World Markets Live - March 13 - CNBC Live Events
×

CNBC Live Events

World Markets Live - March 13

We’ll be updating you throughout the day with essential breaking news, data alerts, earnings reports and all the major market movements.

  • Good morning,  Opening calls for European markets are mixed around the flat line and our headlines read like this:

    • Clashes in the Netherlands as Turkish leader Recep Erdogan calls the country a 'banana republic', while Dutch Prime Minister Mark Rutte hits back at Erdogan's Nazi comparisons.
    • The British government urges Parliament to pass the Brexit bill, in a move the could trigger Article 50 as early as tomorrow. 
    • Oil prices hit a 3-month low, losing all their gains from the recent output cap agreed by producing nation's output. A higher U.S. rig count heightens oversupply concerns. 
    • HSBC appoints AIA boss Mark Tucker as its new chairman, breaking with tradition by bringing in an outsider and giving him the immediate task of finding a new CEO.





    Comment ()
  • The U.K. government could trigger Article 50 as soon as tomorrow if its Brexit bill passes through both houses of parliament this evening. However, a small number of Conservative rebels - along with a band of opposition MPs - are expected to try and secure amendments to the bill. 

    House of Commons in less busy times

    CNBC reporter Willem Marx is in Westminster and says sterling has proven sensitive to Brexit developments and needs to be watched.


    Comment ()
  • Richard Kelly, Head of Global Strategy at TD Securities says political risks will mean this week is markers with caution.

    If you look to the Dutch election and the fears of a subsequent referendum membership of Europe, that is overplayed. I think Brexit is simply going to be triggered and that in itself should not cause too much market action.
    Kelly: Not overly fearful of the markets this week 

    Comment ()
  • Just to remind you of Friday's U.S. close: 

    On a week that saw a strong jobs report, the Dow, S&P and NASDAQ were all negative for the week.

    Dow closed up 0.22% for its 2nd consecutive positive day

    S&P closed up 0.33% for its 2nd consecutive positive day

    NASDAQ closed up 0.39% for its 3rd consecutive positive day



    Comment ()
  • Economic events to watch for this morning (London time):

    09.00: Italy industrial production
    11.30: Nato secretary general Jens Stoltenberg speaks
    13.30: ECB president Mario Draghi speaks

    Meanwhile, Asian markets are either closed or nearing the end of trade. 


    Traders remained wary ahead of a potential rate hike by the Federal Reserve this week.

    South Korea's Kospi was buoyant, up 1.12 percent, as investors shrugged off the political risks after President Park Geun-hye was removed from office last Friday.

    Park left the presidential Blue House on Sunday, two days after the Constitutional Court's decision to uphold her impeachment by the National Assembly over a corruption scandal, which also involves Samsung's de facto chief Jay Y. Lee.



    Comment ()
  • U.S. nonfarm payrolls increased by 235 thousand jobs in February, while the unemployment rate fell to 4.7 percent in the first full month of President Donald Trump's term. 

    The number surpassed economists' expectations and bolsters the case for a Federal Reserve rate hike this week.

    Richard Kelly, Head of Global Strategy at TD Securities says it was a broad-based job growth story with the exception of Retail.

    He says in terms of the Fed moves this year, he sees 3 rate hikes as likely but it is not a particularly high hurdle for that number to increase.

    Yellen in focus this week


    Comment ()
  • Everything you need to know about the Dutch election but were too afraid to ask. Click here.


    Comment ()
  • Oil prices have continued to fall during Asian trade after hitting a three-month low last week. A higher U.S. rig-count fueling oversupply concerns. 

    U.S. drillers added oil rigs for an eighth consecutive week, Baker Hughes said on Friday.


    Comment ()
  • Steven Ciobo, Australia's Minister for Trade, Tourism, and Investment, is on set with Karen and Geoff.

    Ciobo says a working group is already in place to achieve the ultimate aim of a Free Trade Agreement between the U.K. and Australia.

    Ciobo recognizes to the team that any deal will have to wait until Britain extracts itself from the European Union. 

    Australia's Minister for Trade, Tourism and Investment 

    The Australian trade minister says he has concerns that some don't see free trade agreements as the future of the global movement of goods and services. 

    I'd argue that all countries need free trade. If you limit yourself in terms of trading options, all you are doing is restricting your economy and job opportunities.

    He says Australia and the United States will continue to hold a strong trade and investment relationship.
    Comment ()
  • The Swiss electrical company ABB has reported a reduced net income for 2016 by about $64 million from its South Korean subsidiary following last month's reported fraud.

    A report from auditors EY has concluded today that ABB "did not maintain effective internal controls over its financial reporting."
    Comment ()
  • British homebuilder, Bovis has rejected a bid approach from rivals Galliford Try and Redrow. 

