World Markets Live - February 8 - CNBC Live Events
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CNBC Live Events

World Markets Live - February 8

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

  • A very good morning all of you! Happy mid-week. Asian share markets retreated and the euro was pressured as doubts over the policies of U.S. President Donald Trump and an election looming in France sapped investor confidence.
     
    In Europe, futures point to a higher start to the trading day. Here are your morning calls from CMC market:
     
    FTSE100 is expected to open 4 points lower at 7,182
    DAX is expected to open 12 points higher at 11,561
    CAC40 is expected to open 8 points higher at 4,762
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  • Here are your top news stories:
     
    • An oil sell-off weighs on stocks, as WTI moves back down towards 50 dollars a barrel on a build up in U.S. inventories, with more key data due later today. 
    • 'Rogue One' fails to help Disney find the force. The stock closes lower after hours on disappointing revenues from the latest Star Wars franchise and weakness at ESPN. 
    • Greek bond yields spike as the IMF increases the pressue on Athens to deliver deeper reforms to secure another bailout, raising concerns over an 8 billion euro debt repayment due in the summer. 
    • And coming up on CNBC, we speak to executives from across Europe as earnings season heats up. 
       
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  • Rio Tinto 2016 net profit at US$4.62 billion vs US$866 million loss in 2015. The company's 2016 underlying earnings US$5.10 billion, up 12 percent on-year. 
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  • Syngenta 2016 net profit reported at $1.178 billion. The company says 2016 EBIDTA at $2.659 billion. Syngenta expects Chemchina takeover to conclude by Q2 2017, proposes no regular dividend. The company also says has made significant progress in regulatory approval for chemchina takeover.
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  • Carlsberg expects to deliver mid-single-digit organic operating profit growth and further reduction in financial leverage in 2017. The company expects positive FX translation impact of DKK350 million in 2017.
     
    The company's Q4 revenue is reported at DKK 13.84 billion. 
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  • Jane Foley, Senior FX Strategist at Rabobank joins us live to discuss Japan-U.S. relations:
    We have had Trump accusing Japan of putting tariffs on U.S., auto imports which they say they don't. Abe has come and said that this is related to the fact that there is so much marketing for U.S. vehicles in Japan. If you look at the currency then I think Trump has a point.
     
     
    I think there is many reasons why people buy the yen and these aren't necessarily straightforward. Safe haven is one of them, there is tensions between Japan and China regarding the South China Sea. I think those tensions are going to keep the yen pretty well bid.
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  • Disney CEO Bob Iger delivered some support to the company's shares in extended trade, after saying he is open to extending his term as chief. The comments helped pare initial losses as Disney reported lower than expected revenue in the first quarter -- weighed down by continued weakness at ESPN. One area of strength however was the company's theme parks.
    The relationship this company has with China is certainly important both from a movie perspective, from a parks perspective from a consumer products perspective. An all-out trade war with  China would be damaging I think to our business, to Disney's business and to business in general. It's something I think we have to be really careful about. It's not to suggest that there shouldn't be things on the table to improve the trade relationship with China, but I think it would be unfortunate if we entered into a trade war that I think would do a lot of short term damage to our businesses.
     

     
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  • Not doing enough. That's the IMF's view on Greek reforms, as talks continue in an attempt to get the fund to rejoin the bailout program. Investor jitters over debt payments due in June and July pushed the Greek 2 year yield to its highest level in over 7 months -- at one point breaking the 10 percent mark. The IMF board of directors is split over how much of a surplus it needs to see in the Greek budget to reconsider supporting the country.
     
     
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  • Here are your top headlines at this hour:
    • Rio in recovery. The commodity price bounce back boosts Rio Tinto earnings as the mining giant raises its dividend more than expected.
    • Confident of closing a deal. Syngenta says its made progress on the ChemChina takeover as it posts an earnings beat for 2016. We speak to the CEO of the company at 8 CET. 
    • Waning thirst. Carlsberg's fourth quarter revenues miss estimates as the beer maker faces a "challening macro environment" and gets hit by brewery closures in China. We speak with the company's CEO, Cees 't Hart, at 11:00 CET.
    • ABB kicks off a big earnings day in Europe with a slight miss on sales, saying the impact of oil prices and foreign exchange will continue to be felt into 2017. 
       
     
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  • Sanofi says Q4 sales rise 3.4 percent at constant forex to 8.667 billion euros. The company's CEO says not in a hurry to do M&A. The company's net income falls 2.9 percent at constant forex to 1.606 billion euros.
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  • Oil prices continue to head lower, after falling sharply in yesterday's trade. 
     
    The rout was triggered in part by data from the American Petroleum Institute, showing that U.S. crude inventories rose by 14.2 million barrels last week. A report on slowing Chinese demand for crude also weighed on prices.  
     
     
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  • Betsy DeVos, President Trump's nominee for Education secretary, was confirmed by the Senate after Mike Pence cast a historic tie-breaking vote, the first ever by a Vice President to confirm a cabinet nominee. Two Republicans voted in opposition to DeVos, alongside all 46 Democratic Senators and two independents.
     
