American Morning

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November 17th, 2011
07:19 AM ET

AM Minding Your Business for Nov. 17, 2011

Today on American Morning, Christine Romans reports on the morning business news headlines.

This morning, we're watching:

* Right now, U.S. stock futures are pretty much flat after fear got the best of the markets yesterday. The reason? Concerns about Europe and the so-called super committee which has just six days now to cut a *minimum* of $1.2 trillion from America's deficit.
* U.S. bank stocks were hit especially hard yesterday. Bank of America was down nearly 4%. Morgan Stanley dropped 8% after the ratings agency Fitch warned Europe's debt crisis could pose a serious risk to American banks.
* The price of oil is above $100 a barrel for the first time since July. Though one market analyst telling CNN Money - we may not see prices at the pump skyrocket because of a slowing demand in Europe.
* Big cuts at the big banks. Citigroup is reportedly planning to eliminate about 3,000 jobs by next year. It's part of an effort to control expenses. Meantime, French bank BNP Paribas is said to be drawing up plans to lay-off nearly 1400 employees.
* Detroit's mayor is laying out his plan to fix a city in crisis. Speaking last night - Mayor Dave Bing warned the city could run out of cash by April.
* At 8:30AM ET, we'll get a new report on the number of unemployment claims filed for the first time last week. Economists expect the number of jobless claims to still hover at that key 400,000 level, but we really want it to come down further to show growing strength in the labor market.

Tune in to American Morning at 6am Eastern every day for the latest in business news.


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