    The company said it turned down the approaches from both on grounds that they didn't match the "underlying value of the Bovis business".

    Redrow pushed a share and cash offer, while Galliford Try offered an all-share deal.

    © 2011 Bloomberg Finance LP 


    In a statement just released to the market, Bovis have said that discussions are ongoing.
    Comment ()
  • Our headlines read like this:

    • Clashes in the Netherlands as Turkish leader Recep Erdogan calls the country a 'banana republic', while Dutch Prime Minister Mark Rutte hits back at Erdogan's Nazi comparisons.
    • The British government urges Parliament to pass the Brexit bill, in a move the could trigger Article 50 as early as tomorrow. 
    • Oil prices hit a 3-month low, losing all their gains from the recent output cap agreed by producing nation's output. A higher U.S. rig count heightens oversupply concerns. 
    • HSBC appoints AIA boss Mark Tucker as its new chairman, breaking with tradition by bringing in an outsider and giving him the immediate task of finding a new CEO.
    Comment ()
  • Eric Lonergan, multi-asset fund manager at  M&G is on set and kicks off his discussions suggesting that consolidation or organic growth in the British housebuilding sector looks likely.

    I don't have a particular view on this company but in this sector there is value.

    Lonergan: Encouraged by corporates willing to discuss deals 

    On the Dutch election, Lonergan said investors should avoid getting bogged down in the minutiae.

    He says he needs "trying to be too cute" about what everything means is not as important as understanding the wider trend. 
    Comment ()
  • South Korea's ousted President Park Geun-hye sounded a defiant tone as she left the presidential Blue House. Two days after the Constitutional Court's decision to uphold her impeachment, Park said in a statement that "the truth will be revealed". 

    Meanwhile her dismissal has sparked a mixed reaction among South Koreans. 

    Chery Kang filed this report earlier.

    by david.reid

    Comment ()
  •  Around 35 minutes until markets in Europe open for trade and it seems investors are struggling to offer momentum in either direction.


    Comment ()
  • HSBC has broken with tradition, tapping outsider Mark Tucker as chairman. 

    Tucker, the current CEO and Executive Director of insurer AIA, will replace HSBC chairman Douglas Flint from September 1. 

    Credit: Bloomberg

    Tucker oversaw AIA's IPO, and also served as CEO of Prudential from 2005 to 2009. He is the first external appointment for the Chairman role in the bank's 151-year history.

    Shares of HSBC rose sharply in Asian trade in Hong Kong. 


    Conversely, shares in AIA are down about 3 percent.
    Comment ()
  • Turkey's quarrel with Europe worsened over the weekend after Turkish president Recep Erdogan accused the Dutch government of Nazism.  

    The anti-Dutch remarks from Istanbul inflamed tensions among the Turkish community in the Netherlands, who protested in Rotterdam until the early hours of Sunday. President Erdogan made the comments after two Turkish politicians were denied entry into the country to take part in a referendum campaign rally. 

    The Turkish leader said the Netherlands should face sanctions as punishment. Click play to hear the commentary.

    by david.reid

    The Dutch Prime Minister Mark Rutte explained his government's decision by saying it found the idea of Turkish ministers campaigning in the Netherlands, quote, "extremely uncomfortable".

    by david.reid

    Comment ()
  • The Russian finance minister Anton Siluanov has reportedly said that oil and gas revenues will shrink 1 percent by 2025.

    The Russian growth rate has struggled of late. although this data stretches back to 2015.

    Source: Trading Economics 

    Comment ()

  • The interesting thing about European banks is if they are still undervalued. Regulation has created big barriers to entry and forced the banks to improve their operations.

    Eric Lonergan, Fund Manager at M&G says banks are still below long-term values and could still justify higher prices.

    Still value in EU banks? 

    Comment ()
  • British homebuilder Bovis has rejected a bid approach from rival Galliford Try. But it says it remains in talks about a possible deal. 
     
    CNBC's Gemma Acton joins us live to discuss more:
     
    Thinking that this is an all share merger, very interesting to see where the share prices go from here. If you look at analyst expectations much more expectation for Galliford Try and Redrow, one of the the other borrowers, to have their share price increase as opposed to Bovis which is quite unlikely to rate higher unless it sorts out its operational issues.
     
     
    Comment ()
  • AMEC Foster Wheeler says revenue in 2016 was £5,440 million, down 8 percent on a like for like basis. The company has reported a trading profit in 2016 as at £318 million, 
     
    AMEC Foster Wheeler has been preparing to launch a rights issue of approximately £500 million on 21 March 2017. 
    Comment ()
  • Oil prices have continued to fall during Asian trade after hitting a three-month low last week. A higher U.S. rig-count fueling oversupply concerns. 

