World Markets Live - April 5 - CNBC Live Events
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CNBC Live Events

World Markets Live - April 5

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

  • Our top news as we get underway:

    • North Korea fires a medium-range ballistic missile into the Sea of Japan, raising alarm ahead of President Trump's meeting with Xi Jinping. 
    • French Presidential candidate Emmanuel Macron accuses closest rival Marine Le Pen of waging 'economic war', but it's France's far-left leader Jean-Luc Melenchon who is tipped to win the second election debate. 
    • Richmond Fed President Jeffrey Lacker resigns after admitting he may have leaked market sensitive data to a Wall Street analyst. 
    • ChemChina gets the greenlight from U.S. antitrust regulators to go ahead with its Syngenta merger if it divests certain assets stateside. 
    Comment ()


  • U.S. equities ended Tuesday's session mostly flat ahead of a key meeting between President Donald Trump and Chinese President Xi Jinping.

    The Dow Jones industrial average gained about 39 points with Caterpillar contributing the most gains. The S&P 500 ended the day nearly breakeven, with real estate lagging and energy outperforming. The Nasdaq composite also ended roughly flat on the day.

    Xi and Trump will meet Thursday and Friday at Mar-a-Lago. Last week, Trump said via Twitter the meeting would not be easy because "we can't have massive trade deficits … and job losses."

    Investors will also keep an eye on any news out of the Fed minutes, which are scheduled to be released at 2 p.m. ET on Wednesday.

    Asian markets are a little higher today.



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  • Japan also confirmed a "ballistic missile launch" and filed a protest with North Korea, Chief Cabinet Secretary Yoshihide Suga told a news conference.


    Further, the Japanese Prime Minister Shinzo Abe said he "strongly condemns" the missile launch.

    "It is a grave act of provocation to (Japan's) national security and something we cannot tolerate," Abe said.

    Below is the official statement from U.
    S. Pacific Command following that latest North Korean launch.




    Comment ()
  • The general who commands America's nuclear arsenal on Tuesday warned about North Korean missile advances, calling it "very challenging" in remarks to a Senate panel.

    This piece from Jeff Daniels has more.

    US is more vulnerable as North Korean missile tech advances, general says

    CNBCA senior U.S. general warned about North Korean missile advances, calling it "very challenging" in remarks to a Senate panel.

    Comment ()
  • Richmond Fed President and Federal Reserve board member Jeffrey Lacker has resigned over his role in a leak from the central bank. Lacker, who was due to step down at the end of October, confirmed confidential information to a Medley Global Advisors analyst in a phone call in October 2012. 

    Lacker disclosed the full details in a criminal investigation in 2015 after failing to do so in an initial probe. 

    Jeffrey Lacker has resigned 

    To talk about the issue, the former Atlanta Fed President and board member of the U.S. Federal Reserve Dennis Lockhart joins us here on set in London at 09:00 CET.



    Comment ()
  • Xi Jinping is set to arrive at Mar-a-Lago for his key summit with President Trump tomorrow.

    Ahead of the visit, CNBC's Eunice Yoon met another American who has previously hosted the Chinese President.

    Tap play to listen.

    by david.reid

    Comment ()
  • The Russian Defense Ministry says it has carried out air strikes against a chemical weapons depot in Syria.

    At least 60 people have been killed in northern Syria after being exposed to a toxic gas that survivors said was dropped from warplanes.

    According to Reuters, the Russian ministry has now said a recent chemical attack had consistent symptoms with when it says Syrian rebels had previously deployed chemical weapons.

    In the last 24 hours the US, Britain, and EU have all blamed the Syrian government for the attack.

    Comment ()
  • The UN Security Council plans to hold emergency talks in the wake of a suspected chemical attack in Syria which has left dozens dead and injured. 

    NBC's Chief Foreign Correspondent Richard Engel has the details on the suspected chemical attack. 
     
    Please be warned his report contains graphic images and since this report, 83 people are now thought to have died.
     
    by david.reid
     
    by david.reid edited by Spriha Srivastava 4/5/2017 5:59:37 AM
    Comment ()
  • Our top news as we get the second hour underway:

    • North Korea fires a medium-range ballistic missile into the Sea of Japan, raising alarm ahead of President Trump's meeting with Xi Jinping. 
    • French Presidential candidate Emmanuel Macron accuses closest rival Marine Le Pen of waging 'economic war', but it's France's far-left leader Jean-Luc Melenchon who is tipped to win the second election debate. 
    • Richmond Fed President Jeffrey Lacker resigns after admitting he may have leaked market sensitive data to a Wall Street analyst. 
    • ChemChina gets the greenlight from U.S. antitrust regulators to go ahead with its Syngenta merger if it divests certain assets stateside. 
    Comment ()

  • Janjuah: Rump Europe needs to move towards a full federalized model

    Bob Janjuah, Senior Independent Client Adviser, Nomura is our guest host today.

