World Markets Live - February 13 - CNBC Live Events
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CNBC Live Events

World Markets Live - February 13

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

  • Welcome to a new week and here are your headlines:

    • Trade talk is set to dominate the first meeting between Donald Trump and Justin Trudeau as the Canadian Prime Minister heads to Washington amid fears the new President could tear up NAFTA. 
    • Japan's economy grows 1 percent in 2016, supported by a weaker Yen that boosted exports. 
    • Martin Schulz helps take Germany's Social Democrats within one percentage point of Angela Merkel's conservatives, as a new poll finds he would beat the Chancellor in a direct vote. 
    • A campaign group accuses 80 of the world's largest investment firms of selling active funds at higher fees when they reportedly track their benchmarks, known as closet-trackers. 
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  • Opening calls for Europe sit like this:

    FTSE 7,280 +22
    DAX 11,701 +35
    CAC 4847 +19
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  • The Nikkei in Japan has closed up +0.41 percent. Australia already closed too, but markets in China still with some Monday "trade-time" left.


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  • President Trump has continued to defend the executive order -- tweeting that 'the crackdown on illegal criminals is merely the keeping of his campaign promise'. This after Donald Trump said he is considering issuing a revised travel ban.


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  • Chinese auto sales in January clocked up to 2.52 million vehicles. That's a 0.2 percent year-on-year rise. 

     Tomohiro Ohsumi | Bloomberg | Getty Images

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  • South Korea's finance ministry pledged to act 'swiftly and firmly' to combat financial market volatility in the wake of the North Korean missile launch. The South Korean Won is trading lower against the U.S. dollar


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  • Thousands of people in Northern California have been ordered to evacuate due to fears the emergency spillway of a dam could fail. 

    Officials say a failure of the structure would result in an uncontrolled release of flood waters from lake Oroville into the downstream rivers. 

    NBC'S Dan Scheneman sent this report. 

    by david.reid

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  • Swedish engineering firm  SAAB has reported fourth quarter order bookings of 6.87 billion Swedish crowns.

    The firm said that number lower than expected and an expected contract was pushed back to the January window.

    The earnings before interest and tax were 960 million Swedish crowns, falling short of analyst expectations gathered by a Reuters poll.
     
    Air traffic controllers use Saab's remote system to help planes land in an airport hundreds of miles away.  
     

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  • Germany's Social Democrats are now just one point behind Chancellor Angela Merkel's CDU/CSU coalition, according to the latest poll from EMNID. 

    Led by Martin Schulz, the former President of the European Parliament, the SPD has gained significant ground in recent weeks.

     Martin Schulz (Photo: Sean Gallup) 

    Meanwhile, Germany's former foreign minister Frank-Walter Steinmeier has been elected as President. Mr. Steinmeier will assume office for the largely ceremonial role after the term of President Joachim Gauck expires in March. 

    Joining us to talk German politics is Pepijn Bergsen, Analyst at the Economist Intelligence Unit.

    Bergsen says Germany is not showing signs of a successful "populist vote" with the exception of the right wing AfD which is expected to gain parliamentary representation.
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  • The Federal Reserve's Stanley Fischer says there is significant uncertainty over President Trump's Fiscal Policy. 

    Speaking at an economics event over the weekend, Fischer said, "no one knows what's going to happen." He also talked about banking regulation, saying he hoped capital requirements for banks would not be overly reduced.

    Stanley Fischer (© 2016 Bloomberg Finance)



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  • A reminder of your headlines:

    • Trade talk is set to dominate the first meeting between Donald Trump and Justin Trudeau as the Canadian Prime Minister heads to Washington amid fears the new President could tear up NAFTA. 
    • Japan's economy grows 1 percent in 2016, supported by a weaker Yen that boosted exports. 
    • Martin Schulz helps take Germany's Social Democrats within one percentage point of Angela Merkel's conservatives, as a new poll finds he would beat the Chancellor in a direct vote. 
    • Chinese property group Dalian Wanda is reportedly looking to buy Deutsche Bank's retail unit Postbank. 

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  • Japan has a surplus with the U.S. Unsurprisingly it is in cars and electronics. The United States wants access to Japan's agriculture sector which is one of the most protected in the world.
     
