World Markets Live - February 28 - CNBC Live Events
×

CNBC Live Events

World Markets Live - February 28

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 this morning:

    • President Trump will ask congress for $600 billion for the US Military - in a plan that the Republicans have called too tame, while Democrats oppose cutting domestic spending to pay for defense. 
    • Apple shareholders get ready to meet as Warren Buffett reveals he's taken another big bite out of the stock, telling CNBC he's doubled his holding since the beginning of the year.
    • To the moon and back! Elon Musk's private rocket company SpaceX plans to send two tourists around the Moon next year, the first time in 45 years humans will return into deep space.
    Comment ()
  • This is how markets in the United States closed yesterday evening. 


    The Dow Jones industrial average hit a new all-time intraday high, with Boeing and Goldman Sachs contributing the most gains. The index also closed at a record high for a 12th straight session, its longest streak since 1987.

    The S&P 500 also hit all-time intraday and closing highs, rising 0.1 percent, with energy rising 0.8 percent to offset losses in telecoms. The Nasdaq composite gained 0.28 percent.

    Quite a lot of U.S. data and earnings information could move markets before Trump's speech.

    Tuesday earnings before the U.S. bell: Bank of Nova Scotia, AutoZone, Bank of Montreal, Target, Valeant Pharma, SeaWorld.

    Tuesday earnings after the U.S. bell: Jazz Pharma, Palo Alto Networks, Ross Stores, Salesforce.com, United Health Services, Blue Buffalo, Weight Watchers.

    U.S. Data (All times U.S. eastern)
    0830 GDP
    0900 S&P Case-Shiller HPI
    0945 Chicago PMI
    1000 Consumer Confidence
    1000 Richmond Fed Mfg Index
    1245 Fed's George Speaks
    1500 Farm Prices
    1500 Fed's Harker Speaks*
    1530 Fed's Williams Speaks
    1830 Fed's Bullard Speaks


    Comment ()
  • Eamon Javers outlines Trump's spending plans.

    by david.reid
    Comment ()
  • Who is he going to fight?

    Geoff pointing out that the threat to America will need to be highlighted in order to decide which areas of defense are required.

    Steve responds that Homeland defense, Middle East exposure and Asia Pacific presence are the three regions that Trump will likely focus on.

    Steve also highlights the massive overspends that are already existing in Defense.

    Deloitte in an October 2016 report, highlighted the cost overruns in major defense programs:

    The combined cost overrun for Major Defense Acquisition Program (MDAP) portfolio programs in 2015 was $468 billion, up from $295 billion in 2008.
    Comment ()
  • The opening calls for Europe, provided by IG, are currently positive.


    A more mixed picture in Asian bourses. Below the Nikkei and ASX have ended trade, while China still has a short spell to go.


    Comment ()
  • Comment ()
  • The dollar strengthened yesterday after Dallas Fed President Robert Kaplan repeated his call for the FOMC to raise interest rates sooner rather than later. 


    The voting member of the central bank's rate-setting committee said the Fed may need to raise rates in the near future to avoid falling behind the curve on inflation. 

    CNBC will be speaking exclusively to the man himself - Dallas Fed President Robert Kaplan - at 13:30 CET.  


    Comment ()
  • It's a big day for French data, with inflation figures, growth and consumer spending all coming out at the same time.

    07.45: French CPI
    07.45: French consumer spending
    07.45: French GDP
    08.00: Austrian 4Q GDP
    08.30: Swedish GDP
    08.30: Swedish retail sales
    10.00: Italian CPI
    13.00: Hungarian interest rate decision

    Comment ()
  • South Korean authorities have formally charged the heir of Samsung - Jay Lee - with bribery and embezzlement in the corruption scandal that has rocked the country's political establishment. 

    Lee Jae-Yong (C), vice chairman of Samsung Electronics, arrives for questioning at the office of a special prosecutor investigating a corruption scandal in Seoul on February 22, 2017. 

    Samsung also releasing news. The company is to shut the corporate strategy office and affiliates will operate independently through the CEO.

    The Samsung electronics president Park Sang-Jin is resigning as is the Vice Chair Choi Gee-Sung. 
    Comment ()
  • Defense, security and transportation company Thales has posted full year results which have narrowly beaten analysts' expectations. 

    France's Thales reported an eleven percent increase in operating earnings for 2016, despite registering a 13 percent decline in orders. 

    But can they expect more and more business to come their way as Trump asks Congress for more cash for the military, or will Trump funnel that cash domestically? 


