World Markets Live - April 3 - CNBC Live Events
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CNBC Live Events

World Markets Live - April 3

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

  • As we get the week underway, here are your top stories.

    • President Trump says the U.S. will take on North Korea with or without China, increasing pressure on President Xi Jinping ahead of his meeting in Florida this week. 
    • South Africa's parliament speaker considers allowing a 'No Confidence' vote on President Zuma, as his new finance minister talks of radical reforms to redistribute wealth. 
    • Marine Le Pen calls the euro a 'knife in the ribs' of the French people as her closest rival Emmanual Macron denounces the National Front as a 'party of hatred'.
    • Rock-solid support. Downing Street says Prime Minister Theresa May is 'steadfastly committed' to Gibraltar after the EU offers Spain a veto over the Island's future after Brexit.  


    Comment ()
  • President Trump has warned that the US is ready to take unilateral action against North Korea

    In an interview with the Financial Times, the President said he would discuss the issue with his Chinese counterpart at their meeting this week, adding that if China helps the U.S. "that will be very good for China, and if they don't, it won't be good for anyone". 

    Trump's remarks continue his administration's harder line on North Korea. 


    Speaking at a news conference on Friday, Defense Secretary James Mattis said that Pyongyang was moving "in a very reckless manner and that has got to be stopped".

    Comment ()
  • Documents released by the White House have revealed the millions of dollars in assets held by Trump's top staff. 

    The filings show that Trump's daughter, Ivanka, and son-in-law Jared Kushner have over $700 million in real estate holdings and investments. 

    The disclosures also show that Trump's chief strategist Steve Bannon made over 2 million dollars last year, while National Economic Council Director, Gary Cohn, has assets worth at least $230 million.
    Ivanka Trump 


    Comment ()
  • South Africa's President, Jacob Zuma is facing pressure to resign from many quarters. 

    The Speaker of the Parliament says she will consider a request to hold a vote of 'no confidence' in the President. Meanwhile, street demonstrations against Zuma are expected this week.

    It follows a controversial late-night cabinet reshuffle last week, in which Zuma sacked his respected finance minister Pravin Gordhan. That sent the markets and the South African Rand into lower territory.

    Malusi Gigaba, the new South African Finance Minister gave a press conference Saturday in which he promised "radical economic transformation".

    The issue of radical economic transformation arises from a criticism that for quite a long time the structure of the South African economy has not been changed. We have not paid sufficient attention to the real economy, to industrializing the economy, to ensuring that we create entrepreneurs and industrialists, particularly among black people

    Today in South Africa, some people are wearing black clothes to protest against the Zuma presidency.
    Comment ()
  • In the U.S, the three major indexes closed lower Friday.

    However, as the first quarter ended the U.S. stock markets locked in quarterly gains of at least 4.6%, with the S&P 500 gaining 5.5%, its strongest Q1 performance since 2013 and best gain of any quarter since Q4 of 2015. 

    The tech sector in the S&P 500 jumped 12% in the first three months of the year, head and shoulders among the index’s 11 sectors. The Nasdaq Composite Index ended the quarter up 9.8%, its best quarter since 2013. 

    The average daily move by the 30-stock DJIA in the first quarter was 0.3185%, the smallest average since the fourth quarter of 1965.


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  • Centrist French presidential candidate Emanuel Macron has focused his campaign on far-right rival Marine Le Pen, calling the National Front the "party of hatred."  

    Speaking at a rally in Marseille, Macron also promised to beat Le Pen in the first round of elections. According to the latest BVA poll he would win the first round with 25 percent of the votes against 24 percent for Le Pen.

    Claire is live from Henin-Beaumont in the north of France, on the first leg of her tour around the country and one the key strongholds of the National Front.


    Claire says the inhabitants of the town have moved away from the traditional socialist vote and immigration is playing a key factor in voting intentions.

