World Markets Live - April 10 - CNBC Live Events
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CNBC Live Events

World Markets Live - April 10

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

  • A very Good Morning and welcome to a new week. Tensions over Syria mount as Russia and Iran say American air strikes crossed 'red lines', while the US ambassador to the UN says removing Bashar al-Assad is a top priority for the White House. In Europe, markets are looking ahead to a stronger start to the trading day. Here's what the futures look like:
     
    FTSE 100: 7355 (+11)
    CAC: 5142 (+16)
    DAX: 12254 (+38)
    FTSE MIB: 20336 (+54)
     
    Comment ()
  • Here are your top stories at this hour:
     
    • Tensions over Syria mount as Russia and Iran say American air strikes crossed 'red lines', while the US ambassador to the UN says removing Bashar al-Assad is a top priority for the White House
    • Secretary of state Rex Tillerson blames Russia for failing to prevent the chemical attack in Syria, while calling US military strikes a message to other nations, including North Korea.  
    • Let's agree to agree. President Trump and Xi Jinping don't make any major breakthroughs at their meeting in Mar-a-Lago, but China promises greater access to its financial sector, as the leaders vow to rush trade talks. 
    • Greece's prime minister Alexis Tsipras says debt relief is a condition for his country to implement further austerity measures after agreeing a deal with the country's creditors in Malta. 
       
    Comment ()
  • World leaders from across Europe, Saudi Arabia and Japan have expressed their support for the United States' missile attack on a Syrian government-controlled airfield on Friday. 
     
    Allies of Syrian President Bashar al-Assad, however, said the United States' airstrike had crossed "red lines".
     
    In a statement released by a joint command centre of troops from Russia, Iran and government-backed militias, the allies said they would  "respond with force to any aggressor".
     
    The United States' ambassador to the UN, Nikki Haley, said President Trump wanted to send a message to Syria and Russia that the United States would no longer stand by to watch atrocities take place in the country. She spoke about the administration's top priorities in the region on NBC's Meet the Press.
     
    Well, I think what you have to understand is we can have multiple priorities. So you know, of course, it's to defeat ISIS. I mean, that, we've got to do that for peace and stability in the area. It's also to get out the Iranian influence, which we think is causing so much friction and worse issues in the area. And then we've got to go and make sure that we actually see a leader that will protect his people. And clearly, Assad is not that person.
     
     
     
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  • The Syrian war is also expected to dominate the agenda at the G7 foreign ministers meeting which begins today in Italy.
     
    The US Secretary of State, who is among the attendees at the summit, has rebuked the Kremlin for assisting Syrian President Bashar al-Assad. Rex Tillerson's comments come on the eve of his first diplomatic trip to Moscow. 
     
    GERMANY-G20-DIPLOMACY-US : News Photo
    Comment ()
  • President Donald Trump and his counterpart Xi Jinping made progress on tackling issues of trade and North Korea at the US-China summit, even as it was overshadowed by America's attack on a Syrian airfield on Friday.

    Top US officials said the President pressed Xi to alter the country's trade practices, with the two leaders agreeing to a 100-day plan for trade talks intended to reduce America's trade deficit with China. 

    Aides offered few details, however, on how the two countries intended to work together in the future. 
     
    US-CHINA-SECURITY-TRADE-SUMMIT : News Photo
    Comment ()
  • Cliff Tan, East Asian Head of Global Markets Research, Bank of Tokyo-Mitsubishi joins us live to discuss the Chinese economy:
     
    What we have been telling our clients is that this is a year where we are looking for a one or two billion dollar defaults. The key here is that over the past 3 or 4 years the default that we have been seeing in China have averaged in size between a 100 or 200 million dollars.
     
     
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  • Greece's Prime Minister has said debt relief is a condition of further austerity. Alexis Tsipras told his party's central committee that 'medium-term relief measures' were part of the bailout deal struck with international creditors on Friday.
     
    He added that the measures would 'send a message that the crisis is behind Greece'. As part of the package Athens agreed to cut pension spending by one percent of GDP in 2019, as well as committing to tax reforms.
     