    Pascal Bouchiat, CFO at Thales, joins us from Paris.

    On the defense division, he says Thales is not particularly heavily invested in the United States and he doesn't see much "Trump cash" coming his way directly.

    However he says other countries, especially in Europe, should see defense spending increase and his management  team will increasingly focus on that change in attitude.

    Steve asks Bouchiat is he fears that cost overruns contracts could be punitive and that defense companies need to improve competitiveness.

    Comment ()
  • Gummi Hafsteinsson, head of products for Google is on air with Karen.

    He's ask about "Google Assistant" and what it might do that is different to some others on the market.

    He highlights that fact that it is transportable as the same assistant from one place to another such as from the kitchen to the car.

    He says Google wants the assistant to get to a stage where people are trying to dream up things to ask, but rather just as a natural aid on a daily basis.


    Comment ()
  • Our top news this morning:

    • President Trump will ask congress for $600 billion for the US Military - in a plan that the Republicans have called too tame, while Democrats oppose cutting domestic spending to pay for defense. 
    • Apple shareholders get ready to meet as Warren Buffett reveals he's taken another big bite out of the stock, telling CNBC he's doubled his holding since the beginning of the year.
    • To the moon and back! Elon Musk's private rocket company SpaceX plans to send two tourists around the Moon next year, the first time in 45 years humans will return into deep space.
    • South Korean authorities formally charge the heir of Samsung - Jay Lee - with bribery and embezzlement in the corruption scandal that has rocked the country's political establishment. 

    Comment ()
  • U.K. home builder Taylor Wimpey has recorded a full year EPS of 17. 9 pence. That equating to a net profit of £589.3 million.

    Revenue was £3.68 billion and the final dividend came in at 2.29 pence per share. 

    On set Pete Redfern, CEO of Taylor Wimpey says there are some positive moves from the United Kingdom government to resolve the housing crisis.

    Redfern says across house builders he expects  buy-to-let percentages to make up less than 10 percent of new builds across the whole of the United Kingdom.

    he  also says the 10.9 percent increase across house prices in the last 12 months is unsustainable and a figure closer to 2-3 percent is likely. 

    On central London prime, he says there has been a stabilization. 

     Pete Redfern, CEO of Taylor Wimpey

    Comment ()
  • President Trump is preparing for his much-anticipated address to Congress, during which he is expected to provide details of his tax plan, as well as historic defense spending hikes. 

    Any update on the Border Tax Adjustment will also be closely watched, as the President has yet to take a side, despite indicating he likes aspects of it. The future of the Affordable Care Act could also be a subject, as Congress has been keen to repeal and replace the legislation by next month. 



    Comment ()
  • Space tourism is upon us. 

    SpaceX will launch a crewed mission beyond the moon for two private customers, according to an announcement made by the company. 

    The customers are reported to have paid significant deposits, but Space X says it has not been authorized to reveal their names. 

    The mission is expected to take place sometime in late 2018. 

    Musk: Flying YOU to the moon? 


    Comment ()
  • The Malaysian Attorney general has announced that two women are to be charged with the murder of Kim Jong Nam, half-brother of current North Korean leader Kim Jong Un.

    Kim Jong Nam was allegedly poisoned by a nerve agent at Kuala Lumpur's main airport on February 13.

    U.S. officials believe he was targeted by the North Korean regime.
    Comment ()
  • You want to make money right?

    This factory in Wales showing you how it is done for Britain's new $1 coin. It is claimed to be the safest coin in the world. 


    Comment ()
  • As per our opening calls posted earlier, European futures are ticking in to positive territory and suggesting a bias to the upside when markets open in around twenty minutes. 



    Comment ()
  • French fourth quarter GDP on the second estimate has come in at +0.4 percent month-on-month and +1.2 percent year-on-year.

    Meanwhile the consumer price index for France for February reveals a 0.1 percent increase on the month and a 1.2 percent rise on the year.  A miss on forecasts.

    Completing the French data dump is consumer spending figures which show a +1.4 percent  year on-year rise for February versus a forecast +1.7 percent figure.
    Comment ()
  • President Trump will ask Congress for an additional 54 billion dollars for the US Military - in a plan that the Republicans have called too tame, while Democrats oppose cutting domestic spending to pay for defense. 

    Eamon Javers outlines Trump's spending plans.

    by david.reid

    Comment ()
  • Only Basic Resources lower this morning.





    Comment ()
  • European markets look like this after a few moments of trade. 



    Comment ()
  • Here are the best and worst stocks within Europe.




