World Markets Live - April 28 - CNBC Live Events
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CNBC Live Events

World Markets Live - April 28

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

  • Good morning everyone. Happy Friday. Long weekend here in Europe and I am sure in the rest of the world too. Markets are looking ahead to a day of gains in Europe as investors turn focus to corporate earnings and data this morning:
     
     
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  • UBS Q1 profit rises 79 pct on brighter outlook, that's according to Reuters. 
     
    The Swiss bank kicked off 2017 with a 79 percent jump in net profit as a brighter outlook boosted its investment bank and client trading in its core wealth management business.

    Switzerland's biggest bank and the world's largest wealth manager said on Friday net profit for the first three months of 2017 was 1.3 billion Swiss francs ($1.31 billion). This overshot the average estimate of 919 francs in a Reuters poll of seven analysts, beating even the highest forecast. 
     
    While the global recovery is likely to continue, macroeconomic uncertainty, geopolitical tensions and divisive politics pose risks that may affect client sentiment and transaction volumes, UBS said in a statement.
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  • Here are your top headlines at this hour:
     
    • UBS kicked off 2017 with a 79 percent jump in net profit as a brighter outlook boosted its investment bank and client trading in its core wealth management business.
    • Strong earnings beats for Google parent Alphabet and fellow tech giant Amazon drive Nasdaq futures higher in afterhours trade, after the Nasdaq extends its longest winning streak since 2013. 
    • Jeff Bezos comes within five billion dollars of becoming the world's richest person thanks to the moves in Amazon, which could see him overtaking Bill Gates. 
    • Shares in South Korean exporters fall as Donald Trump threatens the US free trade deal with Seoul, and says a war with North Korea is possible
       
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  • U.S. President Donald Trump is threatening to renegotiate another trade deal, this time with South Korea. Stocks of some major exporters heading sharply lower in Seoul on the comments.
     
    In an interview with Reuters the President also added that South Korea should pay for the U.S. THAAD missile system in place in South Korea.
     
    It's unacceptable. It's a horrible deal made by Hillary. It's a horrible deal. And we're going to renegotiate that deal, or terminate it.
     
    In the Reuters interview Trump also said he was psyched to terminate the NAFTA deal. He said he reconsidered after receiving calls from the leaders of Canada and Mexico.
     
    US President Donald Trump
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  • We'll speak to UBS CEO Sergio Ermotti in just over half an hour's time. Stay tuned:
     
     
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  • Amazon shares also got a bump in extended trading after reporting earnings per share of 1 dollar 48 cents versus expectations of 1 dollar 12 cents.  
     
    CEO Jeff Bezos pointed to a strong performance in India as a major reason for the continued growth -- citing the introduction of the Fire TV stick and 18 original TV series to the region.   
     
    The move in Amazon's stock added over 3 billion dollars to Amazon founder and CEO Jeff Bezos' fortune. After recently becoming the second richest man in the world, it puts him within 5 billion dollars of taking the top spot from Microsoft founder Bill Gates.
     
     
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  • Shares in Alphabet popped in after hours trade after the Google-parent company beat earnings and revenue expectations.  
     
    CFO Ruth Porat cited mobile search and continued YouTube strength as powering ad sales.  Advertising -- the company's primary source of revenue -- rose to 21.4 billion dollars compared to 18 billion dollars a year ago.
     
     
     
     
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  • CNBC's Steve Sedgwick takes us through the performance of some of the asset classes in April.

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  • President Trump has also minimized the importance of a potential government shutdown saying "If there's a shutdown, there's a shutdown."  Congress faces a midnight deadline tonight to pass a bill that will keep the government open.  If the deadline is not met -- hundreds of thousands of federal workers would temporarily be laid off as part of the shutdown.
     
    Juan Sartori, President and Founder of Union Group joins us live on air to discuss Trump's policies towards Latin America:
     
    He creates uncertainty, especially for the Latin Americans. His first target during the campaign was Mexico. It seems that he is definitely on the line of a strong attack but with a pragmatic view in the final negotiations. We are lucky that he is looking towards North Korea so he is ignoring Latin America.
     