    Greek Prime Minister Alexis Tsipras in Rome : News Photo
    Comment ()
  • Here are your top stories at this hour:
     
    • Tensions over Syria mount as Russia and Iran say American air strikes crossed 'red lines', while the US ambassador to the UN says removing Bashar al-Assad is a top priority for the White House
    • Secretary of state Rex Tillerson blames Russia for failing to prevent the chemical attack in Syria, while calling US military strikes a message to other nations, including North Korea.  
    • Let's agree to agree. President Trump and Xi Jinping don't make any major breakthroughs at their meeting in Mar-a-Lago, but China promises greater access to its financial sector, as the leaders vow to rush trade talks. 
    • Greece's prime minister Alexis Tsipras says debt relief is a condition for his country to implement further austerity measures after agreeing a deal with the country's creditors in Malta. 
    Comment ()
  • Italy's Deputy Finance Minister Enrico Morando has told CNBC there is no doomsday scenario for Britain and the EU after Brexit. 
     
    The UK's decision to leave the European Union must be respected by governments of member countries who share and do not share their point of view. Now we must develop negotiations in which, I believe right from the start, the European Union and also the British government must be transparent and put all their cards on the table so as to build a relationship of trust. This is because the United Kingdom has chosen to start a break-up process but it still remains a major player in Europe. Let's say that the UK has decided to leave the Union and that we must find solutions as obviously the United Kingdom cannot claim the maintenance of benefits by inflicting the rest of Europe with negative consequences. But I believe that Europe has full interest in establishing positive relationships economically, commercially, on military and defense and on the foreign policy side of things we need to acknowledge a choice has been made but at the same time working to build a very positive relationship because England remains in Europe and we must take this into account.
     
    Comment ()
  • Let's take a look at global markets with CNBC's Karen Tso

    Comment ()
  • Brexit is altering the UK economy's main growth drivers, according to the EY Item Club's Spring Forecast. It finds that a pickup in inflation - resulting from the weak pound - is weighing on consumer spending. However, on a more upbeat note, it sees the fall in sterling bolstering British trade through this year and next.��
     
    Martin Beck, Senior Economic Advisor, EY ITEM Club joins us live to discuss more:
     
    Consumer spending is particularly slow this year but we think other aspects of the economy will make up for that, particularly export.
     
    We do think that inflation will be heading back up to 3 percent towards the end of this year which is well above the bank's target but that is a temporary rise in inflation. Once the effect of the value of pound starts to wash down then inflation will come down.
     
    Comment ()
  • Twenty first century Fox says it will investigate sexual harassment claims against Fox News anchor Bill O'Reilly. A formal complaint was made to the company's hotline triggering the start of a legally required process.

    According to the New York Times, Fox and O'Reilly have already paid out over 13 million dollars to 5 women who accused him of sexual harassment. At least 31 companies have pulled advertising from the show over the latest allegations including major automakers and pharma companies.
     
     
    Comment ()
  • The latest poll from Kantar Sofres sees frontrunner Emmanuel Macron and Marine Le Pen tied in the first round of the Presidential race with 24 percent of the vote respectively. 
     
    Meanwhile far-left candidate Jean-Luc Melenchon has gained support since his standout performance in last week's debate, now in third place with 18 percent of voters' support. 
     
     
    Comment ()
  • Germany's socialist candidate Martin Schulz is going to meet the foreign press later today. This as polls indicate that Chancellor Angela Merkel's CDU party is now leading the race. 
     
    Comment ()
  • Here are your top news stories at this hour:
     
    • Tensions over Syria mount as Russia and Iran say American air strikes crossed 'red lines', while the US ambassador to the UN says removing Bashar al-Assad is a top priority for the White House
    • Secretary of state Rex Tillerson blames Russia for failing to prevent the chemical attack in Syria, while calling US military strikes a message to other nations, including North Korea.  
    • Let's agree to agree. President Trump and Xi Jinping don't make any major breakthroughs at their meeting in Mar-a-Lago, but China promises greater access to its financial sector, as the leaders vow to push ahead with trade talks. 
    • Stada backs a takeover from Bain Capital and Cinven, valuing the German drugmaker at 5-point-3 billion euros, with shares called to open nearly 10 percent higher. 
       
    Comment ()
  • European markets to open higher; Syria, G-7 meeting in focus

    CNBCEuropean bourses are expected to open higher on Monday despite increased geopolitical risks as investors digest the U.S. missile attack in Syria last week.
    Comment ()
  • FCA and PRA are investigating Jes Staley and Barclays. The investigation related to Barclays whistleblowing programme. Am attempt was made by Mr Staley in 2016 to identify author of a letter that was treated by Barclays bank as a whistleblow. 
     