     

    David Stubbs, Global Markets Strategist, J.P. Morgan Asset Management tries to explain why Japan and the United States would bother negotiating any fresh trade deal after Steve highlights that the pair appears to have in place a very successful tide of trade exchange.
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  • She's gonna need a bigger shelf.


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  • Across America's southern border, thousands marched in multiple Mexican cities to protest President Trump's proposed border wall and anti-Mexico rhetoric.

    NBC's Kelly O'Donnell reports.

    by david.reid
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  • Bias still with the euro bears on in its main pairing with the U.S. dollar. but holding its own in the latest session.


    In equities, the major European markets are looking to ride off Friday's positive close in the U.S., and gains in Asia.

    Futures are positive.


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  • Canadian Prime Minister Justin Trudeau is set to arrive in Washington today for his first meeting with Donald Trump. 

    Neither administration has released details of the meeting, but trade is expected to top the agenda, amid tensions over NAFTA which President Trump has vowed to renegotiate.

    Trump: Ready to host his northern neighbor 

    Discussions could be strained over immigration after Trudeau pointedly welcomed refugees after Trump signed off on a travel ban for citizens of 7 countries.
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  • Germany's Social Democrats are now just one percentage point behind Chancellor Angela Merkel's CDU/CSU coalition, according to a weekend poll. The SPD has gained significant ground in recent weeks, led by Martin Schulz, the former President of the European Parliament.

    The deputy chairman of the SPD parliamentary group took to Twitter to describe it as "exciting times".


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  • Voters in Switzerland have rejected government plans to overhaul the country's corporate tax system as it seeks to abolish ultra-low tax rates for thousands of multinational corporations.
     
    Nearly 60 percent of voters opposed the overhaul after Finance Minister Ueli Maurer said it could take a year to come up with a new plan and years more to implement it.
     
    Maurer went on to say that as the country tries to come up with a new plan companies may stop investing in Switzerland.
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  • The Royal Bank of Scotland is expected to launch a new cost-cutting programme when it publishes its full-year results later this month. According to a Sunday Times report, the bank is considering cutting up to 15,000 jobs as it targets savings of around 800 million pounds. 
     
    Forecasts suggest RBS will post its ninth consecutive annual loss when it reports earnings on the 24th of February. 
     
     
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  • Some M&A stories from this morning:
     
    • German drugmaker Stada has confirmed it has received two takeover bids -- including a 3 and-a-half billion euro offer from private equity group Cinven. Cinven has offered 56 euros a share for the generic drug manufacturer  -- representing a 15 percent premium to Stada's closing price on Friday. Stada said it is currently weighing its options.
       
    • China's outbound M&A push looks set to continue. According to a report in the Financial Times, China's largest property developer Dalian Wanda is mulling a bid for Germany's Postbank. Deutsche Bank made public its intention to sell Postbank in 2015 but has so far failed to secure a buyer.  
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  • And as predicted by the Futures contracts, we have started on the front foot across European markets.


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  • Commodity gains during Asian trade have helped stocks in the Basic Resources category to charge higher.


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  • No print for Portugal just yet, but most European markets in positive territory.



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  • The Royal Bank of Scotland is expected to launch a new cost-cutting program when it publishes its full-year results later this month. According to a Sunday Times report, the bank is considering cutting up to 15-thousand jobs as it targets savings of around 800 million pounds. Forecasts suggest RBS will post its ninth consecutive annual loss when it reports earnings on the 24th of February. 

    China's largest property developer Dalian Wanda is reportedly mulling a deal for Germany's Postbank, a unit of German lender Deutsche Bank, according to a report from the Financial Times. Deutsche Bank made public its intention to sell Postbank in 2015 but has so far failed to secure a buyer. 


    German drugmaker Stada has confirmed it has received two takeover bids -- including a 3.5 billion euro offer from private equity group Cinven. Cinven has offered 56 euros a share for the generic drug manufacturer.  

    Heineken has agreed to buy Kirin's Brazilian unit for 664 million euros.
    If approved by Brazilian regulators, the acquisition will make Heineken the second largest beer company in Brazil.