    He says he expects to see a repricing of markets after the French election is complete and Le Pen's bid fails.

    He checks that optimism for stocks by noting that the ECB might be heading towards a tightening of monetary policy.

    On economic growth, he says the West's demographic time bomb will far outweigh the efforts of individuals such as Donald Trump.

    Comment ()
  • Former National Security Adviser Susan Rice has denied accusations that the Obama administration used intelligence information for political purposes. This, as critics say the White House is attempting to deflect attention from the investigation into Russian interference in the US Election. 

    Andrea Mitchell has this report.

    by david.reid

    Comment ()
  • European futures have sprung into life and suggest a positive open will mark the start of FTSE trade.

    In Germany and France, markets look set for a flat open.


    Comment ()
  • Our guest host today is Nomura's Bob Janjuah. He sees a sell-off coming, but just not yet.

    I think there is a big re-pricing event to happen. I think we just have one more leg up in equities and one more leg higher in bond yields.

    The reason is this. We've gone from thinking Trump was a devil to thinking he's our savior post-election. 

    Now we think Trump can't even tie his own shoe laces.

    I honestly think we'll get some kind of movement on tax. The market will like that, but where the market will come unstuck is that it will say, is that it?
     
     

     
    Comment ()
  • Does Trump even need a wall?

    Border turns quiet under Trump amid steep drop in arrests

    CNBCJust five people were eating dinner on a recent weeknight at a Texas church that is a stopping point for newly arrived immigrants on the U.S.-Mexico border.

    Comment ()
  • U.K. Prime Minister Theresa May has suggested that free movement of EU citizens to the UK could continue for a period after Britain leaves the EU.  

    Speaking to reporters while on a trip to the Middle East, the Prime Minister said it will give businesses time to adjust to the new restrictions. May has also suggested that a trade deal between Britain and the EU will not be finalized until after 2019.


    Joining us from the European Parliament in Strasbourg is Daniel Hannan, Conservative Party MEP.

    He says behind the headlines there are obvious areas of progression between the UK. and Europe. Hannan says Europe's Article 50 letter response is encouraging.

    They are asking for a comprehensive trade deal, they want an early reciprocation on U.K. citizens in Europe and EU citizens in Britain. They want enhanced cooperation on defense and security and they want no hard border in Ireland.
     
     
     
     
     
    Hannan says he has always believed the free movement is a good thing but people want to feel there is some level of control over who comes to Britain to work. 

    He says ensuring that low paid workers aren't subsidized at the expense of British workers is key.


    Comment ()
  • A row was sparked by draft Brexit negotiating guidelines published by the EU last Friday saying any decisions affecting Gibraltar would be run past Spain.

    Hannan says Gibraltarians have voted almost 100 percent to remain British and therefore ensuring that occurs is key to democracy.

    The Rock of Gibraltar 

    Comment ()
  • Kazakhstan is on a privatization drive with its sovereign wealth fund looking to sell over 20 companies in 2017.

    The $60 billion-plus fund is looking to bring the country towards a more market-led model.


    Baljeet Kaur Grewal, Managing Director for Strategy and Portfolio Investments at  Kazakhstan's sovereign wealth fund Samruk-Kazyna is on set.

    She says the ease of doing business has risen in Kazakhstan which helps overseas businesses have increase their faith that corruption is falling.




    Comment ()
  • North Korea has fired a ballistic missile from the eastern coastal city of Sinpo, according to US Pacific Command in Hawaii and South Korea's Joint Chiefs of Staff. 

    The Pentagon said North Korea had fired the missile at 6.42am local time on Wednesday, traveling for about nine minutes before falling into the sea between Japan and the Korean peninsula. 

    The launch comes one day ahead of the US-China summit in Florida, where President Trump and Xi are set to discuss tackling Pyongyang's nuclear development program. 

    In response to the launch, the State Department released a curt statement:


    Tuesday's incident follows a failed ballistic missile launch two weeks ago and March's test firing of four missiles towards Japan.

    Comment ()


  • And we have a static market at the open. Not much impetus at all.