    The attempt by Mr Staley to identify the author of the letter (the "matter") first came to the attention of the Barclays Board in early 2017 as a result of a concern raised by an employee regarding amongst other matters the adequacy of Barclays whistleblowing procedures. The Board immediately instructed an external law firm, Simmons & Simmons LLP, to conduct a focussed investigation into the matter which was led by Sir Gerry Grimstone, the Deputy Chairman and Senior Independent Director, on behalf of the Board. The Board also promptly notified the FCA and PRA and other relevant authorities.  The principal findings of the investigation relating to Mr Staley's involvement in the matter are set out in the annex to this announcement.    

    Mr Staley has explained his actions to the Board.  The investigation by Simmons & Simmons LLP found, and the Board has concluded, that Mr Staley honestly, but mistakenly, believed that it was permissible to identify the author of the letter. However, the Board has concluded that Mr Staley made an error in becoming involved with, and not applying appropriate governance around, the matter, and in taking action to attempt to identify the author of the letter.  The author of the letter was not identified and no further action was taken.  Mr Staley has apologised to the Board for his error.
     
    Comment ()
  • The dollar started the week at three-week highs against a currency basket on Monday, after a key U.S. Federal Reserve official reinforced the central bank's commitment to continue raising interest rates.

    The dollar index, which tracks the greenback against six major rival currencies, added 0.1 percent to 101.230 after rising as high as 101.340, reaching its highest levels since March 15.
     
     
    Comment ()
  • European bourses are expected to open higher on Monday morning despite increased geopolitical risks as investors continue to digest the U.S. missile attack in Syria last week.
     
     
    Comment ()
  • President Donald Trump and his counterpart Xi Jinping made progress on tackling issues of trade and North Korea at the US-China summit, even as it was overshadowed by America's attack on a Syrian airfield on Friday.

    Top US officials said the President pressed Xi to alter the country's trade practices, with the two leaders agreeing to a 100-day plan for trade talks intended to reduce America's trade deficit with China. 

    Aides offered few details, however, on how the two countries intended to work together in the future. 
     
    CNBC's Sophia Yan joins us to tell us more:
     
    This first meeting between the two leaders was really largely a success. There was no facepalm moment on either side. And in fact it went so well that either side went away with a bit of an agreement - to spend the next 100 days to tackle trade.
     
     
    Comment ()
  • Here are your top stories at this hour:
     
    • Barclays will make a "very significant" adjustment to CEO Jes Staley's compensation as UK regulators announce an investigation into the Chief Executive's relation to a whistleblowing programme. 
    • Stada backs a takeover from Bain Capital and Cinven, valuing the German drugmaker at 5-point-3 billion euros and sending shares nearly 10 percent higher in pre-market trade
    • Tensions over Syria mount as Russia and Iran say American air strikes crossed 'red lines', while the US ambassador to the UN says removing Bashar al-Assad is a top priority for the White House
    • Secretary of state Rex Tillerson blames Russia for failing to prevent the chemical attack in Syria, while calling US military strikes a message to other nations, including North Korea.  
       
    Comment ()
  • Google has reportedly offered to invest 880 million dollars in LG Display in a bid to help the South Korean company boost its output of OLED screens. This, according to the Electronic Times citing unnamed sources.
     
    The paper says Google hopes the investment will help the company secure a stable source of OLED screens for its next Pixel smartphone.
    Comment ()
  • Joining us are Wolfango Piccoli, Co-President, Teneo Intelligence and Ryan Heath, Senior EU Correspondent, POLITICO:
     
    Teneo's Piccoli says:
     
    Our base line is that in the end of the current bailout, in the middle of next year, Greece will need another bailout. It will be a smaller amount of money. The reforms haven't yielded much growth. There is not much light at the end of the tunnel. 
    Politico's Ryan says: 
     
     I don't think anyone feels this is going to turn the Greek economy around but it keeps the IMF on board and it keeps everything on hold for a few months.
    Comment ()
  • Speaking at the Ambrosetti Finance Workshop, Italy's Deputy Finance Minister Enrico Morando suggested he favours a European solution to the problems facing the Italian banking system. 
     
