World Markets Live - April 11 - CNBC Live Events
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CNBC Live Events

World Markets Live - April 11

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

  • Good Morning! Happy Tuesday. Oil prices are on the high today amid rising tensions in Syria and the shutdown of the Libyan oil field. Risk sentiment looks a bit sour in the market as European stock futures point to a lower start. Here's what the futures look like:
     
    FTSE 100: 7336 (-17)
    CAC: 5091 (-23)
    DAX: 12157 (-59)
    FTSE MIB: 20105 (-109)
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  • Here are your top headlines at this hour:
     
    • Crude prices hit a five-week high, with Brent staging its seventh straight day of gains, amid tensions over Syria and the shutdown of Lybia's largest oilfield. 
    • Taking the foot off the gas! Janet Yellen says the Fed is allowing the economy to coast, but needs to stay ahead of the curve to avoid another downturn. 
    • G7 foreign ministers meeting in Italy look to put on a united front on Syria, with British secretary Boris Johnson suggesting sanctions could be imposed on Moscow. 
    • Tesla overtakes GM to become the biggest US automaker by market capitalisation, as the electric car producer's stock surges to a record high. 
       
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  • Federal Reserve chair Janet Yellen says the Fed wants to stay ahead of the curve, to make sure the economy is supported but does not overheat. Speaking at the University of Michigan, she added that the bank is taking the foot off the gas, to give the economy some breathing space, now that healthy levels of growth have been reached. She explained that current monetary policy should be about sustaining what has already been achieved.
     
    Before we had foot pressed down on gas pedal trying to give economy all the oomph we possibly could. Now allowing the economy to kind of coast and remain on an even keel to give it some gas but not so much that we're pressing down hard on the accelerator. That's better stance of monetary policy
     
     Fed Chair Janet Yellen Speaks At The National Community Reinvestment Coalition Annual Conference : News Photo
     
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  • Let's take a look at what markets across the globe are doing with CNBC's Steve Sedgwick

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  • The US is working to rally international support for its revised stance on Syria ahead of the American Secretary of State's first diplomatic trip to Moscow. Rex Tillerson is currently at the G7 Foreign Ministers meeting in Italy where political leaders are working to produce a cohesive message on Syria. 
     
    Britain's Foreign Minister Boris Johnson spoke with CNBC on the sidelines of the G7 summit:
     
    I think it's very important in these circumstances for the world to present a united front and for there to be absolutely no ambiguity about the message. And the message we are sending to the Russians is very very clear: Do they want to stick with a toxic regime? Do they want to be eternally associated with a guy who gases his own people? Or do they want to work with the Americans and the rest of the G7 and indeed like-minded countries for a new future for Syria? 
     
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  • North Korea is vowing to defend itself by, "a powerful force of arms" against what it sees as any potential aggression by the United States. The comments were reported by North Korea's state-run Korean Central News Agency, which quoted a foreign ministry spokesman, and were in response to the deployment of a U.S. Navy strike group to the Korean peninsula.
     
    The spokesman warned of, "catastrophic consequnces" if there were any further acts of provocation by the United States. 
     
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  • Conservative Neil Gorsuch has been officially sworn in as the justice of the Supreme Court in a major coup for Donald Trump. Despite staunch opposition from the Democrats, the Colorado-based judge's appointment fulfils one of the US president's top campaign promises and swings the court towards a conservative majority. 
     
    Neil Gorsuch Is Sworn In As Associate Justice To Supreme Court : News Photo
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  • Tesla has edged past General Motors to become the largest U.S. automaker by market cap.

    The stock hit an all-time high, back to its IPO in June 2010, helped along by a ratings upgrade from analysts at Piper Jaffray.
     
    Telsa drove past Ford last week -  into second place - and by Monday's close just pipped GM by 1 and half million dollars.
     
     
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  • BHP Billiton has rebuffed a reform plan by activist investor Elliott. The miner said the costs of scrapping its dual company structure and spinning off its US oil business would outweigh any benefits.
     
    London-listed BHP shares pared early gains following the response, while its shares in Australia fell.
     
     
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  • The CEO of Wells Fargo has told CNBC that the bank needs to rebuild trust after the sales scandal that resulted in the creation of more than 2 million fake accounts. 

    The bank has announced it is clawing back 75 million dollars of compensation paid to two of its former executives. But speaking to Wilfred Frost, Timothy Sloan said the bank should have acted earlier. 
     
    When I look back I should have and could have done things differently. Once the issues made its way to the corporate leadership level, and in hindsight, I wish we would have moved more quickly. We would have made decisions, for example, that we made last fall, which was to end the incentive compensation plan in the community bank.
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  • United Airlines has come under fire after a number of videos posted on social media showed a man being forcibly removed from a plane. The clips show an elderly doctor being violently dragged down the aisle after refusing to give up his seat in an overbooked flight. 
     
    United CEO Oscar Munoz tweeted a public apology for having to "re-accommodate" the passenger. However in an email to his staff - seen by CNBC - he wrote the customer was "disruptive and belligerent" and that employees had followed the established procedures.
     
