. >> christine lagarde said banks should be financing the economy and helping to stabilize it. she criticized banks that failed to reform following the lehman brothers collapse in to douse any. the imf had praised efforts to deal with the euro crisis but said the work is far from over. >> from the imf perspective, we believe that more needs to be done in order to really complete the architectural job of the eurozone. and monetary union, a banking union, followed by a fiscal union. >> christine lagarde warned that the imf believes the world economy will continue to weekend, it would cut its growth forecast in its upcoming global outlook. >> in the market here in europe ended the week on a sour note. investors are concerned about a slowdown in the united states after it posted weaker than

. >> the international monetary fund christine lagarde talks the stern warning to america. >>> and really a nation of wusses? what one politician says that current politicians are afraid to say. why nobody is making the tough choices that need to be made. "the wall street journal report" begins right now. >>> this is america's number one financial news program, "the wall street journal report." now, maria bartiromo. >>> here is a look at what is making news as we head into a new week on wall street, yet another disappointing jobs number to report, the economy added just 18 thousand jobs in the month of june, well below expectations. the unemployment holding steady at 8%, it added just an average of 75,000 jobs per month, about a third of the number of jobs created in the first quarter. that drove the markets down on friday, after hitting their highest level since may. >>> bob dimon is out, resigning as ceo of barclays this week after the bank admitted to fixing a key interest rate in london. >>> auto salings reved up in june, gm saw a better than expected increase, 6%, ford up, chrysler a

and monetary union, a banking union, followed by a fiscal union. >> christine lagarde warned that the imf believes the world economy will continue to weekend, it would cut its growth forecast in its upcoming global outlook. >> in the market here in europe ended the week on a sour note. investors are concerned about a slowdown in the united states after it posted weaker than expected jobs growth in june. our correspondent dorothy holtz has more from frankfurt. >> traders in frankfurt in not argue that had to deal with very disappointing economic data. the u.s. job market does not make any progress, the jobless rate from inside while not enough new jobs were created. the head of the international monetary fund even painted a very gloomy picture of the economy worldwide. leading to a bad mood on the frankfurt for the dax fell sharply and the euro was heavily under pressure. the only bright spot came from the german economy. the industry -- this cannot consult anybody. >> let's get a closer look at the closing numbers. we stay in frankfurt, where it was not a pretty day for the dax, down

christine lagarde is meeting with the japanese government. all that and plenty more. >> stick around. ddd#1 >>> welcome to "worldwide exchange" this morning. i'm kelly evans. >> and i'm ross westgate and these are your headlines from around the world. >>> the u.s. jobs report front and center today. while hiring is expected to pick up, the pace may not be strong enough to make a major dent in unemployment. >>> china's second rate cut in a month has failed to lift asian equities, sparking fears that the slowdown may be worse than feared. >>> samsung's second quarter profit thought to rocket to new heights thanks to the galaxy smartphone. still, concerns over europe weigh on the long-term outlook. >>> and europe is not the only problem. imf chief christine lagarde warns that some of the world's major and developing economies are slowing. >>> all right, good friday morning to our u.s. viewers who may be just tuning in. let's take a quick look at what's happening with markets behind me. red, as you can see across the board, although not a huge mo

report issued today, christine lagarde warns that u.s. policy-makers must be careful not to overdo debt reduction. >> to bring the debt under control, action needs to be taken over a period of time. that is not just next year. that is going to extend for the next ten years. it needs to be gradual, not so contractionary that the economy folds. >> woodruff: we have an update on efforts across the country to recover from wildfires, extreme heat, and power outages. >> brown: susan dentzer of the journal "health affairs" answers questions many of you are asking about how health care reform will work, now that the supreme court has weighed in. >> for somebody who is running a small business, what does this new health care plan... how does that impact future business owners? >> brown: margaret warner interviews mexico's new president-elect, enrique peÑa nieto, about drug war violence and relations with the u.s. >> brown: pakistan reopened an important supply route for u.s. forces into afghanistan, after secretary of state clinton apologized tod

the international monetary fund christine lagarde, talking about america. >>> and a nation of wusses, what current politicians are afraid to say. why nobody is making the tough changes they need to make, "the wall street journal report" begins right now. >> here is a look at what is making news as we head into a new week on wall street, we had another disappointing jobs number to report, the economy add'd just 80,000 jobs in the month of june, well below expectations. the unemployment rate held steady at 8. %. it made the economy the weakest for job growth in two years, adding just 75,000 per month, a third of the jobs created in the first quarter. well, that drove the markets down at the open on friday after hitting their highest level since early may during the holiday shortened week. >> bob i do mond is out after he resuned after the bank admitted to fixing a key interest rate. i can mond is an american, largely credited with expanding barclay's revenue. >>> ford was up 7%, chrysler above estimates as well, rising 20%, toyota up 60%. >>> but the news was not as couraging for sales