    Comment ()
  • Defense and civil contractor Thales has seen shares jump higher after posting a 2016 net profit of 946 million euros.

    French firm Valeo has raised its mid-term sales and profit target. The vehicle component maker sees revenue of more than 21 billion euros in 2021.


    Taylor Wimpey has seen full year 2016 profits rise. The UK housebuilder says it promises to pay a dividend even if house prices fall 20 percent.

    And office space provider IWG, formally known as Regus, is upping its dividend after posting a near 6 percent increase in annual revenues.    

    Comment ()
  • Interfax is reporting the line that Russia says relations with the U.S. are at the lowest level since the cold war.

    Meanwhile the state-operated domestic Russian-language news agency RIA is reporting that it has not asked the U.S. to remove sanctions.

    However it has suggested it would be easier to work with Russia if sanctions related to Syria were removed. 

    Comment ()
  • A reminder of our top headlines: 

    • President Trump will ask Congress for an additional $54 billion for the US Military - in a plan that the Republicans have called too tame, while Democrats oppose cutting domestic spending to pay for defense. 
    • Dallas Fed Governor Robert Kaplan says the Fed shouldn't get behind the curve on interest rates - suggesting a hike should come sooner rather than later 
    • South Korean authorities formally charge the heir of Samsung, Jay Lee, with bribery and embezzlement in the corruption scandal that has rocked the country's political establishment. 
    • To the moon and back! Elon Musk's private rocket company SpaceX plans to send two tourists around the Moon next year, the first time in 45 years humans will return into deep space. 
    Comment ()
  • Markets are beginning to brace for a March Fed rate hike

    CNBCJust as Washington is gearing up to goose the economy, the Fed could be teeing up a rate increase that could put a damper on things.

    Comment ()
  • What pressure will Trump's new budget put on the Federal Reserve? Bob Pisani has been investigating from the New York stock exchange.

    by david.reid
    Comment ()
  • Meggit at the top of the Stoxx 600 after results. Analysts taking particular heart from the company's outlook.

    Office space provider IWG and Spanish infrastructure firm Ferrovial also impressing investors.


    Comment ()
  • Meggit not the only defense company doing well. Rolls-Royce, BAE Systems, and Babcock all in positive territory following news that America's commander-in-chief wants to ramp up military spend.



    Comment ()
  • Valeo shares are trading higher after it unveiled a higher set of mid-term profit and sales forecasts.

    The French automotive supplier is targeting sales of over 27 billion euros in 2021 as a shift in gear towards autonomous and electric vehicles gains momentum. 

    Steve has gone to Valeo's investor day conference and is with CEO, Jacques Aschenbroich.

    Aschenbroich says his firm has been lucky to be placed at the fast growing end of the automotive business. 

    "The electrification of the powertrain [engine], the autonomous and connected car and digital mobility."

     Valeo CEO, Jacques Aschenbroich

    On diesel, Aschenbroich says diesel engines will be less popular as even though they are very good engines, the public perception is that they are dirty.

    He says electrification can only grow.
    Comment ()
  • Apple shareholders will gather for their annual meeting in Cupertino today. The stock has surged 20 percent this year as Warren Buffett revealed he more than doubled his holding in the tech giant in January. 

    One big supplier to Apple is chip-maker ARM and with Karen' at the Mobile World Congress in Barcelona is ARM CEO, Simon Segars.

    The company has been acquired by Softbank for $31 billion and the first point Segars makes is that the company has changed very little in its operation since the takeover.

     ARM CEO, Simon Segars with Karen at MWC, Barcelona

    Segars says the firm is looking at the robotics but ARM is not tailoring the research or development to that particular sector.

    He says ARM is broadening its products to help internet of things devices progress to market and there is a particular focus on making appliance secure against cyber attack.

    Comment ()
  • Samsung plans to shut down its strategy office due to a political corruption scandal that has claimed the heads of multiple executives.

    The tech giants announced that a number of top officials, including the president of the electronics business, have resigned. 

    This after South Korean prosecutors indicted Samsung's heir apparent Jay Lee and four other executives with bribery and embezzlement charges. 

    From Singapore, Pauline has the full story along with market reaction.

    by david.reid
    Comment ()
  • President Trump is preparing for his much-anticipated address to Congress, during which he is expected to provide details of his tax plan, as well as historic defense spending hikes. 

    Any update on the Border Tax Adjustment will also be closely watched, as the President has yet to take a side, despite indicating he likes aspects of it. The future of the Affordable Care Act could also be a subject, as Congress has been keen to repeal and replace the legislation by next month. 



