 based on the National Statistics and it grew strongly in the Second Quarter. It is likely to
I am guy johnson. And i am anna edwards. Jack lew has pressed the German Government to boost domestic demand. For more on what is on the agenda, we are joined by our international correspondent, who is in london today. The dates could not have been any worse. Lew is saying you have got to boost domestic demand on the day when we see import declines in germany. The figures were little bit better than expected. Lew is calling out germany, but not by name. Yesterday, with france, he said that countries need to spend more to stimulate growth or shortterm demand. You can talk about growth, right . The bigger issue is, do you have some sort of Financial Stability mechanism . Do you have a backstop . Listen to how he pressed his case for this. We think having backstops is very important. We would like to see more action taken. You have to look at where things were just 1. 5 years ago and where things are now. It is very significant progress. Backstop means one thing, a taxpayerfunded mechanis
On private sector jobs growth from the adb, treasury stumbling, the ten year yield hitting 75 earlier, waiting with the fed minutes at 2 00 eastern. A lot of expectations, this is sending stocks lower today. What is your take on this . If you look at the big picture it reminds me of americas funniest videos, wobbling on a high school the fed took the training wheels off of. Bond market reacted accordingly with strength of the u. S. Economic conditions, the stock market, we have fear in the market is indicated by the vix, trading up today, but those numbers are positive and for the longterm investor you should be buying when stocks go on sale like they did today. Lori thank you so much. Dennis oil is also selling off after the weekly inventory report hit its lowest level in five weeks. What is up . The bottom line is despite the drawdown in crude oil supplies we got hit with a massive increase in gasoline supplies, refiners are running like crazy, taking the advantage of cheap crude, tu