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I m brian sullivan with your cnbc market wrap. u.s. and european debt concerns sending stocks into a tailspin. the dow fell 248 point, the s&p down 22. the nasdaq giving up 49. investors not exactly surprised at the deficit cutting so-called super committee hasn t been able to reach a deal. but today s drop shows that complete failure wasn t necessarily priced in either. now, on top of that, you had rating agency fitch warning france that its aaa credit rating remains, quote, under pressure. this heightens fears that europe s debt contagion continues to spread. it was a broad decline across every one of the key sectors, with losers beating out gainers more than five to one. financials, though, got absolutely clobbered, banks tumbled, and aig skidded about 4% after suing the government ....
the arab league has released a statement criticizing syria s failure to end the violence against protesters. preliminary results show nicaraguan president is heading for certain re-election in sunday s presidential election. he enjoyed strong support thanks to anti-poverty. and a solid victory was won in guatemala. lady gaga stole the show at the mtv mewes acusic awards. justin bieber, eminem and katy perry were among the other top winners. those are the headlines from cnn, the world s news leader. i m zain vergee and world business today starts now. good morning from cnn london, i m charles hodson, this is world business today. here are our top stories on monday, november 7th. as the greek prime minister george papandreou prepares to bow out of politics, the focus shifts to italy, can silvio berlusconi s political career survive another parliamentary vote? tourism in thailand takes a knock as business travelers and holidaymakers cancel their trips. we look ....
those closed doors in that meeting with sarkozy and merkel. sure enough, the greek prime minister has done this 180 with regard to his stance on the bailout deal. tell me about it. reporter: i think he s done a 360. let me tell you. this time yesterday, the meeting was underway. between sarkozy and merkel from france and germany. on this deal to fix the european economic system, greece might even get kicked out of the euro zone. this all happened late last night. we spent the morning worrying about this. then we thought maybe they have a deal. for the last few hours we re saying maybe there won t be a referendum. now it is all murky and unclear again. the leader of the opposition in greece is calling for papandreou to resign. he only has a two-seat lead in parliament so who knows what will happen. we re back to the drawing boards. all this tang about whether greece would scuttle the deal. tensions dropped. now we re back into it. 24 hours laerkt we are no closer to kn ....
Encouraged here is missing the point. we saw it s so much focus as you know, bill, on europe, the debt contagion there. it s appropriate to be concerned but not to the degree the best way to look at this imagine what we would be doing with the great greek default and angela merkel and sarkozy. if we had a 6% unemployment rate. and 4% growth rate most of you was would be dismissing that news. you have got to look at it that way. we are seeing a foundation being built right now. bill: all right. so you are encouraged that this isn t some matination something good is growing. we are seeing good things begin. bill: talk radio guys today loathe bromple. i m a talk radio guy will will well, yeah. ....
Encouraged here is missing the point. we saw it s so much focus as you know, bill, on europe, the debt contagion there. it s appropriate to be concerned but not to the degree the best way to look at this imagine what we would be doing with the great greek default and angela merkel and sarkozy. if we had a 6% unemployment rate. and 4% growth rate most of you was would be dismissing that news. you have got to look at it that way. we are seeing a foundation being built right now. bill: all right. so you are encouraged that this isn t some matination something good is growing. we are seeing good things begin. bill: talk radio guys today loathe bromple. i m a talk radio guy will will well, yeah. ....