World Markets Live - February 6 - CNBC Live Events
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CNBC Live Events

World Markets Live - February 6

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

  • Good morning watchers! Hope you had a great weekend. We have a packed week ahead and normal blog service will resume in just about 20 minutes or so. But first, here's a look at our morning calls for Europe:
     
     
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  • Here are your top headlines at this hour:
     
    • Donald Trump says blame the courts for putting the country in peril, after a DoJ appeal to restore the President's immigration order is denied. 
    • Republicans prepare to roll-back Dodd-Frank as the author of the post-crisis regulation tells CNBC the bill should be reviewed, but not thrown out all-together. 
    • Marine Le Pen pledges to fight the forces of globalisation as she addresses thousands of supporters in Lyon, while rival Emmanuel Macron says she is betraying France's ideals. 
    • Wolfgang Schaeuble takes the fight to the ECB, saying it's keeping the euro too low for Germany. But he softens his stance on Brexit, telling a German paper he wants a 'reasonable' deal with the City of London. 
    • And: History in Houston! The New England Patriots complete a stunning comeback to beat the Atlanta Falcons and win Super Bowl 51.
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  • The legal battle is intensifying over President Trump's immigration order. Further court filings are expected today from both the government and the justice department over the policy. Meanwhile the President stepped up his criticism of the federal judge who blocked the travel ban on Friday.
     
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  • NBC's Kelly O'Donnell reports on the latest from Florida, where President Trump spent the weekend at his Mar-a-Lago resort.

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  • Charles Dumas, Chief Economist at Lombard Street Research joins us live to discuss trends in global economy:
     
    The inflation rate is being kept down by the knock out effect of the oil price about a year ago. It is somewhat reflected in nominal wage increases. There is a lot of pent up demand.
     
     
     The dollar is very close to its all-time high on price measures. It is not at its all-time high in relative labour cost but its well above its previous sustainable levels.
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  • French Presidential front runners Marine Le Pen and Emmanuel Macron held rallies in Lyon over the weekend, delivering starkly different messages on their vision for the country. 

    Officially launching her campaign, the Front National leader Le Pen promised a crackdown on foreigners and the forces of globalization, telling her party faithful the upcoming election would decide "whether France can still be a free nation."
     
     
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  • Toyota Motor Corp and Suzuki Motor Corp said they have agreed to begin formal talks aimed at forging a partnership between the two Japanese car makers in shared procurement, green vehicles, IT and safety technologies.

    Toyota and Suzuki said in October they were exploring a partnership, citing technological challenges facing automakers and the need to keep up with consolidation in the global auto industry.
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  • Ryanair expects to meet its annual profit guidance despite falls in average winter fares that could exceed 15 percent, it said on Monday, warning of a challenging year ahead for European airlines.  
     
    Ryanair, Europe's largest carrier by passenger numbers, in October cut its forecast for profit after tax for the year to March 31 by 5 percent, to a range of 1.3 billion to 1.35 billion euros. On Monday it said it was maintaining that guidance.
     
     
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  • Here are your top headlines at this hour:
     
    • Donald Trump says blame the courts for putting the country in peril, after a DoJ appeal to restore the President's immigration order is denied. 
    • Republicans prepare to roll-back Dodd-Frank as the author of the post-crisis regulation tells CNBC the bill should be reviewed, but not thrown out all-together. 
    • Marine Le Pen pledges to fight the forces of globalization as she addresses thousands of supporters in Lyon, while rival Emmanuel Macron says she is betraying France's ideals. 
    • Wolfgang Schaeuble takes the fight to the ECB, saying it's keeping the euro too low for Germany. But he softens his stance on Brexit, telling a German paper he wants a 'reasonable' deal with the City of London. 
    • And: History in Houston! The New England Patriots complete a stunning comeback to beat the Atlanta Falcons and win Super Bowl 51.
    Comment ()
  • Unicredit is set to launch the biggest capital increase in the history of the Italian stock exchange. Italy's largest lender will offer 13 billion euros in new shares with a 38 percent discount rate until the 10th of March.
     
    Earlier, Unicredit announced it had signed a deal with Italian trade unions to cut nearly 4 thousand jobs in the country, as part of its turnaround plan.
     
     
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  • Let's take a look at how global markets are performing with CNBC's Karen Tso

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  • President Trump has signed an executive order for a broad review of the Dodd-Frank financial laws.
    According to sources for the Wall Street Journal, Republicans in the House are expected to outline plans to dismantle parts of the rule as early as this week.

    Head of the White House's National Economic Council and former Goldman Sachs COO Gary Cohn said the regulations are too much of a burden on the banking sector.
     
    Speaking with our colleagues in Asia earlier today, co-sponsor of the original bill Barney Frank said the attack on the law was a mistake and that there were good reasons for the legislation in the first place.
     
    Do the words Wells Fargo mean anything to you? Just had an example of massive abuse of consumers. Totally irresponsible activity by Wells Fargo a couple of years ago. I think things have gotten better. But there's no reason to think that the banks have suddenly.. And by the way many of the banks are run by the same people who are doing this before. 
     