    We have made many interventions in terms of regulation in general on the issue of restructuring the Italian banking system during recent years. We believe interventions to be essential if they can help front the banks' problems. But there is no doubt that on one hand you see the levels of bad debts being too high and on the other hand the issue of the profitability of banks in Italy being too low which has yet to be  resolved. However, the first issue to solve in my opinion from a European dimension; I am a supporter of the proposal for the construction of a European inclusion to a European solution around the subject of NPLs (non performing loans). And the second issue is that of a restructuring of the banking sector which can obviously be linked to the roles of the bank managers, as the government can't replace them. However, we have already begun to create local laws that mean, for example, banking redundancies can be addressed for the first time in the history of our country thanks to the intervention from public resources. In the past, resources have always been found from within the banking system by the banks themselves. So I believe that the interventions we made were certainly useful. Obviously problems remain; in the sense that it can take sometime to receive a European response but on the other hand we must continue to strive for those banks that can regain margins and expand their business. In Italy, unfortunately, we are still in a situation of a substantial credit crunch, especially for those firms focused on the internal market.
     
    Comment ()
  • European stocks opening for brand new trading week. The pan-European Stoxx Europe 600 opening 0.08 percent:
     
     
    Comment ()
  • Major European indexes slowly waking up pointing to a negative start to the trading day as investors keep an eye on G7 meeting and airstrikes on Syria:
     
     
    Comment ()
  • Let's take a look at the best and the worst performing stocks this morning:
     
    Comment ()
  • Barclays will make a significant adjustment to CEO Jes Staley's compensation after he broke rules relating to whistleblowers at the bank. The Financial Conduct Authority and the Bank of England's regulation authority are both investigating Mr. Staley after he mistakenly attempted to identify an employee who wrote a letter that was categorised as a whistleblow. Chairman John McFarlane said he was disappointed and that improvements will have to be made.
     
     
    Comment ()
  • German drug maker Stada has accepted an offer of 66 euros a share from private equity firms Cinven and Bain.

    That values the generic pharma firm at over 5 billion euros. Stada had previously rejected bids of just under 4 billion euros.
     
     
     
    Comment ()
  • Telecom Italia's largest shareholder Vivendi has placed its CEO at the top of the list to be the new chairman of the Italian telco. The  board ends its three year term next month and shareholders will vote on new members at a meeting on May 4th. Vivendi has been under scrutiny recently for increasing corporate control in Italy, having taken a significant holding in Mediaset.
     
     
    Comment ()
  • Shares in Shaftsbury up 4.7 percent on rumours of a full blown take over of the company. Rumour has it Hong Kong billionaire Samuel Tak Lee has spent £500m on shares in London landlord Shaftesbury ahead of a possible takeover bid. The tycoon now owns 20 per cent of the business, which is the landlord for Carnaby Street, Chinatown and much of Soho.
     
     
    Comment ()
  • Elliott Advisors has sent a letter to the board of BHP Billiton outlining a plan to unlock shareholder value. 
     
    The letter details a proposal calling for the miner to unify its dual-listed company structure into an Australian headquartered company, to demerge and separately list its US petroleum division on the New York Stock Exchange, and to adopt a "consistent and value-optimized capital return policy." The firm said it holds a"long economic interest" of more than 4 percent of issued shares of BHP. 
     
     
    Comment ()
  • Barclays has announced Chief Executive Jes Staley is being investigated by two U.K. regulators regarding his individual conduct, as he attempted to identify a whistleblower from the bank in 2016.

    The Financial Conduct Authority (FCA) and the Prudential Conduct Authority (PRA) have opened an investigation into both Staley and Barclays relating to the CEO and the company's actions in pursuing the author of a letter which had been treated as a whistle-blow attempt.
     
    Jes Staley, Barclays’ chief executive
    Comment ()
  • Italian Foreign Minister Angelino Alfano, who is hosting today's G7 meeting in Lucca, says the US airstrikes against Syria have offered a window of opportunity to find a political solution to the country's civil war
     
    CNBC's Willem Marx is in Lucca where the G7 meeting is due to take place:
     
    The Italians are certainly hoping that these face to face conversation between U.S. Secretary of State Rex Tillerson and his G7 counterparts will yield some kind of message that Mr Tillerson can then take to Moscow as he travels tomorrow.
     