christine lagarde sits down for a first on cnbc interview. she'll give us her view on global economy, what she thinks of the state of the economy here in the u.s. . ubs making a bearish call cutting its call on the index by 100 points. we'll talk to the man who made the call and see why he's cautious. affecting the cost of your favorite glass of wine. how much more you'll pay for discount brands. all that and more in the next hour. >>> start with corner office at barclays, bank ceo and coo resigning in the wake of the libor manipulation scandal. talking about a story that involved first the top three managers of the bank and now including some of the regulators at the bank of england. kelly evans live in london with the latest on that. kelly, the story has been broadening very quickly. >> carl, it's just incredible. i've got documents in front of me barclays released head of the appearance tomorrow. here is a key example. barclays coo after meetings with regulators with the bank of england in 2008 concluded that an instruction had been passed

imf managing director christine lagarde spoke in tokyo on friday. she said japan needs to cut spending and further increase taxes. earlier last week, the lower house of parliament passed bills to raise the consumption tax. >> this is a very good, solid way to address fiscal consolidation needs. it's not, in and of itself, sufficient, even at not only 8% but 10% or other measures -- other fiscal measures will have to be considered. >> lagarde also reiterated the imf's view that the yen is moderately overvalued. >> if there was further deterioration in the world economic situation, particularly arising out of developments in the euro crisis, this might have an unwelcome currency effect on the yen, which would yet again be used as a safe haven and, therefore, would be even further overvalued. >> the imf now expects the global economy to expand less than the 3.5% annual growth it anticipated in april. lagarde said the lower growth estimate is due to deteriorating economic activities, not only in advanced countries, but in emerging economies as well. >>>

. >>> so imf chief christine lagarde, she said she was satisfied with the progress athens has made so far. >> well, first of all, i'm very pleased to see that there is now a coalition government in greece because that was longed for, and we had to wait weeks and weeks for the second elections to be had so that the country could have a government and we could have a partner to discuss with. second, we are, you know, doing things in a very processed-oriented way because it has to be methodical. and it cannot be rushed into, oh, we need more time. we need more money. financing. no. it has to be, first of all, what is the exact situation on the ground. what has been done? what has not been done? what is the cost of the shortfall? what additional measures will be needed? and that's, you know, the principle of doing enough fact finding so that we can assess whether the country is on, off, massively off track and what the responses could be. third, i'm quite pleased to see that the greek authorities are aware of the fact that they have to demonstrate their determination to own, adopt and imp

christine lagarde spoke in tokyo on friday. she said japan needs to cut spending and further increases in taxes. earlier last week, the lower house of parliament passed bills to raise the consumption tax. >> this is a very good, solid way to address fiscal consolidation needs. it's not in and of itself sufficient, even at not only 8% but 10% or other measures -- other fiscal measures will have to be considered. >> lagarde also reiterated the imf's view that the yen is moderately overvalued. >> if there was further deterioration in the world economic situation, particularly arising out of developments in the euro crisis, this might have an unwelcome currency effect on the yen, which would yet again be used as a safe haven and, therefore, would be even further overvalued. >> the imf now expects the global economy to expand less than the 3.5% annual growth anticipated -- it anticipated in april. lagarde said the lower growth estimate is due to deteriorating economic activities, not only in advanced countries, but in emerging econo

so says christine lagarde, head of the international monetary fund. the i.m.f. issued its annual report on the u.s. economy today, and offered this advice-- focus on boosting growth now and cutting deficits later. lagarde also said she is most concerned about the so-called "fiscal cliff" facing the u.s. next year, as several tax cuts expire. she says that threatens to reduce the u.s. economy's growth to just 1%. >> too strong a contraction of the u.s. economy as a result of, say, the realization of the fiscal cliff would have significant spillover effects outside the united states. so not only the fiscal cliff realization would contract the u.s. economy and reduce it to marginally positive, if at all, it would also have effects outside the united states. >> susie: our guest tonight says one word describes stock market performance for the rest of this year: "volatile." he's stephen wood, chief market strategist at russell investments. >> hi, steven. why the call for volatility? >> i think there's a lot -- i agree they're very consistent in the forecast on the u.s

my guests next week, one of the most powerful women in finance, christine lagarde will be with us. keep it here with wall street meetmain street. have a great weekend everybody. i'll see you next weekend.