    Comment ()
  • PMI releases will dominate this morning's economic calendar (London times):

    07.30: Sweden PMI
    08.00: Norway PMI
    08.15: Spain PMI
    08.45 – 09.00: Italy, France, German PMIs
    09.30: UK PMI
    Comment ()
  • The United Kingdom is "steadfast" in its commitment to the British enclave of Gibraltar, says Prime Minister Theresa May. 

    A former Conservative party leader, Michael Howard, suggested the Prime Minister would be willing to go to war to defend the territory. 

    This, after the European Union offered veto rights to Spain regarding the future relationship of Gibraltar and the bloc, effectively granting Madrid a share of power over the territory.

    The Rock of Gibraltar

    Comment ()
  • Asian markets are either closed already or nearing the end of trade.


    In Japan, Toshiba shares are down sharply after Reuters reported that the Japanese conglomerate is likely to miss a third deadline to report is quarterly earnings.


    Comment ()
  • Tesla delivered a record number of cars in the first quarter of 2017.

    Deliveries jumped 69 percent year on year to 25 thousand vehicles, also marking a sharp increase from delays in previous quarters.

    Sales were lead by the Model S sedan with over 13 thousand, while the  Model X contributed over 11 thousand.

    Tesla Model S  

    Comment ()
  • Thousands of demonstrators rallied in support of a George Soros-founded university in Budapest, in opposition to government legislation seeking to remove the institution from the country. 

    The Central European University was founded by the billionaire financier in 1991 and has been the subject of recent attacks by Prime Minister Viktor Orban's government. The bill, which seeks to regulate and potentially remove foreign universities from Hungary, is scheduled to be debated in Parliament this week. 

    George Soros 


    Comment ()
  • A reminder of our top stories:

    • President Trump says the U.S. will take on North Korea with or without China, increasing pressure on President Xi Jinping ahead of his meeting in Florida this week. 
    • South Africa's parliament speaker considers allowing a 'No Confidence' vote on President Zuma, as his new finance minister talks of radical reforms to redistribute wealth. 
    • Marine Le Pen calls the euro a 'knife in the ribs' of the French people as her closest rival Emmanual Macron denounces the National Front as a 'party of hatred'.
    • Rock-solid support. Downing Street says Prime Minister Theresa May is 'steadfastly committed' to Gibraltar after the EU offers Spain a veto over the Island's future after Brexit.  

    Comment ()
  • The price of oil futures has fallen in session as a higher U.S. rig count prompted fears about global oversupply.

    A stronger dollar also pressuring prices.


    Comment ()
  • There will be lots of talking about needing to get really tough on China but in practice, the Trump administration will target specific sectors.


    Tim Drayson, Head of Economics, Legal & General Investment Management on trade issues between China and the United States. 

    Comment ()
  • The first quarter of 2017 saw record highs for all major U.S. indices but ended with a month that fell flat.  

    The Dow and S&P both extended their quarterly win streak to 6 but ended in the red for March.

    Our own Bob Pisani has a full breakdown.

    by david.reid
    Comment ()
  • Spot gold just dipping on the last few moments. The precious metal had been supported by weaker than expected consumer spending data from the United States  on Friday.



    Comment ()
  • The FTSE 100 looks set to be the laggard at the open in around 30 minutes time.




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  • France's polling watchdog has issued a warning over a Russian report, which claims that conservative candidate Francois Fillon is leading the presidential race. This despite multiple mainstream opinion polls that suggest that Fillon is trailing both Emanuel Macron and far-right candidate Marine Le Pen. Meanwhile, Marine Le Pen has called the euro a 'knife in the ribs' of the French people
    Comment ()
  • Credit Suisse is hoping to protect its reputation following anti-tax evasion raids on three of its offices last week. 

    The Swiss bank took out numerous advertisements in UK newspapers over the weekend, saying it wishes to only conduct business with people who pay their taxes.

    Credit Suisse carrying out adverts in several UK newspapers. 

    Comment ()
  • Schneider Electric has signed an agreement to sell its American data software business DTN, in a deal valued at around 900 million dollars. 

    The company hopes to close the deal in the second quarter and says it will use the proceeds to launch a 1 billion euro share buyback plan. 
     