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  • Manish Singh, Head of Investments at Crossbridge Capital  joins us live to preview Trump's tax reforms:
     
    Trump is following everything he promised during campaign. People may like it or not like it but he is following everything he said. To me, what I am looking in Trump tax reforms is what is he doing for SMEs, businesses who manufacture things locally, sell locally, pay people locally. I think that is the most important reform. 
     
    David Stubbs, Global Markets Strategist, J.P. Morgan Asset Management says investors are going after small caps:   
    The reason investors are going after small caps is because they are at the fulcrum of several different initiatives. It is not crazy why investors are structured towards exposure to small caps. I personally am very happy to hold that exposure. We are seeing someone follow through his campaign pledges.
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  • Lighting group Osram has received regulatory approval from US authorities for the 400 million euro sale of its LED "vance lamps" unit to Chinese bidders. 

    Osram is still awaiting approval from Chinese authorities. The company said it expects the deal to close in fiscal 2017. 

    Spotlight on Osram 

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  • Steve plays a fun game with the panel at markets open. Click on play to take a listen.

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  • The Russian rouble has hit its strongest level against the dollar since July 2015 early.

    The rouble continues to rise since Friday after signs that OPEC oil producers were cutting output as promised under a global deal.
     
     
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  • Chinese car sales idled in January as the new year holidays put the brakes on demand. 

    The year-on-year growth came in at 0.2 percent, the weakest since February 2016. This follows a rise of nearly 10 percent in December and 17 percent in November.


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  • The Basic Resources index has hit its highest level since August 2014.


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  • Some of the world's largest asset managers, including JP Morgan, Amundi, Fidelity, Henderson and Schroders, could oversee closet-tracking funds, according to a report from Better Finance.
     
    A report from the Financial Times detailing the list compiled by the investor campaign group named the asset managers as 5 of 80 investment companies that have potentially overcharged investors for active management. The group examined more than 1 thousand European equity funds from 2009 to 2014, concluding that around 165 could be potential closet-tracker funds. 
     
    Gemma joins us live to discuss more:
     
    I think what is happening is they are trying to increase the focus on asset managers and trying to wheedle out of the market the ones that don't deserve to be there which is fair. 
     

    The really good news for investors is that asset managers are going to be much more innovative about what they did. They can't be lazy anymore. We are also seeing people moving into areas which are much more difficult to be passively replicated so infrastructure, private equity and property for instance.

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  • Here are your top headlines at this hour:
     
    • The majority of European equity markets open higher with Basic Resources leading the gains as the sector hits its highest level since August 2014.
    • An early spike in Stada shares. The generic viagra maker catches a bid amid a take-over battle led by a private equity group and another mystery bidder.  
    • Martin Schulz helps take Germany's Social Democrats within one percentage point of Angela Merkel's conservatives, as a new poll finds he would beat the Chancellor in a direct vote.  
    • President Donald Trump prepares to talk trade with Canada's Prime Minister Justin Trudeau, as the White House seeks to rewrite its controversial immigration order after facing a setback in the courts. 
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  • Russian Foreign Minister Sergei Lavrov and U.S. Secretary of State Rex Tillerson may meet in Germany and discuss Syria, Interfax news agency quoted Deputy Foreign Minister Mikhail Bogdanov as saying on Monday. That's according to Reuters.
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  • London copper has hit a 20-month peak as fears rise over supply levels. This after shipments were shut off from the world's two biggest copper mines. 

    A strike at Escondida in Chile has been compounded by an export ban at Freeport-McMoran's facility in Indonesia. 

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  • European Commission Vice President Valdis Dombrovskis has warned Greece about implementing reforms, telling Germany's Welt am Sonntag newspaper  "it is not the time to turn the clocks back to financial instability." 

    This, as the Greek government and its international creditors seek to come to an agreement on the country's reforms.


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  • Germany’s election campaign heats up as Merkel loses ground to socialist

    CNBCThe question of who will be Germany's next Chancellor looks increasingly unlikely with the current incumbent, Angela Merkel seeing her lead in the opinion polls being eroded by socialist leader Martin Schulz.
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  • David Stubbs, Global Markets Strategist at  J.P. Morgan Asset Management leaves us with the point that oil price predicting is a dangerous game:

    We are still in a new world on oil. Cracks in the solidity of OPEC are not going away and the emergence of U.S. shale will continue to be a factor. 

