World Markets Live - February 7 - CNBC Live Events
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World Markets Live - February 7

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

  • Good Morning everyone. Happy Tuesday! Appetite for Asian stocks and the euro seems to have evaporated this morning as economic and political fears sent investors seeking shelter in the yen, while forecasts China's foreign exchange reserves has fallen for the seventh-month has added to jitters.
     
    Meanwhile in Europe, stocks look set to start the day on a negative footing as investors eye corporate earnings and assess the impact of Trump's policies on general economy. Here are your morning calls for Europe:
     
     
     
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  • Here are your top headlines at this hour:
    • Low rates and lacklustre markets weigh on BNP Paribas. But the French bank still reports a rise in revenues despite tough home-market trading. 
    • Another day, another court hearing over Donald Trump's controversial immigration order, as the Department of Justice softens its stance in an attempt to re-instate the policy. 
    • House of Commons Speaker John Bercow lands a surprise blow to the U.S. President, blocking him from speaking in Parliament as Prime Minister May urges 'patient on constructive' talks with the new U.S. administration.  
       
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  • BNP Paribas full year revenues rose 1 percent in spite of a "lacklustre" market in 2016. Net income meanwhile, was up 15 percent from the previous year, at 7.7 billion euros. 
     
    The French bank proposed a dividend of 2 euros 70 cents per share. 
     
    Nancy is in Paris and spoke to Lars Machenil, the CFO of BNP Paribas about these numbers:
    When you look at the year it started quite interestingly especially in the European market, the bank has evolved quite strongly over the year. Total bank increased 1.1 percent even though low interest rates are low, cost of risk increased well, but remained under control. At the same time, we have a dividend of 45 percent payout. 
     
     

     
    CIB has been doing well, IFS has been doing well. Domestic markets have been doing well, but impact of low interest rates in France, that has improved throughout the year. To be franc, stock markets haven't been very positive, we will have to look at how it goes in 2017 so I would remain careful when it comes to guidance for France.
     
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  • Shares in Unicredit closed down almost 7 percent after the Italian bank launched its 13 billion euros capital increase. Rights to buy into the cash call also fell almost 19 percent.
     
    Last week, Unicredit indicated it has yet to receive commitments from some of its major shareholders to buy into the share sale. 
     
     
     
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  • The U.S. Justice Department has defended Donald Trump's immigration order, saying it's a "lawful exercise of the President's authority". But a possible middle ground emerged as DoJ lawyers argued the suspension of the travel ban should be limited to people who are already granted entry to the country and were temporarily abroad -- and not people who are attempting to enter the U.S. for the first time. A federal appeals court hearing is set to rule on the policy late today.
     
    Speaking to reporters aboard Air Force One, White House Press Secretary Sean Spicer said the administration was not rethinking its strategy over the travel order.
     
    When you look at the case in Massachusetts, the judge in Massachusetts, clearly the law is on the president's side, the Constitution is on the President's side, he has broad discretion to do what's in the nation's best interest to protect our people and we feel very that we will prevail in this matter.
     
     
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  • President Trump has continued his criticism of the press -- accusing the media of ignoring terrorist attacks. During his first visit to U.S. Central Command headquarters, Trump repeated his vow to defeat ISIS and claimed that Western media outlets failed to report attacks rigorously enough.
     
    All over Europe, it's happening. It's gotten to a point where it's not even being reported. And in many cases the very dishonest press doesn't want to report it. They have their reasons and you understand that. 
     US-POLITICS-TRUMP : News Photo
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  • In the UK, the Speaker of the House of Commons has said he would oppose President Trump addressing the Houses of Parliament during his state visit. John Bercow told MPs that 'their opposition to racism and sexism was hugely important'.
     