    Comment ()
  • And here is how the European markets look on an individual basis.


    Be aware that Portugal's opening data has yet to hit the wires.


    Comment ()
  • Wood Group and Amec Foster are at the top of the Stoxx 600 after announcing expected £150 million synergies following their £2.23 billion tie-up.


    Here are your losers.


    Comment ()
  • ichmond Fed President and Federal Reserve board member Jeffrey Lacker has resigned over his role in a leak from the central bank. Lacker, who was due to step down at the end of October, confirmed confidential information to a Medley Global Advisors analyst in a phone call in October 2012. Lacker disclosed the full details in a criminal investigation in 2015 after failing to do so in an initial probe after the 2012 leak. The Richmond Fed's seat on the FOMC becomes a voting one in 2018.
     
    Dennis Lockhart, Former President of the Federal Reserve Bank of Atlanta joins us live 
     
    I don't know the details but it could very well be inadvertent. Sort of a mind lapse at a moment that you are not thinking. It was a few days before the minutes were to come out so leak as I recall the leak involved disclosing information in advance of the minutes which of course is a no no. Jeff for me has been a very valued colleague so I think this is a regrettable set of circumstances.


     
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  • Dennis Lockhart, Former President of the Federal Reserve Bank of Atlanta speaks to CNBC:
     
     Ben Bernanke stressed transparency. He felt that the Fed could become much more transparent so he took direct action to make that happen. Press conferences years ago we did not do. The communication is much less coordinated than people believe sometimes. The Presidents have a great deal of independence and that creates conflicting views out there and it becomes difficult for market participants to interpret that.
    Comment ()
  • The Shanghai Composite index in China has closed up 1.5 percent at 3270.31. The Shenzhen is also closed after enjoying a strong day.

    Stocks bolstered after Beijing announced plans for a new economic zone in the province of Hebei.


    Comment ()
  • Former Fed policymaker Lockhart is on the set here in London and is talking about the relevance of central banks in the present day financial world:
     
    Had the fiscal side being more helpful during the recession the prominence of the central banks side wouldn't have been so great. We would have been more of a background party. 
     
     

    There can be a spillover from financial activity to the real economy. It has to be monitored and you have to pay attention to financial condition generally. 

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  • In case you missed it, Steve runs through the opening trades for Wednesday.

    Comment ()
  • In case you missed it, here is the open of Wednesday trade.
    Comment ()
  • Spain's March services PMI figure has come in at 57.4, a slight slip from 57.7 in February.

    The Business Expectations PMI metric has come in at 74.1, the highest in 15 months.
    Comment ()
  • Former Fed policy member Dennis Lockhart is with us this morning. He reflects on his tenure:
     
    The period that I served from early 2007 to the end of 2016. Historians are going to say that was a distinct period. We saw crisis, a recession and a cyclical recovery. 
     
     

     My own view is that the pendulum of regulation tends to swing and understandable after the crisis it has swung very far in one direction. There has been tremendous progress in terms of our resilience of our financial industry in the US and all over the world. And it is perfectly appropriate to pull the swings back.

    by Spriha Srivastava edited by david.reid 4/5/2017 7:24:21 AM
    Comment ()
  • Former Fed Policymaker Dennis Lockhart talks about the shadow banking system in China:
     
    Lots of debate and I keep following if China is going to somehow implode or whether China will continue to navigate through. From now decades of observing this, I think Chinese authorities are capable of navigating their problems to the other side.
    Comment ()
  • The United Nations Secretary-General Antonio Guterres has reportedly said that war crimes are going on in Syria.

    He sad the UN security council is to meet today.

    Guterres has added that the security council must ensure accountability for the crimes in Syria.
    Comment ()
  • Here are your top headlines at this hour:
     
    • Richmond Fed President Jeffrey Lacker resigns after admitting he may have leaked market sensitive data, as former policy-maker Dennis Lockhart tells this show communication from Fed Presidents has become more complex. 
    • U.K. Prime Minister Theresa May signals that free movement of EU citizens could continue for a period after Britain leaves the EU, while admitting a trade deal with the union could come after 2019. 
    • French Presidential candidate Emmanuel Macron accuses closest rival Marine Le Pen of waging 'economic war', but it's France's far-left leader Jean-Luc Melenchon who is tipped to win the second election debate. 
    • Investors in Bovis Homes and Galliford Try cheer the news the deal talk has ended, as Greg Fitzgerald takes the helm of embattled Bovis. 
       