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imf managing director christine lagarde is speaking in tokyo today. she'll hold a press conference and seminar with japan's finance minister, 6:00 cet. look for galaxy smartphone sales to boost profits. >> and also still to come, the bank of england europe and central bank are getting ready to reveal their latest moves. will they deliver on sending rates to record lows? more analysis right after this. ddd#1 >>> welcome to "worldwide exchange," i'm beccy meehan. >> and i'm ross westgate. >>> europe's main central banks get ready to support their waning economies with the ecb expecting to plunge its rate to a record low. >>> banks also, moody's down grade barclays. >>> and u.s. traders return from their holiday with jobs data in focus. adp jobless claims and the ifm services index bring nervous anticipation ahead of friday's nonfarm payrolls. >>> you're watching "worldwide exchange," bringing you business news from around the globe. >>> if you're just tuning in, thanks for joining us here on the show. a quick look at how the markets are shaping up today

. >>> and when you see that you will see maria speaking with emf manufacturing director christine lagarde. they'll discuss europe's debt crisis, the fiscal cliff and a lot more. that's tomorrow. don't miss it. the top academic performers surprised some people. so did the country that came in 17th place. let's raise the bar and elevate our academic standards. let's do what's best for our students-by investing in our teachers. let's solve this. zagat just gave hertz its top rating in 15 categories, including best overall car rental. so elevate your next car rental experience with the best. it's just another way you'll be traveling at the speed of hertz. in your fight against bugs. ortho home defense max. with a new continuous spray wand. and a fast acting formula. so you can kill bugs inside, and keep bugs out. guaranteed. ortho home defense max. >>> >>> they helped send barack obama to the whus four yeite ho key demographic may pnot suppor re-election bid. john harwood is here. >> reporter: it's been a question hanging over the 2012 election all year. how does president obama recreate the

and you don't want to miss her interview with christine lagarde. that's coming up tomorrow around 1:30 p.m. eastern time right here on cnbc. >>> which stock is up the >>> which stock is up the most this year? lockheed martin or 3 m in the dividend after the break. acceler-rental. at a hertz expressrent kiosk, you can rent a car without a reservation... and without a line. now that's a fast car. it's just another way you'll be traveling at the speed of hertz. i don't have to use gas. i am probably going to the gas station about once a month. drive around town all the time doing errands and never ever have to fill up gas in the city. i very rarely put gas in my chevy volt. last time i was at a gas station was about...i would say... two months ago. the last time i went to the gas station must have been about three months ago. i go to the gas station such a small amount that i forget how to put gas in my car. ♪ that i forget how to put gas this is new york state. we built the first railway, the first trade route to the west, the greatest empires. the

. >> that's imf managing director, christi christine lagarde. don't miss my interview coming up right here. accolade overdrive. zagat just gave hertz its top rating in 15 categories, including best overall car rental. so elevate your next car rental experience with the best. it's just another way you'll be traveling at the speed of hertz. >>> welcome back. sound like barclays ceo, bob diamond was face battingle for his job. in two letters he said he was disappointed about the rate fixing scandal despite signs he and other senior management were involved. >> that letter to reassure employees only turned out to anger them and some even began plotting to force diamond to step down, which he ended up doing anyway. our senior editor, john carney, learned more about that. what was happening in the u.s. >> when he released the letter, which proclaimed multiple time, i love barclays and his commitment to stay on board and right the ship. i think he meant to strengthen his position at the bank and reassure the employees and had the exact opposite effect.

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christine lagarde, head of the imf, had a doom and gloom message for washington today. >> economic recovery remains tepid, and downside risks have intensified. what we see is clearly a risk that confidence be eroded. >> and she didn't stop there. she took on president obama, too. in fact, she called his $3.8

chief christine lagarde. i'm jeffrey brown. >> woodruff: and i'm judy woodruff. we'lyosel liu e anneonaiag, n here tomorrow evening. thank you, and good night. major funding for the pbs newshour has bn provided by:as >> by nordic naturals. >> bnsf. and with the ongoing support of these institutions and foundations. and... this program was made possible by the corporation for public broadcasting. and by contributions to your pbs station from viewers like you. thank you.c captioning sponsored by macneil/lehrer productions captioned by media access group at wgbh access.wgbh.org vo:geico, committed to providing service to its auto insurance customers for over 70 years. more information on auto insurance at geico.com or 1-800-947-auto any time of the day or night.