    U.S. drillers added oil rigs for an eighth consecutive week, Baker Hughes said on Friday.


    Stephane Foucaud, Managing Director, Institutional Research at GMP FirstEnergy is on set.

    Foucaud says storage of oil might be going up in the U.S. might be up but on a worldwide basis, it is going down.

    He also argues that Saudi Arabia's IPO of Saudi Aramco will demand a higher oil price in order for it to be viewed as successful.

    Foucaud: Relatively bullish on oil

    Comment ()
  • A largely firm handover from Asia, but the European open is clinging to the flat-line.



    Comment ()
  • The best and the worst look like this. Not for the first time, Basic Resources off to a positive start but will it be maintained?




    Comment ()
  • European markets look like this after a couple minutes of trade. The FTSE being boosted by its high weighting of miners as well as a bout of deal talk.


    Comment ()
  • HSBC has broken with tradition, tapping outsider Mark Tucker as chairman. Tucker, the CEO and Executive Director of insurer AIA, will replace current chairman Douglas Flint from the first of September.

    Shares taking a solid boost from that news.


    Comment ()
  • British homebuilder Bovis has rejected a bid approach from rival Galliford Try. But it says it remains in talks about a possible deal. 

    Bovis shares feeling the love, rising past 6-month highs.


    Comment ()
  • Julian Howard from GAM joins us live to discuss the trends in present market:
     
    By the end of the year we are going to see some challenges coming out of China once we get this 19th Congress out of the way. In the run up to that the Chinese authorities will be keen to keep the ship steady and not trying to keep the imbalances and keep the credit steady.
     
     
     
    So far we have had very little retail investor participation in the market. That has kept things pretty smooth and volatility pretty low. There is evidence that retail investors are starting to get involved. On the whole retail investors are a little more flighty than institutional investors. As we get more retail investors in the market we will start to see more wobble in the market and more worry that we haven't seen in 2017.
     
    by Spriha Srivastava edited by david.reid 3/13/2017 8:15:54 AM
    Comment ()
  • AMEC Foster Wheeler has been valued at £2.23 billion after Wood Group's takeover offer of £5.64 per share for the company.

    The talk is giving both stocks a lot of positive attention.


    The firm's revenue in 2016 was £5,440 million, down 8 percent on a like for like basis. The company has reported a trading profit in 2016 as at £318 million, 
     
    AMEC Foster Wheeler has been preparing to launch a rights issue of approximately £500 million on 21 March 2017. 
    Comment ()
  • Innogy has proposed a dividend of 1.60 euros per share, slightly higher than forecasts. The payout will deliver a boost to parent RWE, which stands to receive over 680-million euros as a result.

    Vodafone says its adding 2,100 new customer service jobs across Britain in the next two years. Vodafone has been struggling in the market with a move to a new billing system disrupting subscriber additions. And it's slipping behind rivals who can offer bundles of pay-TV, mobile, and fixed-line services.


    ABB has revised down its full-year net income, cutting $64 million dollars from its 2016 figure after the company's auditor said it failed to maintain internal controls in its South Korean division. 

    The company estimated the total financial hit from the fraudulent actions to come to $73 million dollars. 
    Comment ()
  • An interesting discussion on the set on European banking system:
     
    Julian Howard of GAM says the Italian banking system is starting to clean up.
     
    It is very interesting that Matteo Renzi perhaps making a come back as well and it plays into a broader European theme of renaissance.
     
    Comment ()
  • Here are your top headlines at this hour:
     
    • A slick session for Amec Foster Wheeler. The UK oilfield services company spikes to the top of the Stoxx 600 on a 2.2 billion pound, all-stock, offer from peer John Wood Group. 
    • M&A also driving stocks in the housing sector. Bovis Homes rallies more than 8 percent as it attracts rival bids from Redrow and Galliford Try
    • Parliament is urged to clear the way for Theresa May to trigger Article 50, as Australia's trade minister tells this show once Brexit is finalised they can start talking trade deals. 
    • Clashes in the Netherlands as Turkish leader Recep Erdogan calls the country a 'banana republic', while Dutch Prime Minister Mark Rutte hits back at Erdogan's Nazi comparisons. 
       
    Comment ()
  • Keir Starmer, Shadow Secretary of State for Exiting the European Union speaks to CNBC live from Westminster: 
     
    We wrote to the Prime Minister on Friday to say reflect on what the House of Lords have asked you to think about. House of Lords had quite a big majority for these amendments. They are sending a message back to the House of Commons to say these are important issues. We are saying reflect on them. Why do you have to get rid of the amendments? Why not embrace them?
     