    Comment ()
  • The Swedish Industrial Production figure for February has come in at +0.2 percent higher month-on-month. 

    Compared to February 2016, the Industrial Production number is +4.1 percent higher.

    The Swedish Crown is about 0.33 percent higher against the euro in session.
    Comment ()
  • Oil-related stocks in Europe are pushing higher as the underlying commodity increases in price. Crude oil is near a one-month high. 

    Traders told Reuters that slowly tightening market conditions were driving price rises, with the Organization of the Petroleum Exporting Countries (OPEC) leading an effort to cut output.


    Comment ()
  • A very interesting discussion the set about Gorsuch's nomination:
     
    Former Fed member Dennis Lockhart says his views may be amateurish since he has stayed away from politics all his life:
    They (Republicans) are not a unified party. They are a wing of the party that has very strong views on the Freedom Caucus, really are opposed to more moderate Republicans so they have tremendous challenge in pulling the block of votes.
     
    Michael Gapen, Head of US Economics Research, Barclays says Republicans are not on the same page:
    Trump is not an establishment 0r Republican or Republicans in Tea Party members so you can tax reforms or healthcare reforms but that means three different things for them so just because they have a capital R after their name doesn't mean they are on the same page.
     
     
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  • I'm still very much in equity markets. I have been all my life. I take the view that equities go up and down but in the long run, they work out. 

    Hopefully, one day my grandchildren will thank me.
     
     
     Former Fed member Dennis Lockhart tells the team that even though an older investor is meant to go for bonds, he's still a stocks man.

    Lockhart: Stocks before bonds for him

    Comment ()
  • Italy's service sector grew more slowly in March than in February, when it expanded at its fastest pace in more than a year, according to the latest services PMI numbers.

    The Markit/ADACI Business Activity Index for services companies fell to 52.9 from 54.1 the month before, staying above the 50 mark that separates growth from contraction. In February, the index registered its highest reading since December 2015.
    Comment ()
  • The final French services PMI number for March has come in at 57.5. A slight tick down from the flash but up from the February number.

    The final composite number is 56.8, again falling from the flash figure of 57.6.

    That composite number still suggest business activity growth at the fastest rate in six years.
    Comment ()
  • Growth in Germany's services sector accelerated further in March, latest services PMI numbers showed, suggesting Europe's largest economy will post healthy growth in the first quarter.

    Markit's final services index rose to a 15-month high of 55.6 from 54.4 in February, helped by new business in the post and telecommunication sector and the renting, business activities and financial inter mediation branch. That's according to Reuters.
    Comment ()
  • Euro zone businesses enjoyed their best quarter in six years at the start of 2017 as soaring demand allowed them to raise prices at the fastest rate since mid-2011, a survey suggested on Wednesday.

    Although growth was not as fast as earlier predicted, the upturn was broad-based, and survey compiler IHS Markit said the data pointed to first-quarter economic growth of 0.6 percent. A Reuters poll last month predicted 0.5 percent.
     
    The expansion recorded by the final PMI numbers was not quite the growth spurt indicated by the flash release, but still points to an impressive rate of economic growth, said Chris Williamson, chief business economist at IHS Markit.
    Comment ()
  • Let's take a look at euro that is trading fairly flat against the dollar after a string of euro zone data this morning:
     
     
     
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  • Chris Williamson is the chief economist at Markit. He has just tweeted a graphic showing the euro zone economic growth and PMI:
     
    Comment ()
  • Italy economic growth likely to continue at broadly same pace in the near term, that's according to Statistics Bureau ISTAT.
    Comment ()
  • Let's check back on European markets that are trading mixed this morning with investors eyeing fresh economic data and renewed promises on financial regulation from U.S. President Donald Trump.
     
     
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  • JPMorgan Chase CEO Jamie Dimon, in his annual letter to investors, said he has high hopes for the U.S. but believes there is "something wrong" with the country as well.
     
    Our problems are significant, and they are not the singular purview of either political party. We need coherent, consistent, comprehensive and coordinated policies that help fix these problems, the head of the largest bank by assets in the U.S. wrote. The solutions are not binary — they are not either/or, and they are not about Democrats or Republicans. They are about facts, analysis, ideas and best practices (including what we can learn from others around the world). 
     

    JPMorgan CEO Dimon says in annual letter that there's 'something wrong' with the US

    CNBCDimon, in his annual letter to investors, expressed hope for the bank's future because attitudes toward banking have changed.
    Comment ()
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