World Markets Live - January 17 - CNBC Live Events
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CNBC Live Events

World Markets Live - January 17

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 everyone and welcome to our official Davos coverage. Our first guest today John Nelson, Chairman of Lloyds of London joins us live to discuss the big themes dominating the WEF this year:

    In past years in Davos we have had governments talking to us from growth countries, from emerging growth countries. This year it is extraordinary how many invitations we have had to meet leaders of European countries.


    There are lots of challenges and at the moment the market conditions are tough in specialist underwriting not just for us but for everyone else. So yes it is tough and it is driven by low interest rate. 

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  • Sir Martin Sorrell, CEO, WPP joins us live from Davos to discuss Trump and other themes at the World Economic Forum:

    What you gain on the U.S. roundabouts you lose on the international swing because certainly he is good and will be good for the U.S. economy. The simple fact that S&P 500 in 5 of the 6 quarters has paid out more than dividends and paybacks. This is focused on the short term. Trump in the short term is good.


    A lot of people said prior to the election negative things. Most of the people who come in contact with him come away highly impressed. He listens, asks good questions.

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  • Sir Martin Sorrell, CEO, WPP joins us live to discuss post-Brexit world:

    I hear there are 12 principles. That is a lot for negotiations. She has a firm view and she will be laying out these details 


    No Brexit would have been the right thing for WPP. Every time the pound weakens, international exporters of which we are one strengthen.

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  • Our next guest from Davos is Bob Mortiz, Chairman of PWC:

    You got a dichotomy that doesn't resonate with the viewers out there. You have got CEOs that are rising in confidence despite those uncertainties. You actually have high degree of confidence in the short term in the U.S. in the U.K. irrespective of Brexit. 


    Europe is picking up of what you have a relative game going on compared to where they were a year ago. What is good if you look at the manufacturing rate in the UK with the FX rate going on you have a lot of people outside of UK saying hey that is an opportunity for me to manage the bottom line better than before.
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  • Here is our instant write up on our interview with the Chairman of Lloyds of London:

    We need clarity on Brexit: Lloyd’s Chairman

    CNBCThe Chairman of Lloyd's of London has told CNBC that the sooner there is a roadmap for U.K.'s exit process from the EU, the better.
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  • Richard Edelman, CEO of Edelman joins us live from Davos to discuss the loss of trust in the system:

    Numbers (Trust monitor) are lowest since we have seen since the great recession in 2008. It is a tsunami. We have globalization and automation on top of tepid recovery.


    The big change in the barometer this year is that there is now a loss of faith in the system. More than half the people do not believe that they have a better future, they have good leaders and that they actually have a chance economically. And the fears are both societal and economical that they are going to be replaced by machines. 

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  • CNBC's Steve Sedgwick and Geoff Cutmore are braving the cold to keep us updated through the World Economic Forum:

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  • Here are your top headlines at this hour:

    • No 'half in, half out' deal! Theresa May will confirm the UK plans to leave the EU's single market in a highly-anticipated speech midday, with sterling hovering near a three month low against the dollar on fears of the Hard Brexit call. 
    • The star of the show. Xi Jinping will be the headline act here in Davos, where the Chinese president is expected to defend globalisation in a swipe at U.S. protectionism
    • Don't tell us what to do. Francois Hollande criticises Donald Trump, saying Europe does not need advice from outside after the President-elect says more countries should opt to leave the EU. 
    • The CEO of Syngenta tells CNBC regulators are more demanding but says he is confident the ChemChina take-over will get the go-ahead soon. 
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  • Sterling is hovering near a three-month low against the dollar ahead of Theresa May's Brexit speech. The UK prime minister is expected to say Britain will prioritize border controls over retaining single market access in forthcoming Brexit negotiations

    You can watch her speech live on CNBC from 12:45 pm CET. 


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  • We've been asking top business leaders here in Davos for their take on the risks and opportunities posed by Brexit

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  • Chinese President Xi Jinping will deliver the plenary speech at the World Economic Forum today. He is set to defend globalisation amid the rise of protectionism and populism in the West. He is the first Chinese leader to attend the conference. Speaking to Swiss executives on Monday, he said Chinese GDP growth is "performing steadily", and that the country maintains a confident outlook. 

    You can watch Xi's plenary speech at the World Economic Forum, right here on CNBC, from 11:00 CET. 

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  • Julia spoke to Brazilian Finance Minister Henrique Meirelles, and began by asking him about his impression of the U.S. President-elect.

    It will be interesting to see how it actually plays out," he said, noting that "it is very hard to say that there is one person who completely understands him.


    Brazil is now on a recovery path, our expectation is that Brazil will be growing by the end of the first quarter.
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  • The head of the Bank of England Mark Carney has warned that rising inflation stands to hit UK growth. The BoE governor said in a speech that consumer spending could begin to weaken in 2017, as the rising cost of goods and services takes its toll. 

    CNBC's Nancy Hungerford joins us live from Westminster:

    It is one of her most important speech since taking office in the wake of the June referendum. 

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  • Let's go back to Davos now. Joining us is Philip Jennings, General Secretary of UNI Global Union :

    I think he (Donald Trump) is going to turn out to be betrayer-in-chief. If you look at the people he is surrounded with there is not one person who has the working man's interest at heart. 


    It will bring even more cynicism and skepticism towards politicians. The Davos gap at the end of the day is widening. 

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  • CNBC sources say General Motors is set to announce plans to add more than a thousand jobs in the US. 

    The expanded workforce will come as GM unveils a 1 billion dollar commitment to its facilities in America. 