     
    If the government succeeds in getting the amendments back out of the bill it will go up to the House of Lords late tonight. We are anticipating about 6 o clock. They may not finish their business till about 10 or 11 o clock this evening and they make  make a decision to send it back to the Commons or say well the corpus has really spoken now. So we may not know the outcome till about 10 or 11 tonight.
    Comment ()
  • Sterling is trading slightly higher against the dollar as Britain starts to prepare for Brexit. The U.K. government could trigger Article 50 as soon as tomorrow, if its Brexit bill passes through both houses of parliament this evening. However, a small number of Conservative rebels - along with a band of opposition MPs - are expected to try and secure amendments to the bill.  
     
     
    Comment ()
  • Turkey's quarrel with Europe worsened over the weekend after Turkish president Recep Erdogan accused the Dutch government of Nazism.  

    The anti-Dutch remarks from Istanbul inflamed tensions among the Turkish community in the Netherlands, who protested in Rotterdam until the early hours of Sunday. President Erdogan made the comments after two Turkish politicians were denied entry into the country to take part in a referendum campaign rally. 

    Speaking from Amsterdam on the Dutch political scene is, Mary Pieterse-Bloem, Global Head of Fixed Income at ABN AMRO Private Bank.

    Dutch voters head to the polls on Wednesday to elect its next Prime Minister. A total of 28 parties are standing to form a new government. 

    The fixed income specialist says bond market reaction will be more keenly felt in French and Italian paper should the populist candidate Geert Wilders do well.


    On social media, Wall Street Journal scribe @Birdyword says the chances of the far right candidate appear to be slipping.


    And on set Pepijn Bergsen, analyst at Economist Intelligence Unit says Wilders is polling at similar levels to 2010.
    Comment ()
  • Eric Lonergan, Fund Manager, M&G has these final thoughts before wrapping up Squawk Box:
    What you thought of as safe assets is actually quite risky. Cash in the bank is losing you the rate of inflation. Government bond markets are offering you very little cash and are very vulnerable as well. I think the main thing is to have diversified exposure to equities and EM bonds as well and don't watch daily, weekly or monthly NAVs.. 
     
     
    Comment ()
  • Italian industrial output in January fell 2.3 percent month-on-month, worse than expected.

    The previous month output grew by 1.4 percent according to ISTAT.


    A mixed picture in recent months for Italian industrial production.
    Comment ()
  • Here are your top headlines at this hour:
     
    • A slick session for Amec Foster Wheeler. The UK oilfield services company spikes to the top of the Stoxx 600 on a 2.2 billion pound, all-stock, offer from peer John Wood Group. 
    • M&A also driving stocks in the housing sector. Bovis Homes rallies more than 8 percent as it attracts rival bids from Redrow and Galliford Try
    • Clear the way for Theresa May. The British government urges Parliament to pass the Brexit bill, in a move the could trigger Article 50 as early as tomorrow. 
    • Clashes in the Netherlands as Turkish leader Recep Erdogan calls the country a 'banana republic', while Dutch Prime Minister Mark Rutte hits back at Erdogan's Nazi comparisons. 
       
    Comment ()
  • Shares in Aryzta extend losses, now down 7 percent and biggest fallers on Stoxx 600:
     
     
    Comment ()
  • FXTM Chief Market Strategist Hussein Sayed comments on triggering of Article 50 and its impact on economy:
     
    In Europe, the U.K. divorce from the EU might become official as soon as Tuesday if the Brexit bill clears parliament later today. This will be the beginning of a very complicated two-year process, and much of it will be felt in the pound. Meanwhile Dutch voters are heading to the polls on Wednesday providing an indication on how strong the populist movement is in Europe ahead of upcoming polls in France and Germany.
    Comment ()
  • ECB's Visco says dollar appreciation and interest rate increase could intensify and have negative impact on emerging economies. That's according to Reuters.
    Comment ()
  • JP Morgan analysts say probability of win for far-right National Front leader Marine Le Pen in French presidential election is "very low", though warns that the unlikely event could result in an 8 pct earnings hit for French banks 
    With Frexit a very remote scenario, we find French bank valuations undemanding, even assuming a 16 pct probability of a Le Pen win, they add.
    JP Morgan says Le Pen victory could hit French banks' core equity tier 1 capital ratios by 300-500 basis points, but adds that French banks' funding and capital positions are stronger than in previous crises.
    Comment ()
  • Icelandic Cown falls nearly 2 percent versus euro to 3-week low of 117.40 after government says will end capital controls:
     
     
    Comment ()
Powered by ScribbleLive Content Marketing Software Platform