    Before the imposition of the migrant ban, I would myself have been strongly opposed to an address by President Trump in Westminster Hall. After the imposition of the migrant ban by President Trump, I am even more strongly opposed to an address by President Trump in Westminster Hall.
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  • ECB's Coeure says the euro is now at a level that is appropriate for the economic situation in Europe. He also adds that France leaving the Euro would raise interest rates and debt.
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  • Let's take a look at global markets this morning with CNBC's Karen Tso

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  • In the U.S., an interest rate hike in March could be on the table. Voting Fed member Patrick Harker says another increase of 25 basis points should be considered if the growth in jobs continues. Harker says he supports three rate hikes in 2017 providing the economy evolves as expected.
     
     
    Meanwhile the U.S.10 year treasury yield suffered its biggest one day slide since June as investors seek safety from political uncertainty in Europe.
     
     
     
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  • February 11th marks the first anniversary of the so-called Dimon bottom. The JPMorgan Chase CEO bought over 26 million dollars of the bank's shares that day and there has been no significant pullback in stocks since. CNBC's Dominic Chu looks at the biggest winners over the past 12 months.

    Comment ()
  • Here are your top headlines at this hour:
    • Low rates and lacklustre markets weigh on BNP Paribas. But the French bank still reports a rise in revenues despite tough home-market trading. 
    • A massive impairment charge pushes Statoil to post a 2.7 billion dollar loss in the fourth quarter as exploration and maintenance costs hit the oil giant's earnings. 
    • Another day, another court hearing over Donald Trump's controversial immigration order, as the Department of Justice softens its stance in an attempt to re-instate the policy. 
    • House of Commons Speaker John Bercow lands a surprise blow to the U.S. President, blocking him from speaking in Parliament as Prime Minister May urges 'patience and constructive' talks with the new U.S. administration.  
    Comment ()
  • Munich Re posts profit of 2.6 billion euros for 2016 and raises dividend to 8.60 euros. The company says major claims expenditure was high in the fourth-quarter, with claims costs of 232 million euros for Hurricane Mathew and 251 million euros for an earthquake in New Zealand.
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  • We'll speak to Jörg Schneider, Munich Re CFO at 08:00 CET. 
     
     
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  • Spain's Banco Sabadell says expects net profit of 800 million euros in 2017. The bank says it expects a 1 percent growth in net interest income in 2017 and expects to close 250 branches this year.
     
    The bank also expects double digit return on equity by 2020 vs 5.84 percent end 2016. 
    Comment ()
  • In the U.K., MP's have rejected opposition attempts to amend the Article 50 bill. The proposals would have added extra parliamentary scrutiny of Britain's withdrawal process, as well as make the government consult the Scottish Parliament and the Welsh National Assembly during the negotiations with Europe. MP's will vote on more amendments to the bill today and tomorrow. 
     
    Before the debate began, the British Prime Minister said she wanted to push ahead with the divorce talks with the EU.
     
    Mr. Speaker, our European partners now want to get on with the negotiations - so do I and so does this House, which last week voted by a majority of 384 in support of the government triggering Article 50. There are, of course, further stages for the Billing Committee and in the other place (House of Lords, upper chamber of Parliament), and it is right that this process should be completed properly. But Mr. Speaker, the message is clear to all - this House has spoken and now is not the time to obstruct the democratically-expressed wishes of the British people. It is time to get on with leaving the European Union and building an independent, self-governing, global Britain, and I commend this statement to the House.
     Theresa May Leaves Downing Street : News Photo
    Comment ()
  • UK Communities Secretary Sajid Javid is set to unveil proposals to encourage councils and developers to build more homes
     
    CNBC's Gemma Acton joins us live to discuss the main themes of this paper:
     
    One of the big themes of the paper is rent so it is not necessarily buying the end product home. What the government is trying to do is turn the emphasis that has existed for decades and decades in trying to encourage home ownership as a goal for all and encourage other solutions.
     
     
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  • Statoil missed forecasts in the fourth quarter as a 2.3 billion dollar impairment charge weighed on earnings.
    The Norwegian oil giant posted a net operating loss of 1.9 billion dollars against expectations for over 2 billion dollars in profit.
     