    The factors that took us from 100 dollars and change are still there.
     
     

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  • Here are your top headlines at this hour:
     
    • An early spike in Stada shares. The generic viagra maker catches a bid amid a take-over battle led by a private equity group and another mystery bidder.  
    • The majority of European equity markets open higher with Basic Resources leading the gains as the sector hits its highest level since August 2014.
    • Martin Schulz helps take Germany's Social Democrats within one percentage point of Angela Merkel's conservatives, as a new poll finds he would beat the Chancellor in a direct vote.  
    • President Donald Trump prepares to talk trade with Canada's Prime Minister Justin Trudeau, as the White House seeks to rewrite its controversial immigration order after facing a setback in the courts.
     
     
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  • The dollar hit a two-week high against the yen with another round of solid gains as investors focused again on the U.S. reflation trade which dominated the aftermath of Donald Trump's election in November but has stalled this year.

    All eyes are fixed on testimony by Federal Reserve chief Janet Yellen this week after signs that other policymakers at the U.S. central bank are leaning towards more hikes in interest rates than the two currently priced in by markets.
     
     
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  • 'La la land' has scooped five awards at this year's BAFTAS, including Best Film, Best Actress for Emma Stone and Best Director for Damien Chazelle. Elswhere Casey Affleck sealed the Best Actor gong for his performance in 'Manchester by the Sea,' whilst Ken Loach's 'I, Daniel Blake' was named outstanding British Film.
     
     
    The activist film-maker launched a scathing attack on the British government in his acceptance speech, calling the ruling Tory party "brutally callous and disgraceful" for halting its intake of child refugees from Syria. 
     
     
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  • South Korea's finance ministry pledged to act 'swiftly and firmly' to combat financial market volatility in the wake of a North Korean missile launch. The South Korean Won is trading lower against the U.S. dollar.
     
    The stock market reaction, though, has been muted so far, with the Kospi trading broadly flat. 
     
     
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  • Let's take a look at Asian markets with Pauline who joins us from Singapore

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  • Daiwa Capital Markets in their morning email preview the week ahead:
     
    This week will also see the release of a handful of top-tier economic data from the euro area, with most notably the second estimate of euro area GDP in Q4 and first estimates of the equivalent figures from Germany and Italy, all due tomorrow. We expect euro area GDP growth to be confirmed at the flash estimate of 0.5%Q/Q, although some weak national IP figures for December might suggest that a downwards revision is possible. In addition, we now forecast German GDP growth of 0.5%Q/Q and Italian growth of 0.3%Q/Q. 
     
    Tomorrow will also bring the second reading of German inflation in January, which is likely to match the preliminary estimate of 1.9%Y/Y, as well as the ZEW investor confidence survey for February. Other data due in the coming week include euro area trade and balance of payments for December (due Wednesday and Friday respectively), euro area new car registrations in January (Thursday) and euro area construction output in December (Friday). 
     
    This week might yield further information on the monetary policy debate at the ECB with Thursday bringing the publication of the account of the Governing Council’s January meeting. However, with the post-meeting statement and press conference having been prosaic, the account might prove similarly un-illuminating.
     
    In the bond market, Italy will sell a range of bonds today, while France and Spain will sell bonds on Thursday.
     
     
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  • Here are your top headlines at this hour:
     
    • An early spike in Stada shares. The generic viagra maker catches a bid amid a take-over battle led by a private equity group and another mystery bidder.  
    • The majority of European equity markets open higher with Basic Resources leading the gains. That sector hits its highest level since August 2014.
    • Martin Schulz helps take Germany's Social Democrats within one percentage point of Angela Merkel's conservatives, as a new poll finds he would beat the Chancellor in a direct vote.  
    • President Donald Trump prepares to talk trade with Canada's Prime Minister Justin Trudeau, as the White House seeks to rewrite its controversial immigration order after facing a setback in the courts. 
       
    Comment ()
  • U.S. stock index futures point to a higher open as traders eye earnings and look ahead to comments from the U.S. Federal Reserve later in the week.
     
     
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