     
     
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  • Here are your top stories at this hour:
     
    • UBS widely exceeds estimates with a 79 percent rise in first quarter net profit thanks to a strong performance in its wealth management business. We'll speak to UBS CEO Sergio Ermotti in just over 15 minutes
    • Strong earnings beats for Google parent Alphabet and fellow tech giant Amazon drive Nasdaq futures higher in afterhours trade, after the Nasdaq extends its longest winning streak since 2013. 
    • Jeff Bezos comes within five billion dollars of becoming the world's richest person thanks to the moves in Amazon, which could see him overtaking Bill Gates. 
    • Shares in South Korean exporters fall as Donald Trump threatens the US free trade deal with Seoul, and says a war with North Korea is possible
       
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  • The French economy grew slightly more slowly than expected in the first quarter at 0.3 percent as weak household spending offset a jump in business investment, a first estimate from the INSEE national statistics agency showed on Friday.

    The result marked a slowdown from the final three months of last year when the euro zone's second-biggest economy grew 0.5 percent, which was revised up from 0.4 percent previously.

    A poll of 35 analysts surveyed by Reuters had forecast 0.4 percent growth for the three months to the end of March with estimates ranging from flat growth to 0.5 percent.
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  • Here's our instant write up on UBS:
     

    UBS first quarter profit up 79% to 1.3 billion Swiss francs

    CNBCUBS has reported a net profit increase of 79 percent in the first-quarter of this year boosted by its investment bank business and cost-reduction program.
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  • Carolin spoke with Sergio Ermotti, CEO, UBS. Here's what he had to say:
     
    The positive developments are on year-on-year basis. We have seen some confidence by clients although still uneven. Private clients and wealth management clients have still been constructive and if you like at situation in investors they have been affected by the low volatility in the financial markets.
     
    We are very active with our Fixed income franchise. Of course that business is skewed towards FX and volatility in the FX markets has been extremely low and if you look at the stability of that business over last 10-12 quarters and we are delivering a return on our investment bank of 24 percent.
     
     
     
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  • Oil prices rose on Friday but were still on track for a second straight weekly loss on concerns that an OPEC-led production cut has failed to significantly tighten an oversupplied market.
     
     
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  • Barclays Q1 net profit 190 million pounds, Q1 pretax profit 1.68 billion. The bank's Q1 profit before tax more than doubles to 1.7 billion pounds. 
     
    The bank has announced creation of 1,000 new roles in the UK in operations and technology, further 1,000 over next 3 years.

    Barclays has reduced its risk-weighted assets by a further 5 billion pounds to 27 billion pounds in non core unit.
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  • Royal Bank of Scotland Q1 profit 259 million pounds compared to 986 million pounds loss in Q1 2016. RBS Q1 core bank adjusted operating profit 1.3 billion sterling, restructuring costs 577 million pounds. 
     
    The bank has taken out 278 million pounds in costs, 37 percent of target of 750 million for 2017. 
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  • Spain's Banco Sabadell on Friday posted a 14 percent fall in first-quarter net profit due to higher loan loss provisions.

    Spain's fifth largest bank recorded net profit for the first three months of the year of 216 million euros ($235.05 million), above the average of analysts' forecasts in a Reuters poll of 203 million euros.

    Sabadell, which makes around a quarter of its profits in Britain after it bought lender TSB in 2015, booked provisions of 511 million euros in the first quarter, compared to 435 million euros in the same period a year ago.
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  • Sony Corp said on Friday it expects operating profit to rise 73.2 percent in the financial year through March 2018 as its cash-cow image sensor business recovers from earthquake damage that had suspended a key plant in southern Japan.

    Sony forecasts operating profit to rise to 500 billion yen ($4.50 billion) from 288.7 billion yen a year prior, when earnings were roughly in line with a revised estimate announced earlier this month.

