Steve Jobs is Expected to Unveil a New iPhone Today

Steve Jobs is Expected to Unveil a New iPhone Today Asian markets were on a free fall this morning following loses on Wall Street. Japan’s Nikkei plummeted nearly 4%, its biggest daily drop in 14 months while Hong Kong’s Hang Seng lost about 2%. Today, Wall Street gets the latest on consumer credit and the Dow opens at it’s a lowest since February following Friday’s plunge, the third worst slide of the year. The blue chips dropped 323 points while the NASDAQ gave back almost 84. All of the major index has lost more than 3%. Nurses are still afraid following Friday’s jobs report while the economy added 431,000 jobs in May temporary assist these positions accounted for nearly all of them. The unemployment rate did deep to 9.7% but largely because more than 300,000 people dropped out of the job market. For the typical unemployed worker, the average time to find a job has now reached nearly five and a half months. Apple enthusiasts are on the edge of there seats today at the company software conference. CEO Steve Jobs is expected to unveil a new iPhone. The new version is expected to have a clear display, a longer battery life and a front facing camera that could be use for video conferencing. And it might be time to start booking that trip to Europe. The Euro has had a new four-year low compared to the dollar right now. A Euro is worth about a $1.19 just two years ago it was a $1.60. That’s your Money Watch. For more, stay with cbsmoneywatch.com. In New York, I’m Ashley Morrison.