     
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  • German Finance Minister Wolfgang Schäuble appears to have softened his stance on Brexit in the months since the referendum. Schäuble says he wants a 'reasonable' deal for the City of London after Brexit. Speaking to German newspaper 'Tagesspiegel', he argued that London's financial centre benefits the European economy as a whole.
     
    Schäuble said that it would be preferable to keep Britain close to the EU, rather than punishing the UK for voting to leave.  
     
     
     
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  • The British Chambers of Commerce is calling on the government to sledgehammer business rates to help firms navigate the fallout from the Brexit vote. Research from the BCC finds that the fall in sterling since the EU referendum is pushing up costs and squeezing domestic sales margins.
     
    Adam Marshall, Director General of the British Chambers of Commerce joins us live to discuss the story:
     
    The highest property tax is in the developed world, raises about 20 billion pound for the UK Treasury. It is a huge amount of money. 
     
     
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  • Here are your top stories at this hour:
     
    • Donald Trump says blame the courts for putting the country in peril, after a DoJ appeal to restore the President's immigration order is denied. 
    • Republicans prepare to roll-back Dodd-Frank as the author of the post-crisis regulation tells CNBC the bill should be reviewed, but not thrown out all-together.
    • Marine Le Pen pledges to fight the forces of globalisation as she addresses thousands of supporters in Lyon, while rival Emmanuel Macron says she is betraying France's ideals.
    • Profits lose altitude. Ryanair takes a cautious outlook as earnings fall 8 percent in the third quarter, with overcapacity hurting ticket prices.
    • And: History in Houston! The New England Patriots complete a stunning comeback to beat the Atlanta Falcons and win Super Bowl 51.
    Comment ()
  • Randgold Resources reports Q4 profits of $292.2 million up 38 percent on previous year. The company says board has proposed a 52 percent increase in dividend to $1.00 per share. 
     
    Results show Randgold had passed its net cash target of $500 million, with $516.3 million in bank at end of 2016, and no debt.
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  • Here's a look at the performance of Randgold resources over a period of 12 months:
     
     
     
     
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  • Markets in Europe are seen starting the week on a mixed footing as investors carefully weigh President Donald Trump's policies and focus on corporate earnings.
     
     
     
     
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  • Mark Bristow, CEO at Randgold Resources joins us from Cape Town to discuss the results:
    So we had a tough year last year which ended well. We are able to meet another specific milestone, half a billion of net cash. There is nobody who should have any doubt about profitability of Randgold Resources.
     

     The key focus for us is on Kibali mine.

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  • European markets seen slightly higher; focus on earnings

    CNBCMarkets in Europe are seen starting the week on a positive note as investors carefully weigh President Donald Trump's policies.
    Comment ()
  • Suzuki has posted third-quarter operating profits above expectations on the back of better margins. CNBC's Pauline tells us more.

    Comment ()
    • Donald Trump says blame the courts for putting the country in peril, after a DoJ appeal to restore the President's immigration order is denied. 
    • Republicans prepare to roll-back Dodd-Frank as the author of the post-crisis regulation tells CNBC the bill should be reviewed, but not thrown out all-together. 
    • Marine Le Pen pledges to fight the forces of globalisation as she addresses thousands of supporters in Lyon, while rival Emmanuel Macron says she is betraying France's ideals. 
    • Delivering a bigger dividend. Randgold hikes its payout by over 50 percent as it reports another year of record production and an improved profit. But the CEO tells this show it's been a tricky 12 months.
    Comment ()
  • Several technology companies plan to send a letter to U.S. President Donald Trump on Monday urging his administration to follow through on proposed changes to a travel ban on seven mainly Muslim nations, sources familiar with the letter said Sunday.

    We welcome the changes your administration has made in recent days in how the Department of Homeland Security will implement the Executive Order, according to a draft of the letter.

    The technology companies expected to sign the letter include Apple Inc, Facebook Inc, Alphabet Inc's Google, Twitter Inc , Microsoft Corp  and Yahoo Inc.

    The sources did not want to be identified because discussions regarding the letter were ongoing.
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  • European banks have had a tough last one year owing to uncertainties surrounding Brexit and low interest rates adding pressure the the bank's profitability. However, analysts have said that the roll-back of regulations under Trump administration could be good news for banks that find it tough to operate in present regulatory environment:
     
     
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  • Italian luxury retailer Salvatore Ferragamo has said it plans to increase its revenue at twice the market rate over the next three years. 

    CEO Eraldo Poletto delivered the brand's first strategy update since taking the top post in August and talked about the Chinese market.

    by luke.graham

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  • Unicredit is set to launch the biggest capital increase in the history of the Italian stock exchange. Italy's largest lender will offer 13 billion euros in new shares with a 38 percent discount rate until the 10th of March.
     
    Earlier, Unicredit announced it had signed a deal with Italian trade unions to cut nearly 4 thousand jobs in the country, as part of its turnaround plan.
     
     
     
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  • Barclays is restructuring to help ring-fence operations. The British bank says it has created a new standalone unit to support its retail and investment banking businesses once they are formally separated.
     
    The overhaul is expected to affect most of the 10-thousand staff who work in Barclays' back offices operations. But the bank has not commented on possible job cuts or the cost of the restructuring. 
     