     
    Comment ()
  • Swedish manufacturing PMI for March has come in at 65.2 versus  60.9 in February.

    Reuters had forecast 60.0.

    The Swedish crown is half a percent stronger against the dollar in session.


    Comment ()
  • Reckitt Benckiser is considering offloading its food business, confirming it has begun a strategic review of the unit. The division includes labels such as French's, the consumer group's mustard brand, and Frank's red hot sauces. 
     
    The sale would help Reckitt fund its takeover of baby foods maker Johnson Mead, and could bring in as much as 2.4 billion pounds. 
     
     
    Comment ()
  • The United Kingdom is "steadfast" in its commitment to the British enclave of Gibraltar, says Prime Minister Theresa May.

    A former Conservative party leader, Michael Howard, suggested the Prime Minister would be willing to go to war to defend the territory. 

    This, after the European Union offered veto rights to Spain regarding the future relationship of Gibraltar and the bloc, effectively granting Madrid a share of power over the territory.

    Speaking to reporters over the weekend, UK Defense Secretary Michael Fallon said Gibraltar's sovereignty was not in question:

    Gibraltar is going to be protected all the way because the sovereignty of Gibraltar cannot be changed without the agreement of the people of Gibraltar and they've made it very clear they do not want to live under Spanish rule and it's interesting in the draft guidelines from the EU that Spain is not saying that the whole thing is subject to the transfer of sovereignty.

    Fabian Picardo, Chief Minister of Gibraltar is on the phone.


    He says the "war" comments from Michael Howard are extreme.

    Picardo says Spain's claim of sovereignty over Gibraltar is "rancid" and the people of Gibraltar do not want economic stewardship from Madrid. 
    Comment ()
  • European stocks are now open for trading. The Stoxx Europe 600 is up 0.4 percent at the start:
     
     
     
    Comment ()
  • Major European indexes are trading higher this morning as investors eye trade and economic policies in the U.S. and look ahead to new economic data.
     
     
    Comment ()
  • Here's a look at the best and the worst performing stocks this morning. Tullow Oil is trading more than 2 percent higher, at the top of Stoxx Europe 600. Meanwhile, Spain's Banco Popular is down nearly 4 percent and is at the bottom of the index:
     
     
    Comment ()
  • Reckitt Benckiser is considering offloading its food business, confirming it has begun a strategic review of the unit. The division includes labels such as French's, the consumer group's mustard brand, and Frank's red hot sauces. The sale would help Reckitt fund its takeover of baby foods maker Johnson Mead, and could bring in as much as 2.4 billion pounds.
     
     
    Comment ()
  • Schneider Electric has signed an agreement to sell its American data software business DTN, in a deal valued at around $900 million. The company hopes to close the deal in the second quarter, and says it will use the proceeds to launch a 1 billion euro share buyback plan. 
     
    by Spriha Srivastava edited by david.reid 4/3/2017 7:08:10 AM
    Comment ()
  • Maurits Heldring, Senior Equity Research & Advisory Expert at ABN AMRO joins the TV team via satellite from Amsterdam.

    Heldring: Europe not the only place in world with risk

    Heldring says barriers to stocks going higher would be a rise in interest rates, but that doesn't look like it is coming anytime soon.

    He says high valuations would also check price gains, but he still views European stocks as relatively cheap.

    Heldring says the ECB will move as inflation moves up and economies improve but the move won't be dramatic and is unlikely to take place in 2017.

    Comment ()
  • Banco Popular says an internal audit has discovered the need for corrections to previous years accounts. The bank says this adjustment will be reflected in the financial statements for the first half of the year. 
     
     
    Comment ()
  • The British government has reduced its stake in Lloyds to below 2 percent. The state says it has now recovered £20 billion of the £20.3 billion of tax-payers funds injected into the bank at the height of the financial crisis. 
     
    by Spriha Srivastava edited by david.reid 4/3/2017 7:11:57 AM
    Comment ()
  • Credit Suisse is hoping to protect its reputation following anti-tax evasion raids on three of its offices last week. The Swiss bank took out numerous advertisements in UK newspapers over the weekend, saying it wishes to only conduct business with people who pay their taxes. Switzerland's second largest lender also reaffirmed its commitment to working closely with authorities in all cases.
     