    Comment ()
  • Flat as a pancake, you might say.

    Markets in Europe struggling for direction on Shrove Tuesday. Most analysts picking that investors will sit on their hands until they hear from Donald Trump when he addresses Congress later today. 


    Comment ()
  • Japanese airbag maker, Takata, has pleaded guilty to knowingly covering up flaws of its products.

    Makiko Utsuda has more from the Nikkei in Tokyo.

    by david.reid
    Comment ()
  • A reminder of how markets in the United States closed yesterday evening and what we can expect stateside later today. 


    The Dow Jones industrial average hit a new all-time intraday high, with Boeing and Goldman Sachs contributing the most gains. The index also closed at a record high for a 12th straight session, its longest streak since 1987.

    The S&P 500 also hit all-time intraday and closing highs, rising 0.1 percent, with energy rising 0.8 percent to offset losses in telecoms. The Nasdaq composite gained 0.28 percent.

    Quite a lot of U.S. data and earnings information could move markets before Trump's speech.

    Tuesday earnings before the U.S. bell: Bank of Nova Scotia, AutoZone, Bank of Montreal, Target, Valeant Pharma, SeaWorld.

    Tuesday earnings after the U.S. bell: Jazz Pharma, Palo Alto Networks, Ross Stores, Salesforce.com, United Health Services, Blue Buffalo, Weight Watchers.

    U.S. Data (All times U.S. eastern)
    0830 GDP
    0900 S&P Case-Shiller HPI
    0945 Chicago PMI
    1000 Consumer Confidence
    1000 Richmond Fed Mfg Index
    1245 Fed's George Speaks
    1500 Farm Prices
    1500 Fed's Harker Speaks*
    1530 Fed's Williams Speaks
    1830 Fed's Bullard Speaks


    Comment ()
  • U.S. President Donald Trump is to sign an executive order today, asking officials to review the Obama regulation that placed protections over an extended number of waterways in the United States.

    It was argued that the Waters of the United States (WOTUS) rule, finalized in 2015 by the Environmental protection Agency and the U.S, Army Corp of Engineers was to protect small bodies of water that reportedly impact downstream rivers. 

    Opponents says it puts federal control over small areas of water in remote places and improperly uses federal power.
    Comment ()
  • Kit Juckes of Societe Generale says there may be some movement in euro versus Canadian dollar despite a lack of volatility in oil.

    Short EUR/CAD appeals all the same. A break higher in oil and a break lower by the euro would be the double whammy that helps this cross but the cheapness of the Canadian dollar and the likelihood that the euro can't get much of a lift before the end of April makes the risk-reward attractive.



    Comment ()
  • Senator John McCain, chairman of the Senate Armed Services Committee, isn't impressed with Trump's military ambition.

    John McCain wants more military money spent 


    Such a budget request would represent an increase of $18.5 billion above the level proposed by President Obama for fiscal year 2018. In other words, President Trump intends to submit a defense budget that is a mere three percent above President Obama’s defense budget, which has left our military underfunded, undersized, and unready to confront threats to our national security.


    Comment ()
  • The yield on 2-year U.S. debt has ticked down in session as demand continues despite chatter of rising interest rates. 

    Trump uncertainty playing its part as well as narrowing options for safe haven seekers.

    The Treasury auctioned $62 billion in 13-week and 26-week notes on Monday. Later today, $18 billion of 4-week notes and $20 billion in 52-week notes will be auctioned.


    The yen also proving popular again today. 


    Comment ()
  • Gold is ever so slightly off today but has gone higher in recent weeks.

    Stocks and gold are rising simultaneously. Gold is up nearly 10 percent year to date as the S&P 500 is up nearly 6 percent in the same time. This time last year, gold was up 15 percent on the year while the market was in the red nearly 5 percent. 

    The commodity tends to move opposite the market as investors see gold as a safe investment in times of a market downturn.


    Comment ()
  • Checking in on European markets, and the Stoxx 600 remains flat, slightly to the upside.
     
     
    Comment ()
  • Karen Tso is presenting a conference at Mobile World Congress on building the 5G economy.
     
    Andrus Ansip, VP Digital Single Market for the European Commission, answers whether more consolidation in the telecom industry.
     
    Consolidation is allowed in the European Union. I can say that cross-border consolidation is warmly welcomed, even. But of course we don’t have in the European Commission a concrete number of how many operators there can be in some members states.
     
    Comment ()
Powered by ScribbleLive Content Marketing Software Platform