christine lagarde, head of the imf, had a doom and gloom message for washington today. >> economic recovery remains tepid, and downside risks have intensified. what we see is clearly a risk that confidence be eroded. >> and she didn't stop there. she took on president obama, too. in fact, she called his $3.8 trillion budget, which he says will reduce the deficit from 8.5% to 5.5% of our economy by next year as too rapid. among her suggestions, more infrastructure spending, housing initiatives and further extension of the emergency unemployment benefits. now, hey, we're all for ideas from anyone, but this did seem to be a pretty naked endorsement of the spend, spend, spend idea which is in vogue in lagarde's home country of france right now, where they plan to cut the retirement age from 62 to 60. here's how some of that has seemed to be working for france. the country's debt is now 920% of the size of the committee. many economists say that is when it can no longer grow. maybe she is right about america. america is only nearing 70% on that crucial ratio of debt to the size of our economy. s

imf managing director christine lagarde said america's economy mapindcea si r. euantcr a exngs ad effect at the end of the year. e presented the report's findings at imf headquarters many washington c. w g mnger m jic

. >>> strong words today from the head of the international monetary fund, christine lagarde. she says the world wants to know how u.s. lawmakers plan to avoid tax hikes and painful spending cuts. she says if washington can't work it out fast, the impact could be global. >> the threat, only the threat of delay in raising the debt ceiling and the fiscal cliff could weaken growth already this year and should they materialize because no agreement can be reached the domestic effects would be severe with negative spillovers to the rest of the world. >> it goes both ways. the imf also warned europe's debt crisis could slow u.s. growth. the chief executive of one of the world's largest banks has quit over a scandal involving interest rate fixing. barclays ceo bob diamond resigned after his bank shelled out 450 million dollars to settle the accusations. he's not the only executive to step down and seems this is far from over. here's our own richard quest. >> kate, when bob diamond resigned and the chief operating officer also went, barclays lost three of its top executives and still t

lagarde, asking her about the potential for greece to maybe need more help and a second restructuring of its debt. here's what she had to say. >> it is way premature to discuss extension, to discuss additional financing and, you know, first of all, it's a new mindset. >> way premature, we shall see. and with that i'll send it back over to you guys. >> kelly evans, thank you for that report. we're probably going to come back. we're going to talk more about this libor scandal later. >>> back to our top story. it is jpmorgan. we will get earnings in a little less than an hour. dick bove is from equity research. dick, thank you for joining us this morning to help us sort through what we should be looking for and what we should be expecting. give us just your top line, bottom line on what we need to know when 7:00 rolls around. >> well, i think the most critical factor that people want to know is, has this thing been curtailed? in other words, is it going -- whether it's $5 billion or $9 billion, is that the maximum amount that we're going to be hit with? because if it's curtailed, then it

christine lagarde saying the imf will lower its global growth forecast in ten days because of the problems in europe. she'd already taken down some of her numbers for the u.s. saying fiscal cliff and the eurozone. but the notion they would take down their numbers for the world at large, not a huge surprise at this point. >> the remarks from the finnish finance minister bears some examination. if we think about greece saying, we don't want to be part of this trade, finland's on the other side of the trade saying, we don't want to fund your deficits either. those are stark comments out of finland. >> the quote, by the way, was, we're prepared for all scenarios and finland will not hang itself to the euro at any cost, which was one of the more dramatic -- we know they've been exasperated to some degree. but the rhetoric is getting a little more heated. >> what's amazing in europe today, the surge in spanish ten-year yields back to 7%. peter boockvar sent this note out early this morning. think object how long that eu summit rally lasted, the rally here in the united states, the rally over in

. >> christine lagarde, the head of the imf, the international monetary fund, she's in tokyo. and she said this today. let me play the little clip. >> are we safer today than at the time of the lehman crisis? i would say not quite yet. >> she's referring to the collapse of lehman brothers back in 2008. that was pretty sobering when i heard that. what do you think? >> yeah, it is sobering. of course she's dealing firsthand with the european debt crisis. and that is a very significant threat. in fact, at the moment that's the most significant threat to our economy. and it's one of those things that's keeping business people from going out and hiring more aggressively. but having said that, i think here in the united states our economy is in a measurably better place. i think businesses have reduced debt. they've gotten their cost structures down. they're very competitive globally. households have reduced debt. banks are in much better shape. i think the american economy is in a measurably better place than where it was certainly compare today where we were when lehman brothers c