     
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  • As President Trump and the Republican party prepare to roll back Dodd-Frank, David Marsh, managing director & co-founder of OMFIF, argues that there regulation may have gone too far.

    It could be in terms of the some of the capital ratios that have been imposed, not unilaterally but through the international Basel process. It could be that in some areas things have gone too far.

    He added that banks and the economy are in a better situation than during the financial crisis, and rolling back Dodd-Frank could have a knock-on impact on international regulations.

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  • European stocks are now open for trading.  The pan-European Stoxx 600 is starting the week on a slightly positive note:
     
     
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  • Major European stocks are trading in mixed territory as investors keep an eye on corporate earnings:
     
     
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  • Let's take a look at the best and the worst performing stocks. Randgold Resources are at the top of the Stoxx 600 after the company's fourth quarter net profit rose 76 percent:
     
     
    Here's a look at the worst performing stocks:
     
     
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  • RyanAir's average fares fell 17 percent in the three months to December 31. Third quarter profit was down 8 percent on the lower fares. The Irish airline warned fares could fall 15 percent in the three months to March 31, but that it was on track to post an increase in 2017 profits. 
     
     
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  • Randgold Resources' fourth quarter net profit rose 76 percent. The gold miner proposed to increase its dividend 52 percent to 1 dollar per share.
     
    Randgold said it had passed its net cash target of 500 million dollars, with 516 million dollars in the bank at the end of 2016. The company's chief executive told this programme investors should have no doubts about the company's profitability.
     
     
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  • Charles Newsome, divisional director at Investec, discusses investing in the basic resources sector.

    We have slowly rebuilt mining positions in portfolios recently with the strength we’ve seen and the valuations particularly the big ones, the Rios who I think have got figures later this week, begin to look attractive with rising commodity prices and they are very operationally geared and people forget that and do provide a reasonable income 

    He said investors’ portfolios need to be exposed to mining, but investors need to trade mining stocks and be careful with them.

    Comment ()
  • The first major German customer is suing Volkswagen over dieselgate. Fish distributor Deutsche See is suing the automaker for a reported 12 million euros for misrepresenting a fleet of vehicles it leased as environmentally friendly.
     
    VW is facing multiple lawsuits from regulators, states, dealers and individual owners, but this case marks the first brought by a corporate client in its home market.
     
     
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  • Germany's 10-year bond yield falls to near two-week low at 0.40 percent, down 2 basis points on day. Meanwhile, the French 10-year government bond yield gap over Germany hits three-year high, now 69 basis points.
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  • David Marsh, managing director & co-founder of OMFIF, explains why Germany needs to work the City of London in building a new capital markets union.

    There’s a lot of German banks here who do business with the continent, that’s one important issue, the other question is Britain clearly does help in oiling the wheels of the capital markets in Europe as a whole.

    Comment ()
  • Here are your top headlines at this hour:
     
    • Banking on gold. Randgold hikes its payout by over 50 percent as it reports another year of record production and an improved profit. But the CEO tells this show it's been a tricky 12 months.
    • Profits lose altitude. Ryanair takes a cautious outlook as earnings fall 8 percent in the third quarter, with overcapacity hurting ticket prices.
    • Hit on the home front. Volkswagen faces it first lawsuit from a major German customer after Deutsche See sues the automaker over its diesel emissions scandal.
    • Silicon Valley steps up! The biggest tech companies in the United States file a legal brief opposing President Trump's travel ban -- saying it inflicts significant harm on business.
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  • UK government expects to defeat all amendments to Article 50 bill, that's according to The Telegraph. Sterling falling on that news:
     
     
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  • Charles Newsome, divisional director at Investec, discusses how to invest in the context of political uncertainty in Europe.

    How we invest going through the next process of Brexit is obviously very difficult to work out. 

    I’m not completely convinced of what the right moves are just yet, the election in France is going to be fascinating and Germany, with in my opinion what looks like a slightly misplaced currency for them, is desperate to hold the European Union together.

    Newsome says that people should be careful about investing in Europe for the time being.

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  • Thirty minutes since the open and stocks have turned lower led by auto stocks this morning:
     
     
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  • Geely Automobile Holdings's total sales volume of Group for month of January 2017 was 102,653 units, an increase of approximately 71 percent over same period last year.
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  • David Marsh, managing director & co-founder at OMFIF, agrees previous Republican presidents give us a template for Donald Trump’s presidency.

    Preisdent Reagan , who came in with some fairly unbalanced policies. Arthur Laffer, the famous man who was behind the Supply Side, who I notice is now supporting Mr Trump in quite a big way, that… in the early years of the 1980s gave us the feeling that the Fed was going to raise interest rates and indeed they did, very massively, and that led to a colossal appreciation of the dollar.
     
    Marsh also compared Trump to Nixon, saying the two share a distrust towards the media.
    by luke.graham edited by Spriha Srivastava 2/6/2017 8:41:01 AM
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  • The race is on: Le Pen and Macron launch their bids to run France

    CNBCThe two major contenders in the race to run France have launched their presidential campaigns.
    Comment ()
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