    As Vice President, Pence also serves as the President of the Senate, with the duty to cast a tie-breaking vote in the event of deadlock. The vote followed an overnight debate staged by Democratic Senators who hoped to derail the nomination and raise public awareness to what they view as her lack of credentials for the post.  
     
     
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  • Another debate is expected to carry on well through the night. This time, on the nomination of Alabama Senator Jeff Sessions, President Trump's pick for Attorney General. You're seeing live pictures of the Senate floor in Washington.
     
    Earlier in the evening, Republicans interrupted Massachusetts Senator Elizabeth Warren after she quoted an excerpt of a letter written by the late Coretta Scott King, the widow of slain civil rights leader Martin Luther King Jr, criticising the Alabama Senator's character. Republicans then voted to forbid Warren from speaking during the remainder of the debate, drawing outcry from Democrats. 
     
     
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  • Here's a quick update on what Barack Obama has been up to since leaving office. British billionaire Richard Branson hosted the former president in the Caribbean, where the holidaymakers enjoyed an array of water sports. Photos show the former president sporting a broad grin, after trying his hand at kite surfing.   
     
     
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  • Osram posted a 4 percent increase in first quarter adjusted operating profit, beating expectations. This was due to strong demand from the automotive industry. The German lighting group has also confirmed its outlook for the current fiscal year. 
     
    Joining us on the phone from Munich is Ingo Bank, CFO, Osram
     
    We still see a great demand for substitution of traditional lights vs through LED light sources which is driving significant demand for us this time.
     
     
     
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  • In the US, banks are sitting on more than 120 billion dollars of excess equity capital. They are required by regulators to hold extra capital and undergo annual stress tests to determine how they would withstand potential crises in the future. But many banks are now operating well in excess of the minimums of loss absorbing equity. This extra cash could end up in buybacks and dividends.
     
     
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  • Here are your top headlines at this hour:
    • Rio in recovery. The commodity bounce back boosts Rio Tinto earnings as the mining giant raises its dividend and launches a share buyback.
    • Confident of closing a deal. Syngenta says its made progress on the ChemChina takeover as it posts an earnings beat for 2016. We speak to the CEO in the next few moments. 
    • Cautious on earnings. Sanofi says its income could be lower in 2017 as its fourth quarter numbers are affected by taxes and one-off payments
    • A turnaround in orders for ABB as the Swiss industrial giant puts an end to a near-two year decline in order intakes. The CEO joins this show at 09:15 cet
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  • Moller-Maersk expects an underlying profit above 2016, expects gross capital expenditure for 2017 at US$5.5-6.6 billion. 
     
    The company sees global demand for seaborne container transport to increase 2-4 percent in 2017.
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  • Tullow Oil 2016 revenue reported at $1.3 billion. 2016 operating loss $754.7 million after write-offs and impairments. The company has also announced net debt at end of 2016 at $4.8 billion.
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  • Syngenta says it's made "significant progress" in the regulatory approval of its takeover of Chemchina and it expects to close the deal in the second quarter. This as the Swiss agribusiness reported mixed full-year earnings.
     
    Syngenta posted a 12 percent drop in net profit to 1-point-8 billion dollars and proposed to omit a regular dividend for 2016.
     
    Joining us from Basel is Erik Fyrwald, CEO at Syngenta
     
    I have done a number of M&A deals in the past and the ChemChina deal is unique. It is unique because there are three major deals in the agriculture industry space going on simultaneously. It is entirely understandable in the light of that context that regulators are asking a lot of questions. We see things are going on track now. We expect to get approval from EU and the US by April 12th.
     
     
    We have regular conversations with ChemChina and they have assured as that there are no discussions going on at this time with SinoChem. 
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  • Redrow's pre-tax profit rose 35 percent in the first half of 2016. The British construction company says its growth strategy is firmly on track. 
     
    John Tutte, the CEO of Redrow joins us to discuss these numbers:
     
    We found immediately after Brexit there was some nervousness but that went away and trading has been fairly robust since then.
     

     The White Paper mentioned a number of measures to tackle undersupply really in the housing market and part of that was to put thumbscrews on local authorities. 

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  • - Asian markets mostly lower
    - China's FX reserves ease below key level

    More updates on #WorldMarketsLive t.co

  • President Trump's Executive Order banning citizens of seven predominantly-Muslim countries is facing intense scrutiny from a panel of three judges in the United States Court of Appeals for the 9th Circuit in San Francisco. The judges say they will issue a ruling as soon as possible. NBC's Pete Williams has the latest.

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  • Here are your top headlines at this hour:
     
    • Rio in recovery. The commodity bounce back boosts Rio Tinto earnings as the mining giant raises its dividend and launches a share buyback.
    • Confident of closing a deal. Syngenta says its made progress on the ChemChina takeover as it posts an earnings beat for 2016. We speak to the CEO in the next few moments. 
    • Cautious on earnings. Sanofi says its income could be lower in 2017 as its fourth quarter numbers are affected by taxes and one-off payments
    • Maersk names its new Chairman as the shipping group cuts its dividend, with impairments resulting in a near 2 billion dollar net loss in 2016.
       