     
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  • Here are your top headlines at this hour:
     
    • Crude prices hit a five-week high, with Brent staging its seventh straight day of gains, amid tensions over Syria and the shutdown of Lybia's largest oilfield. 
    • Taking the foot off the gas! Janet Yellen says the Fed is allowing the economy to coast, but needs to stay ahead of the curve to avoid another downturn. 
    • G7 foreign ministers meeting in Italy look to put on a united front on Syria, with British secretary Boris Johnson suggesting sanctions could be imposed on Moscow. 
    • Tesla overtakes GM to become the biggest US automaker by market capitalisation, as the electric car producer's stock surges to a record high. 
       
    Comment ()
  • LVMH sales rose fifteen percent in the first quarter, beating expectations. The world's biggest luxury group said it saw solid growth across its main markets, led by strength in its fashion and leather goods division. 
     
    But LVMH warned about the uncertain business environment, saying current trends "cannot be extrapolated to full year".
     
     
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  •   

    A few things that could add some zip to markets Tuesday

    CNBCSmall business optimism, a bond auction and job openings data are a few things that could add some spice to a quiet market Tuesday.
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  • Martin Schulz says he doesn't believe Germany should meet NATO's two percent defence spending target. Speaking at a press event yesterday, the SPD candidate said spending an additional 20 billion euros on defence "would certainly not be a goal my government would pursue."
     
    Germany’s Social Democratic Party (SPD) leader Martin Schulz would be open to a coalition with anyone who is interested but his eyes remain firmly on the prize, he told CNBC Monday.
     
    My goal is first of all to see the SPD, after the election, become the strongest political force in the country and for me to become the chancellor of the Federal Republic,” the centre-left candidate said of Germany’s upcoming general election in September. Whoever is interested to join the government led by me is invited to join it after the election and to open a dialogue with me.
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  • Oil has slipped back from 5-week highs as an increase in US shale production offset news of the closure of Libya's largest oilfield
     
    We are getting into the high risk part of this rally. It has been going on for a long time, said Ric Spooner, chief market analyst at CMC Markets in Sydney.

    I wouldn't be surprised to see a bit of book squaring going on now, ahead of the U.S. inventory data which is due on Thursday morning Asia time, he said, also noting that current prices have attracted shale oil producers in the past.
     
     
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  • Michelle McGrade, CIO, TD Direct Investing talks about what factors to keep in eye when watching UK inflation:
     
    UK inflation might come down a bit. Everyone is expecting oil to go up a bit. OPEC has been trying to engineer oil price to go up and it hasn't because of the shale gas production in the U.S. The other reason is sterling has gone up 2 percent this year.
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  • Here are your top headlines at this hour:
     
    • Crude prices hit a five-week high, with Brent staging its seventh straight day of gains, amid tensions over Syria and the shutdown of Lybia's largest oilfield. 
    • Taking the foot off the gas! Janet Yellen says the Fed is allowing the economy to coast, but needs to stay ahead of the curve to avoid another downturn. 
    • G7 foreign ministers meeting in Italy look to put on a united front on Syria, with British secretary Boris Johnson suggesting sanctions could be imposed on Moscow. 
    • Tesla overtakes GM to become the biggest US automaker by market capitalisation, as the electric car producer's stock surges to a record high. 
       
    Comment ()
  • European bourses are expected to open lower this morning as increased geopolitical risks in the Middle East and Korean Peninsula add to existing uncertainty over the upcoming French election.
     
     
     
     
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  • Significant changes to BHP Billiton corporate structure would need to be consistent with national interest. That's according to the Australian Government.
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  • 2.1 million passenger cars sold in China in March. China March car sales rise 1.7 percent from a year earlier. Total motor vehicle sales at 2.54 million in March, up 4 percent from a year earlier.
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  • Conservative Neil Gorsuch has been officially sworn in as the justice of the Supreme Court in a major coup for Donald Trump. Despite staunch opposition from the Democrats, the Colorado-based judge's appointment fulfils one of the US president's top campaign promises and swings the court towards a conservative majority. NBC's Edward Lawrence has more from Washington.

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  • The United States, Mexico and Canada have submitted a joint bid to host the 2026 World Cup. According to US soccer president, Sunil Gulati, the plan would be for Mexico and Canada to host 10 games each, with the remaining 60 to be played in the US.
     
    The last time the World Cup was in North America was in 1994, which had the highest average attendance in the tournament's history. 
     
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  • Here are your top stories at this moment:
     
    • Crude prices wobble after a week long winning streak amid tension over Syria and the shutdown of Lybia's largest oilfield. 
    • Growth vs stimulus. Janet Yellen says the Fed is now allowing the economy to coast, but needs to stay ahead of the curve to avoid another downturn. 
    • G7 foreign ministers meeting in Italy look to put on a united front on Syria, with British secretary Boris Johnson suggesting sanctions could be imposed on Moscow. 
    • LVMH breaks the downward luxury trend, posting a forecast-topping 13 percent rise in first quarter sales amid strong demand in all of its key divisions. 
       
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  • Let's take a look at how markets are trading this morning with Karen.

