Markets reel over Italy election, China housing tax

Global markets have a bevy of news to keep them busy this morning. The Chinese government announced new taxes on housing profits to cool down its booming real estate market. In the U.S., billions of dollars of federal spending cuts, known as the sequestration, are now in effect. And in Europe, markets are still reeling from political uncertainty in Italy following a recent election.

Julia Coronado, chief economist with the investment bank BNP Paribas, joins Marketplace Morning Report host Jeremy Hobson to discuss how the markets are digesting the latest economic events.