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  • Smurfit Kappa is raising its dividend by 20 percent after 2016 earnings grew despite what the company describes as "significant headwinds"
     
    Tony Smurfit, the CEO of Smurfit Kappa joins us live to discuss more:
     
     
    I think 2017 is looking reasonably good at the moment. I think when you look at 2016 we had very significant headwinds in our raw material which is waste paper. That costs us about 70 million through the year. 
     
     
     
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  • Bourses in Europe are seen opening higher this morning as the earnings season continues to be the main focus for investors.

    The FTSE 100 is seen 6 points higher at 7,185; the German DAX is set to begin 16 points higher at 5,655 and the CAC 40 should open 11 points higher at 4,761.
     
     
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  • Turkey's finance minister says the country's sovereign wealth fund will make its first transaction this year, Reuters reports.

    Several state assets have already been transferred to the fund, which was approved by parliament in August and is intended to finance infrastructure projects. 

    The finance minister says 1 billion lira of budget revenue will be lost due to the transfer of assets to the fund, but budget ragers will not be negatively affected by this.
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  • Maersk posted a 2.7 billion dollar loss in the fourth quarter, dragged down by impairment charges. The shipping and oil group also announced Chairman Michael Pram Rasmussen would step down at the end of March.  
     
    Søren Skou, the CEO at Maersk Group joins us from Copehagen:
     
    We continue to work on finding solutions on how we can separate our core energy related services from Moller Maersk and we will not be able to report much progress unless we have found more solutions.
     
     
     
     If the oil price were to increase or maintain this level where we are now which is up from beginning of 2016, then separating our oil and energy related business, all things being equal for us, there will be more deal momentum in the market. Higher oil price enable us to accelerate the separation of those two services.
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  • Rio Tinto shares seen opening 2-3 percent higher after results. That's according to Reuters.
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  • European stock indexes are now open for trading with the pan-European Stoxx 600 opening 0.3 percent:
     
     
     
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  • Basic Resources right at the top of the Stoxx 600 this morning, while autos is the worst performing sector:
     
     
     
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  • Denmark's current account surplus totalled 19.7 billion Danish krona in December, according to the country's statistics office.

    Denmark's trade surplus during the month was 6.9 billion.
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  • European bourses are trading higher except for FTSE100 that is struggling to make gains:
     
     
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  • Maersk has posted a 2.7 billion dollar loss in the fourth quarter, dragged down by impairment charges. The shipping and oil group also announced Chairman Michael Pram Rasmussen would step down at the end of March. He will be replaced by Jim Haggeman Snabe.  
     
     
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  • Anders Runevad, the CEO of Vestas Wind Systems, says he is extremely satisfied with his company’s performance in 2016.

    The company achieved revenue growth of 22 percent.

    We don’t guide specifically on margins going forward, we come out with our outlook for 2017 that we expect to be another strong year and we see EBIT margins to be in the range of 12 to 14 percent.

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  • Rio Tinto has returned to profit. The Anglo-Australian miner beat estimates, reporting underlying earnings of 5.1 billion dollars for the full-year and announced a bigger than expected annual dividend of $1.70 a share.
     
     
     
     
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  • ABB posted a slight rise in orders in the fourth quarter, putting an end to its nearly two-year decline in order intakes. The power technology and automation company warned oil prices and FX effects were expected to continue to impact the firm's results. 
     
     
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  • Italian and French 10-year government bond yield spreads over Germany hit fresh multi-year highs on Wednesday as investors continued to fret about political risks in Europe.

    The gap between France's 10-year government bond yield and the German 10-year bond yield - the benchmark for the region - rose to 78.8 basis points, the highest since November 2012
     
     
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  • Ulrich Spiesshofer, CEO of ABB, says he feels good about the company’s 4th quarter.

    ABB has delivered growth which was a very, very important ambition that we’ve had for a while. You might remember last time it was first quarter 2015 that we grow, now we are back in that one and naturally we are putting all our emphasis to keep that and have a sustainable ambition to keep the order book.


    The world is full of uncertainties at the moment; we have volatility in every corner, so this is something that I need to navigate through with a steady hand.
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  • Stoxx Europe 600 basic resources index up 2 percent:
     
     
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  • Handelsbanken disappointed with its earnings -- reporting quarterly operating profit AND an annual dividend below expectations. Loan losses jumped 75 percent, weighing on the Swedish bank's fourth quarter results.
     
    We'll talk to Anders Bouvin to dissect Handelsbanken's full year earnings - that's first on CNBC at 10:40 CET. 
     
     
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  • Carlsberg's fourth quarter sales missed analyst estimates as the Danish brewer experienced difficult conditions in its Russian and Eastern European markets. Net profit for 2016, meanwhile, rose to 4.5 billion Danish kroner, just topping estimates. Carlsberg said it expects mid to single digit growth in net profits for 2017.
     
    We'll speak with the company's CEO at 11:00 CET. 
     
     
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  • Sanofi more than doubled fourth-quarter net profits from a year earlier, boosted by lower restructuring costs. Net income, however, edged down 6 percent and total sales rose 3 percent. 
     
    The French drugmaker also says it expects earnings per share to remain stable or decline by up to 3 percent in the current year.
     
     
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