Feb 26, 2013|
The First Look - Liz MacDonald, Fox Business
Transcript - Not for consumer use. Robot overlords only. Will not be accurate.
Yesterday was my travels -- missed a lot of of the action on the stock market. But Liz MacDonald did not miss it and she joins us here today from Fox Business good morning this morning. Liz it -- I am I missed all the action under in the day but I saw it you know in the futures are actually up on Monday morning I think. In the and then market just tailed possum -- down 200 points -- this a result of the Italian election. Most the and you know that during the candidate really went on 300 point. On an intraday basis of experience is that basically. For the first time I think in a long time. Italy now both the whole time. And a leader. And that spirit is that the government in. And the eurozone -- count despite higher barring cost because that is going to be more chaos and Italy and that is really did take right. -- spatial and it tenured science on up more than thirty basis point that big at big -- spirit of nearly 5%. Spain also rose Portuguese off the -- the bond market. It's been a little bit of -- turmoil here Italy is the third largest bond market in the world and it's the biggest in Europe that they've got. Real problem in Italy and the question is whether Italy is now willing to it that's current or -- After six years of prosperity and they are any deep recession basically -- Sony is. Winning and we are still unclear whether or not he really did win. Because -- -- doing things like promising -- at -- -- pay for higher property taxes. Mariel Monty which who supported by people in the White House and administration. Lost because he'd basically pushed through or advocated. Tax increases including things like I. On luxury goods like Oates and even auction. And also of that increase over the company exit in the academy is neither BP in session at the -- -- the vice president Allen Payne Nat. He's not worried about our economy being overwhelmed by your I gotta tell -- something. Arab banking Specter is exposed to Europe and Italy and then it can impact and twenty snipers spent nearly a spirit of at -- -- panel. RT Europe -- their biggest trading partner. Yeah IE if you're not concerned about European up paying attention IE did you say that you think. Berlusconi won the election because I thought it was the other guy. Yet it's been turmoil right now are watching it very they were watching that wire reports coming in right now. It'll look like broad and it is there it's unclear and that. But they're gonna have to do the -- some kind of coalition regardless Arctic but yeah I think. I think I read on fox at -- that talk about Berlusconi and Monty doing a deal together. Yes that's that added to and Maine that means they're not right in -- the problem is Germany. As in leading the -- demanding overhaul of economies. In the eurozone. If they want it get any form of bailout and the European Central Bank. Armed and banana question at that contagion. We thought that the earth now with biting down. But with this election is -- Italy that speed it up in the air. So the Italian ten year treasuries in the fours at one point it have been almost seven or over seven. Get a credit card spot actually two. And also the in equivalent benchmark popped by for and it and I haven't order. Portuguese is well but -- -- an -- so you know would there again it contains an aspect is it happening. What do you think does the stock market correction continuing to today list. Or ridicule about Ben Bernanke and his aunt aunt and it basically. In a normal economy economy with a normal at every error. Short rate should be -- 2% deep respect and so we're wondering when weather net Ben Bernanke will not that on -- it's when it meaning if -- -- -- Give any indication of that or is -- when he's going to answer recent history we do the gold market responding dramatically. It has dipped it in and let -- October heat and -- and that the benefit though. I did just see that the Case Shiller Index came in very strongly right yeah that is so futures are up for today's trading. Her they -- as always thank you are not sure it Liz MacDonald from the Fox Business our breaking news we -- I just caught this June the Case Shiller Index. Having the biggest gain in housing prices since 2006. So that you know he -- -- look -- at a lot of bad news out there. He can't ignore. The negative news can't ignore higher tax rates can't ignore higher gas prices but. Housing prices -- in the largest gain. And your night. Newscast. You know the war group reporting. Median sale prices right here in Massachusetts a rose six point 8% in January yeah it's now 277750. And we've talked about this before the low inventory is slowly driving up those prices -- They -- question of the day. It is how has the increased payroll tax and the rising gasoline prices impacted your spending and confidence got a text message from the owner of a pizzeria. Right now to shop yeah he said his sales are down ten to 15%. And I think that's an example you know if you try to quantify it. It's a kind of makes sense if you are -- -- to ask -- if your paycheck is lighter. That stopped at a pizza place that used to make is is done under gonna get the app that's high on the list of things to skip 603 you can only got a penny so many -- I'm in big trouble like businesses and dire straits. Don't think I will make it I'm tired and stressed. -- it will take a look at more of your text messages when we come -- -- number 68680. We're giving away ski tickets and the password for today's contest if you wanna write it down it's an idea the password is Wal-Mart.