    The outlook compared with the 510.58 billion yen average of 27 analyst estimates compiled by Thomson Reuters.
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  • European markets are seen opening slightly higher this Friday as investors concentrate on new earnings reports and geopolitical tensions.
     
     
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  • Maersk Line to acquire Hamburg Sud - sale and purchase agreement approved. The company sees deal closing end 2017.
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  • German retail sales unexpectedly rose on the month in March and also jumped more strongly than predicted on the year, data showed on Friday, suggesting consumers contributed to a solid performance by Europe's biggest economy in the first quarter.

    The volatile indicator, which is often subject to revision, showed retail sales edged up by 0.1 percent on the month in real terms, the Federal Statistics Office said. That surpassed expectations for a 0.3 percent dip and followed a downwardly revised increase of 1.1 percent in February.

    On the year, shops sold 2.3 percent more in March, beating forecasts for a 2.0 percent increase in sales
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  • Morgan Stanley has raised RBS price target to 245 points from 225 points; rating equal-weight. That's according to Reuters.
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  • The British government has reduced its holding in Lloyds Banking Group to less than 1 percent, putting the lender on track to be in full private ownership within weeks.

    UK Financial Investments Limited (UKFI), which manages the government's stake, resumed share sales in October, having halted them for almost a year due to market turbulence.

    It said on Friday that its stake stands at 0.89 percent.
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  • Here are your top headlines at this hour:
     
    • UBS widely exceeds estimates with a 79 percent rise in first quarter net profit thanks to a strong performance in wealth management.  CEO Sergio Ermotti tells CNBC he'd like to get in on the fixed income action
    • A major Moller merger! Moller-Maersk expands its shipping arm -- buying Hamburg Sud for 3 point 7 billion euros.
    • Strong earnings beats for Google parent Alphabet and fellow tech giant Amazon drive Nasdaq futures higher in afterhours trade, after the Nasdaq extends its longest winning streak since 2013. 
       
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  • Asian markets traded weaker on Friday as comments from President Donald Trump on an existing free trade pact with Seoul to payment for a sophisticated anti-missile system caught investors by surprise.
     
     
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  • Saudi Energy Minister says Russia's contribution to oil output cuts deal in April was good. The energy minister says OPEC members compliance with global cuts deal is 100 percent, non-OPEC 85 percent.
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  • Starbucks same-store sales missed analyst expectations for the second quarter in a row -- sending shares sliding more than 4 percent in after hours trade.
     
    The coffee giant's 45 cent earnings per share was in line with estimates, but quarterly revenue also came in below expectations.  CEO Kevin Johnson remained optimistic saying the company is "poised to deliver strong revenue growth in the second half and into the future."
     
     
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  • French consumer prices rose 0.1 percent in April, giving a 12-month inflation rate of 1.4 percent for the third month in a row, prelimary EU-harmonised data from the INSEE statistics agency showed on Friday.

    A Reuters poll of 22 economists had forecast on average an annual inflation rate of 1.4 percent with estimates in a range from 1.3 to 1.7 percent.

    Separately, INSEE said that producer prices fell 0.5 percent in March over one month, giving a 12-month rate of increase of 2.9 percent.
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  • Barckays shares seen up 2-3 percent after results. That's according to Reuters.
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  • European stocks are now open for trading with the pan-European Stoxx 600 opening 0.11 percent lower as markets focus on a flurry of earnings and data. That's according to Reuters.
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  • Major European indexes are now open for trading as investors digest a flurry of bank earnings this morning and focus on economic data:
     
     
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  • Let's take a look at the best and the worst performing stocks this morning:
     
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  • Barclays reported first quarter pre-tax profit of 1.7 billion pounds, up from 793 million pounds a year ago. That was better than the 1-point-46 billion pounds Reuters forecast. 

    But the British bank saw net profit fall during the period and said it would take a one-off impairment charge on its Africa unit totaling 884 million pounds. 

    The results are likely to be overshadowed by the brewing investor revolt against Chief Executive Jes Staley. Proxy advisor ISS has told shareholders they should not re-elect Staley at the annual board meeting next month.
     