    Statoil maintained its dividend policy and said it would spend the same amount on capital expenditure this year. 
     
     
    Comment ()
  • Confidence amongst U.S. CEOs surged in the final quarter of 2016, in the wake of Donald Trump's election victory. That's according to research by YPO, which also found that optimism amongst U.K. chief executives dipped in the final 3 months of last year.  
     
    Anastasios Economou, Founder and Managing Director at iGroup joins us live to discuss more:
     
    You are seeing more uncertainty in Europe so unlike the US where the election results are behind us you have elections in France, in Netherlands, in Germany, possible elections in Italy and Greece. There is more uncertainty that has entered the system. 
     
    Italy is having its banking system recapitalised which is very important for them and that is helping confidence numbers. Quite frankly if they can get that right then Italy stands a huge chance of actually improving growth outlook.
    Comment ()
  • Here are your top headlines at this hour:
     
    • Low rates and lacklustre markets weigh on BNP Paribas. But the French bank still reports a rise in revenues despite tough home-market trading. 
    • A massive impairment charge pushes Statoil to post a 2.7 billion dollar loss in the fourth quarter as exploration and maintenance costs hit the oil giant's earnings. 
    • Another day, another court hearing over Donald Trump's controversial immigration order, as the Department of Justice softens its stance in an attempt to re-instate the policy. 
    • House of Commons Speaker John Bercow lands a surprise blow to the U.S. President, blocking him from speaking in Parliament as Prime Minister May urges 'patience and constructive' talks with the new U.S. administration.  
    Comment ()
  • BP Q4 pretax profit of $617 million. The company reports full year of 2016 loss was $999 million, compared with a loss of $5,162 million for full year of 2015.
     
    The company says net cash provided by operating activities for Q4 and full year was $2.4 billion and $10.7 billion respectively, compared with $5.8 billion and $19.1 billion for same periods in 2015.
     
     
    Comment ()
  • Munich Re's net profit for 2016 fell 16 percent year on year to 2-point-6 billion euros -- slightly below analyst forecasts. However the world's largest reinsurer hiked its dividend more than expected by over 4 percent to 8 euro 61 cent a share.
     
    Joining us on the phone from Munich is Jörg Schneider, the CFO of Munich Re
    Overall good numbers, lower than last year but we clearly suffer from the low interest rate environment therefore our investment income is in tendency under some pressure. In the last year we also had lower level of large losses. In the Q4 we had large losses. 
     
     
    The performance of insurers was not bad in the couple of years and therefore I would not expect specific run of the sector but I can confirm that the fundamentals all over the world are not bad but the uncertainties are pretty high.
     
    Comment ()
  • Markets in Europe are seen lower as earnings and data continue to be the main focus for investors.
     
     
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  • UK speaker says President Trump not welcome at Britain's Parliament

    CNBCA trip to the Houses of Parliament may not happen during President Donald Trump's state visit to the UK, NBC News reports.
    Comment ()
  • UBER is stepping up its efforts to make flying cars a reality. The ride-hailing company has hired former NASA engineer Mark Moore to spearhead its research into airborne vehicles. Uber is still working on the use case for flying cars, and hasn't yet begun manufacturing prototypes.  
     
     
    Comment ()
  • Here are your top headlines at this hour:
    • BP misses expectations. Profit at the oil giant falls for the second year in a row as earnings hit a 10 year low
    • A massive impairment charge pushes Statoil to post a 2.8 billion dollar loss in the fourth quarter as exploration and maintenance costs hit the oil giant's earnings. 
    • Low rates and lacklustre markets weigh on BNP Paribas. But the French bank still reports a rise in revenues despite tough home-market trading. 
    • Unicredit shares close deep in the red as it kicks off its 13 billion euro cash call, as some of the bank's major investors hold out from committing to buy into the share sale. 
       