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  • The CEO of Barclays Jes Staley is under investigation in the US and the UK for attempting to unmask a whisteblower at the bank. Barclays itself has moved to reprimand Staley by making a significant cut to his bonus compensation.
     
    Dino Bossi, Partner at ‎Addveritas joins us live:
     
    What Jes Staley has managed to do is at a stroke puncture the trust that his worshipers had in this incredibly important thing which we now called whistleblowing. He has done a couple of mistakes. He tried to find out who has written a letter to the board. 
     
     
     
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  • The new chairman of embattled Spanish bank Banco Popular said the lender would be looking to raise further capital as it works to clean up billions of euros worth of toxic assets.
     
    Speaking publicly for the first time in his new position, Emilio Saracho suggested that a merger also remained an option for dealing with its 36 billion euros of non-performing real estate assets. The comments sent the bank's shares to record lows yesterday, closing nearly 10 percent down. 
     
     
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  • Shares in Swiss flavours and fragrance-maker Givaudan are called to open fractionally higher after its first quarter earnings beat analysts' estimates. 
     
    The company's like-for-like sales rose 3-point-5 percent in Q1, helped by a strong performance in North America. The company also reaffirmed its mid-term target of sales growth of between four and five percent. 
     
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  • Euro falls to a 4-month low against yen:
     
     
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  • European stocks are now open for trading with the pan-European Stoxx 600 opening 0.18 percent lower. 
     
     
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  • Major European indexes are slowly waking up in negative territory  as increased geopolitical risks in the Middle East and Korean Peninsula add to existing uncertainty over the upcoming French election.
     
     
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  • Let's take a look at the best and the worst performing stocks this morning:
     
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  • Fragrance-maker Givaudan has posted first quarter earnings which have beaten analysts' estimates. The company's like-for-like sales rose 3.5 percent in Q1, helped by a strong performance in North America. The company also reaffirmed its mid-term target of sales growth of between four and five percent. 
     
     
    Comment ()
  • LVMH sales rose fifteen percent in the first quarter, beating expectations. 

    The world's biggest luxury group said it saw solid growth across its main markets, led by strength in its fashion and leather goods division. But LVMH warned about the uncertain business environment, saying current trends "cannot be extrapolated to full year".
     
     
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  • Luxury stocks are trading higher this morning:
     
     
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  • The Group of Seven major global powers were joined by Middle East allies on Tuesday in a push to isolate Syrian President Bashar al-Assad, hours before the U.S. secretary of state flies to Moscow, Assad's top backer.

    G-7 foreign ministers sat down early on Tuesday with their counterparts from Turkey, Saudi Arabia, United Arab Emirates, Jordan and Qatar - all of whom oppose Assad's rule - to discuss the six-year-old civil war in Syria.
     
    Pressure is building on Russian President Vladimir Putin to break ties with Assad, who stands accused of launching a nerve gas attack on a rebel-held town last week.
     
     
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  • Shares in Dialog are trading sharply lower, after the German semiconductor's stock suffered a downgrade. Analysts at Bankhaus Lampe have cut their rating of the Apple Supplier from hold to sell
     
     
     
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  • Analysts at UBS have cut ABB to sell from neutral. Meanwhile at HSBC, analysts have raised the price target on the stock by one Swiss Franc to 24 from 23 and maintained its hold rating.
     
     
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  • The new chairman of embattled Spanish bank Banco Popular said the lender would be looking to raise further capital as it works to clean up billions of euros worth of toxic assets. Speaking publicly for the first time in his new position, Emilio Saracho suggested that a merger also remained an option for dealing with its 36 billion euros of non-performing real estate assets. The comments sent the bank's shares to record lows yesterday, closing nearly 10 percent down.
     
     
    Comment ()
  • BHP Billiton has rebuffed a reform plan by activist investor Elliott. The miner said the costs of scrapping its dual company structure and spinning off its US oil business would outweigh any benefits.
     
     
    Comment ()
  • Shares in Dialog Semiconductor extend losses, now down 18.4 percent and set for biggest one-day loss since October 2015:
     
     
    Comment ()
  • Here are your top headlines at this hour:
     
    • Shares in LVMH rally to a record high as the French conglomerate  posts a forecast- beating 15 percent rise in first quarter sales, setting a trend for the rest of its Luxury peers. 
    • Apple supplier Dialog falls to the bottom of the Stoxx 600 as a local investment bank cuts the German semiconductor from hold to sell. 
    • Crude prices wobble after a week long winning streak amid tension over Syria and the shutdown of Lybia's largest oilfield. 
    • G7 foreign ministers meeting in Italy look to put on a united front on Syria, as Turkey suggests the Syrian government still has chemical weapons capacity. 
       
    Comment ()
  • On Dialog, Bankhaus Lampe says there is strong evidence that Apple is developing its own PMIC and intends to replace chip made by Dialog at least in part. Lampe says believe that Apple is setting up power management design centres in Munich and California. 
     
    Lampe says about 80 engineers at Apple already working on PMIC with plans to employ it in iPhone as early as 2019. That's according to Reuters.
    Comment ()
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