     
     
    Comment ()
  • Here are your top news stories at this hour:
     
    • Tensions over Syria mount as Russia and Iran say American air strikes crossed 'red lines', while the US ambassador to the UN says removing Bashar al-Assad is a top priority for the White House
    • Secretary of state Rex Tillerson calls the US military strikes a message to other nations, including North Korea, as he touches down in Italy for the G7 meeting.  
    • Shares of Stada soar after the drugmaker backs a takeover from Bain Capital and Cinven, valuing the German firm at 5.3 billion euros.
    • BHP gets a boost after Elliot Advisors sends a letter to directors calling for the miner to drop its dual listing structure and spin off its US petroleum business.
       
    Comment ()
  • Thirty minutes since the start of the European trading day and stocks are trading lower:
     
     
    Comment ()
  • Shares in Barclays trade lower as British regulators FCA and PRA set to investigate the company's CEO Jes Staley over whistleblowing program:
     
     
    Comment ()
  • Turkish Deputy PM Simsek says "no" vote in referendum will mean high risk premium on Turkey. That's according to Reuters.
    Comment ()
  • The dollar surged in the wake of U.S. missile strikes on Syria on Friday, but analysts were divided on whether the greenback would keep flexing its muscles.

    In a move that took many by surprise, the Trump administration used Tomahawk cruise missiles to attack a Syrian government airfield late Thursday U.S. time. It has also continued to fly sorties over Syrian airspace.

    Additionally, the U.S. moved an aircraft carrier group closer to North Korea over the weekend.
     
    It's obvious that the immediate response to the U.S. strikes in Syria has started to wane somewhat, but I do think there will be a bit of an aftertaste in terms of the market paying a bit more attention to geopolitics," Elmer said. "This is going to raise questions in investors' minds as to whether this will provoke more tensions with Syria's allies, Russian and Iran, and whether or not they should extrapolate this use of military action to other conflicts such as with North Korea.
    Comment ()
  • South Africa's rand weakens more than 1 percent against dollar in volatile trade as credit downgrades to "junk" by two ratings firms weighed:
     
     
    Comment ()
  • Here are your top news stories at this hour:
     
    • Tensions over Syria mount as Russia and Iran say American air strikes crossed 'red lines', while the US ambassador to the UN says removing Bashar al-Assad is a top priority for the White House
    • Secretary of state Rex Tillerson calls the US military strikes a message to other nations, including North Korea, as he touches down in Italy for the G7 meeting.  
    • Shares of Stada soar after the drugmaker backs a takeover from Bain Capital and Cinven, valuing the German firm at 5.3 billion euros.
    • BHP gets a boost after Elliot Advisors sends a letter to directors calling for the miner to drop its dual listing structure and spin off its US petroleum business.
    Comment ()
  • A quick reminder that Asian equities finished mixed in Monday trade on the back of heightened geopolitical tensions after a move by the U.S. military to send an aircraft carrier group near the Korean Peninsula and a U.S. missile strike in Syria last Friday.

    North Korea responded to the U.S. strike on a Syrian airbase by stating that it was a justification for its own nuclear weapons program, adding that it had to protect itself against Washington's "reckless moves for a war." A U.S. Navy strike group is expected to move closer to the Korean peninsula following North Korea's multiple nuclear missile test launches.
     
     
     
    Comment ()
  • FXTM Chief Market Strategist Hussein Sayed comments on market’s lack of defensive behaviour despite current geopolitical risks:
     
    A U.S. missile strike in Syria, a weaker than expected jobs report, and Fed planning to shrink its balance sheet, all did little to move markets significantly last week. 
     
    U.S. stocks fluctuated between gains and losses throughout the week, Treasuries traded in a similar pattern, gold erased gains after jumping to a 5-month high, and the VIX was capped at 13.43. 
     
    Such a market behaviour indicates that investors are not finding current geopolitical risks significant enough to move them into the defensive. But given Russia’s response on Friday that the missile strikes on the Syrian air base could have extremely serious consequences, investors will keep an open eye the week ahead on how the situation evolves, and the shift from risk appetite to risk aversion may occur in seconds if tensions escalated. 
     
    The U.S. earnings season also kicks off next week with banks taking the lead as usual. The financial sector is expected to post a double-digit earnings growth in Q1, the highest growth among all sectors. Given that the rally paused in recent weeks due to concerns about the U.S. administration’s ability to deliver on tax reforms, it requires strong positive surprise to refuel buying momentum.
     
    Comment ()
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