     
    Comment ()
  • Less than thirty minutes to Europe open and stocks point to a lower start to the trading day:
     
     
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  • Germany's 10-year government bond yield hits near two-week low of 0.35 percent, down 2.4 basis points on day:
     
     
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  • Asian markets wearker as rush concerns weigh

    Follow it on #WorldMarketsLive t.co

  • Henry Dixon, Fund Manager at GLG joins us live to analyse the comparison between Deutsche Bank and UK banks:
     
    Deutsche Bank has been a good performer of the lows and I stress off the lows. There would have been a time when Deutsche would have been a massive underperformer vs Barclays and Lloyds. Deutsche did rally off the point and we had a similar situation with UK banks like Standard Chartered.
     
     
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  • BP shares seen opening 1 to 2 percent lower after results. That's according to Reuters.
    Comment ()
  • Sterling hit a one-week low against the dollar as Prime Minister Theresa May faced challenges over her legislative plan for taking Britain out of the European Union.
     
     
     
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  • European markets are open, a little to the upside.

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  • Banks and oil & gas are the worst performing sectors this morning, dragged down by BNP Paribas and BP. Basic resources is the best performer.

     
     

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  • This is how the individual European markets are looking, with most of the major bourses in the red.

     
     

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  • BP's fourth quarter underlying replacement cost profit fell to $400 million, missing analysts forecasts. 

    Earnings at the oil giant fell for a second year in a row as the low oil price weighed on the numbers. BP said it expects 2017 capital expenditure to be 16 to 17 billion dollars, that's the top end of its forecasted range.

    Shares have fallen more than 2 percent this morning.

    Comment ()
  • BNP Paribas shares are near the bottom of the Stoxx 600 index this morning, after the French bank warned low rates and lacklustre markets weighed on earnings.

    Here's a look at the stocks at the top and bottom of the index.


     
     

    1 of 2

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  • Statoil missed forecasts in the fourth quarter as a $2.3 billion dollar impairment charge weighed on earnings.

    The Norwegian oil giant posted a net operating loss of $1.9 billion dollars against expectations for over $2 billion in profit. Statoil maintained its dividend policy and said it would spend the same amount on capital expenditure this year. 

    Shares in the company are down 0.8 percent today, and more than 3 percent over 30 days.

    Comment ()
  • BNP Paribas full year revenues rose 1 percent in spite of a "lacklustre" market in 2016. 

    Net income meanwhile, was up 15 percent from the previous year, at 7.7 billion euros. The French bank proposed a dividend of 2 euros 70 cents per share. 

    This news failed to placate the market. Shares are down nearly 4 percent today. Over 30 days, shares are down nearly 8 percent.

    Comment ()
  • The yield on U.K. gilts are falling today, down 2 basis points and at their lowest level since mid-January.

    Comment ()
  • Qatar's finance minister says the country is close to spending half a billion dollars a week on capital projects, Reuters reports.


    Comment ()
  • U.K. house prices fell 0.9 percent in January, this was below a Reuters forecast of no change.

    House prices in the three months to January rose 5.7 percent, lower than Reuters forecast of 6 percent growth.
    Comment ()
  • Here are the top headlines this morning after the market open.

    • Low rates and lacklustre markets hit BNP Paribas results. Share sink as the CFO tells CNBC the home-market trading environment is tough.
    • A crude reality for BP investors. Shares sink after earnings hit a 10-year low, as the oil giant misses expectations with profits falling for a second consecutive year. 
    • A massive impairment charge pushes Statoil to post a $2.8 billion loss in the fourth quarter as exploration and maintenance costs hit the oil giant's earnings, sending the shares lower.
    • Fiat Chrysler shares open sharply lower, but recover losses after French investigators refer the automaker to a prosecutor for a possible investigation into its diesel emissions.
    Comment ()
  • Sterling fell to a two-week low against the dollar today, down 0.9 percent.

    The dollar is stronger against most currencies today, after voting Federal Reserve member Patrick Harker signalled a potential rate hike in March.

    Comment ()
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