video transcript

City set to report earnings and it's official Softbank and spray it tying the knot. Here's your Monday morning call in less than half an hour we'll hear how well Citigroup -- in the third quarter. It'll be the first big banks report earnings in a week that'll be dominated by financials. Cities expected to take in nearly five billion dollar charge against earnings to write down the value of its dwindling state in a brokerage joint venture with Morgan Stanley. To charge could nearly wipe out profits for the quarter a bad sign especially after JPMorgan and Wells Fargo was sparked concern about shrinking profit margins. Despite both reporting stronger than expected profits. Split answers soft banks at call. The Japanese cell phone operator said this morning it'll buy up to 70% stake in Sprint Nextel. For around twenty billion dollars shares of sprint up over 8% in the premarket. This will be the biggest overseas deal for Japanese firm and we'll give Softbank entry into the US -- market that still show signs of growth. It also gives sprint the fire power it needs to by peers and build out its four G network. Softbank shareholders of nervous at the stock closed down its lowest in five months and has lost eight point seven billion in market caps since the news broke. To make matters worse but he said this morning it's reviewed Softbank for a possible downgrade. US stock index futures point to a higher open today following the lead in European stocks. Global markets getting a boost after consumer and producer prices in China dropped and lending finally perked up. This indicates earlier pro growth measures by Chinese policy makers are gaining traction. Later today we'll check on growth in the US economy with the release of retail sales and business inventories data. And -- keeping an -- on some tech names today including Microsoft. Which announced that Xbox music its version of iTunes will be available on Xbox console starting Tuesday. The service will be expanded to its other products from October 26. And the best part it's free on any device that uses windows eight. FYI Xbox music also has four million more songs that iTunes in its library. Apple meanwhile unfazed by the competition. Stocks up over four dollars trading close to 633 in the premarket. That's your morning call for Monday follow us on Twitter at Reuters Insider and check -- orders YouTube channel at Reuters dot com slash Reuters TV. I'm Lisa Bernhard this is Reuters.