     
    Comment ()
  • Portugal's 10-year bond yield spread over Germany hits highest since March 8:
     
     
    Comment ()
  • Tim Drayson says long-term earnings in Europe still look weak and the demographics of the region are "terrible".

    He says he doesn't see any evidence that productivity in the region will improve.

    Drayson also highlights political risk but on this point, Heldring disagrees, arguing that risk in Europe is not higher that usual.

    Drayson: Europe giving him reasons to be wary 




    Comment ()
  • The first quarter of 2017 saw record highs for all major U.S. indices but ended with a month that fell flat.  

    The Dow and S&P both extended their quarterly win streak to 6 but ended in the red for March.

    Our own Bob Pisani has a full breakdown.

    by david.reid

    Comment ()
  • The Spanish manufacturing PMI for March has come in at 53.9, the lowest figure since October.

    Any figure above 50 indicates expansion.
    Comment ()
  • Stocks with exposure to South Africa are trading fairly lower this morning after Finance Minister Pravin Gordhan was sacked by President Zuma last week in a Cabinet reshuffle.
     
     
     CNBC Africa's Bronwyn Nielsen joins us from Johannesburg.
     
    Rand is in free fall after market open. We also have protesters on the street and it is Black Monday and the 7th April we are looking at mass mobilization and everyone in South Africa has been told not to go to work, not to go to school and stand up as what is seen as a dramatic change in Cabinet. 
    Comment ()
  • BP shares are up almost 1 percent after confirming that the firm is to sell its forties pipeline to Ineos.

    The company will retain access to the pipeline which serves the central North Sea.



    Comment ()
  • ECB's member of the Executive Board Benoit Coeuré says negative interest rates have been effective but it must not last too long. That's according to Reuters.
    Comment ()
  • Here are your top headlines at this hour:
     
    • President Trump says the U.S. will take on North Korea with or without China, increasing pressure on President Xi Jinping ahead of his meeting in Florida this week. 
    • Rock-solid support. Downing Street says Prime Minister Theresa May is 'steadfastly committed' to Gibraltar after the EU offers Spain a veto over the Island's future after Brexit.  
    • Marine Le Pen calls the euro a 'knife in the ribs' of the French people as her closest rival Emmanual Macron denounces the National Front as a 'party of hatred'.
    • Banco Popular says it will need to correct its accounts for previous years after an internal audit, sending shares lower in Madrid. 
       
    Comment ()
  • A little over thirty minutes since the start of the European trading session and Basic Resources is leading the gains for major indexes. The sector is trading 0.9 percent higher. Meanwhile, the banking sector is trading 0.4 percent lower, the worst performing sector this morning:
     
     
    Comment ()
  • South Africa's rand weakens one percent against dollar in volatile trade as political uncertainty, ratings downgrade fears weigh:
     
     
    Comment ()
  • John Studzinski, Vice Chairman at The Blackstone Group is on set with Nancy, Steve, and our guest host Tim Drayson.

    He says President Xi's visit highlights the contrast between the administrations of China and the United States.

    Studzinski says Xi has been preparing to lead for 30 years whereas the Trump team is still trying to find its feet. He says like a baseball team, the Trump team isn't sure "who's on first base".


    Studzinski: China wants to be a global ambassador

    Remember, Trump is about a nationalist populist agenda. He's not got a global agenda.

    Studzinski says Trump will rely on his strengths to cherry pick the best pieces of policy and will not shy away from working with Democrats.


    On the U.S. stock market, the Blackstone man says investors may exhibit more caution if nothing is achieved by Trump before the August recess.

    Comment ()
  • ECB's Coeure says economic actors must prepare for an environment with higher interest rates. He hopes that euro zone governments realize that interest rates will not stay where they are now. 
    Comment ()
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