     
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  • First quarter pre-tax profit at RBS has topped analyst estimates, as the bank posted its first quarterly profit since the third quarter of 2015. The bank cited better trading conditions as having contributed to strength in its markets division. 
     
     
     
     
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  • UBS posted a 79 percent rise in first quarter net profit, topping analyst estimates, amid strength in its wealth management business. However, the bank offered a cautious outlook, saying improved investor sentiment had not yet translated into increased client activity. 
     
     
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  • Electrolux shares are trading near the top of the Stoxx 600 after it posted first quarter profits which beat analysts' expectations. However, its revenue for the period fell fractionally short of what the market had been anticipating. The company flagged weakness in its UK and Middle Eastern markets, but said demand in the mainland Europe remained stabled.  
     
     
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  • he Maersk Group has attached a 3.7 billion euro price tag to its aquisition of shipping line Hamburg Sud.  The deal -- originally announced in December -- follows Maersk's decision to spin off its energy division and focus on transport last fall.
     
     
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  • First quarter net profit jumped at French drugmaker Sanofi, rising to 5.7 billion euros, up from 1-point-8 billion a year earlier. Total sales rose 11 percent in the quarter, boosted by strong results at Genzyme, Sanofi's biotech business. 
     
     
     
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  • Zodiac Aerospace has confirmed it plans to complete a deal with engine maker Safran, after it announced a first half operation loss of 12 million euros. The company's CEO, Olivier Zarrouati meantime has offered his resignation to the company's board of directors, but will stay on "for a while", while the companies come to an agreement on a deal. 
     
     
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  • RBS first quarter results have far exceeded analyst expectations and last year’s comparative figures, thanks to strong performance from its from its UK retail bank and its investment banking division, NatWest Markets. Losses from the ‘bad bank’ were also considerably lower than last year.
     
    Laith Khalaf, Senior Analyst, Hargreaves Lansdown analyses the bank's performance:
     
    RBS has been quick off the blocks in 2017, with a strong performance that has comfortably beaten expectations. The UK retail bank appears to be chugging along quite nicely, and even the investment bank chipped in with some decent numbers.
     
    It’s too early to pop the champagne corks though, because the US Department of Justice is likely to play the role of party pooper at some point, by landing RBS with a massive fine. The ongoing saga of the Williams & Glyn separation is still rumbling on too, and whatever the conclusion, it could end up costing RBS more money. These longstanding problems aside, this could be the year when RBS finally starts to look a bit more like a swan, rather than an ugly duckling. 
     
    Three quarters of the bank is still owned by the government though, and with the share price currently languishing at around half that paid during the bailout, it looks like the taxpayer is going to have to take a bath on this one. Unloading a 75% stake in a business is never going to be easy, and that’s particularly the case when everybody knows you have to do it.
     
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  • Barclays CEO Jes Staley says "I made a mistake" over treatment of whistleblower. Staley says cooperating fully with regulatory investigation over treatment of whistleblower, will not offer resignation to board. 
     
    Staley says the bank continues to do well in credit, U.S. rates did not trade as well as would've liked to. 
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  • Here are your top headlines at this hour:
     
    • Time to party. Investors celebrate a 79 percent rise in net profit at UBS. But the Swiss bank's CEO tells CNBC why he is not chasing a bigger exposure to fixed income trading. 
    • Barclays falls after the bank takes a one-off impairment charge of just under 900 million pounds on its African business, denting its net profit, while boss Jes Staley faces a shareholder revolt. 
    • Strong earnings beats for Google parent Alphabet and fellow tech giant Amazon drive Nasdaq futures higher in afterhours trade, after the Nasdaq extends its longest winning streak since 2013. 
       
     
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  • Thirty minutes since the start of the European trading session and stocks are trading lower as investors digest corporate earnings and data:
     
     
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  • CNBC's Steve Sedgwick discusses the difference between Barclays and RBS performance.

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