    The investment and job expansion have been in the works for some time, but two weeks ago GM faced angry Tweets over its manufacturing process from President Elect Trump. 


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  • Oil markets are going to stabilize this year: that's according to OPEC's Secretary General.  
    Speaking in Venezuela, Mohammed Barkindo, also said he remains optimistic that OPEC economies will improve as a result of last year's producer agreement. 

    This comes after Saudi Arabia's Energy Minister Khalid al-Falih said the Kingdom is committed to cutting its output and is prepared to extend the supply deal if necessary.

    Jean-Louis Chaussade, CEO of Suez Environment joins us live from Davos to discuss energy markets:
    Things are moving because it is not only a concern for governments but also for NGO's, for companies, for cities. We are moving in the right direction. The question for me is if the velocity of this move is strong enough, rapid enough and I think for the time being we still are slow.


    Everybody has been listening to Trump. You will see here in Davos that many many companies are taking step to reduce their carbon footpring. The American government may take a step back but do you think California will take a step back on what it is doing in climate change? I don't think so.

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  • Here's our quick write up on our interview with Philip Jennings, the general secretary of the union that represents more than 20 million workers from over 900 trade unions:


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  • Here are your top headlines at this hour:

    • No 'half in, half out' deal! Theresa May will confirm the UK plans to leave the EU's single market in a highly-anticipated speech midday, 
    • The star of the show. Xi Jinping will be the headline act here in Davos, where the Chinese president is expected to defend globalisation in a swipe at U.S. protectionism.
    • Business leaders in Davos brace for a new world order under Donald Trump, but the boss of WPP tells us it's a 'win some, lose some' situation.
    • CEOs turn sceptical on globalisation, saying it won't fix the gap between rich and poor, as a key global union says rising inequality is haunting Davos.
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  • Hyundai Motor to start production at Kia Motor's Mexico Factory this year as planned. That's according to the company's President.
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  • Reynolds American announces entry into merger agreement with British American Tobacco. BATS values 57.8 percent share at $49.4 billion.

    BATS paying $29.44 in cash. The company to buy 57.8% of Reynolds American. That's according to Dow Jones.
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  • A spokesman for Russia's Rosneft says VTB participated in a deal for Qatar and Glencore to buy a stake in Rosneft, according to the RIA news agency.
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  • The private sector is being ignored in green project fundraising, according to a new report from UBS. The Swiss bank has warned of hurdles preventing critical private funds from flowing into sustainability projects. 

    Jürg Zeltner, President of Wealth Management at UBS joins us live from Davos:

    Global growth is the number one topic. Companies need to commit to sustainable targets. We have actually invested over the years clients money in sustainable investment. It is actually investment that is beyond financial return. 


    You are dependent on the macro environment. The last few years people are reluctant with investment due to the uncertainty. On the other hand they think very hard what they want to do with the money.

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  • Europe futures point to a lower start to the trading day as markets remain cautious ahead of Prime Minister Theresa May's speech later today:

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  • Here are your more details from the BAT-Reynolds deal according to Reuters:

    British American Tobacco said on Tuesday it had agreed terms to buy U.S. rival Reynolds American Inc RAI.N after it increased its offer for the 57.8 percent of the company it did not already own to $49.4 billion.

    Reynolds shareholders will receive $29.44 in cash and 0.5260 BAT shares for each of their shares under the terms of the deal, representing a 26 percent premium over the stock on Oct. 20.

    BAT had previously offered $47 billion, an offer that was rejected for being too low in November.

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  • CNBC's Andrew Ross Sorkin is moderating a debate entitled, "Size Matters: The Future of Big Business" at the World Economic Forum. Stay tuned as we bring you the most interesting bits from the conference:


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  • CNBC's Andrew Ross Sorkin is hosting a panel on the future of big business, featuring panelists including Alphabet CFO Ruth Porat and Credit Suisse CEO Tidjane Thiam.

    Martin Sorrell, CEO of WPP, says lack of trust in institutions and government is a big issue and answers whether or not says big business is bad word.

    Given where we were at Davos last year, when a lot of people, myself included, were forecasting we would remain in the EU and Hillary Clinton would win the U.S. election, that has generated a populist trend where big business is in the front line of criticism.
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  • Andrew Liveris, chairman and CEO of The Dow Chemical Company, talks about the problems of managing a large business.

    The large scale, diversified public company has probably seen its day, that commoditization cycle which is a race to the denominator and the innovation cycle which is a race to the numerator are getting shorter and shorter and shorter and the cannibalization point that Martin made means you have to reinvent yourself.
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  • Meanwhile, sterling is trading at a 3-month low against the dollar as markets remain cautious ahead of Prime Minister Theresa May's speech later today:

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  • Here are your top headlines at this hour:

    • No 'half in, half out' deal! Theresa May will confirm the UK plans to leave the EU's single market in a highly-anticipated Brexit speech
    • The star of the show. Xi Jinping will be the headline act in Davos, where the Chinese president is expected to defend globalisation in a swipe at U.S. protectionism.
    • Business leaders in Davos brace for a new world order under Donald Trump, but the boss of WPP tells us it's a 'win some, lose some' situation.
    • Big business is not innocent. The bosses of Alphabet, Credit Suisse and WPP tell CNBC globalisation must work for everyone, amid a rise in inequality.
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  • Alphabet CFO Ruth Porat discusses the responsibility big businesses may have.

    Our mission at Google from the earliest days has been to build products for everyone, whether it’s for the 1 percent in Davos or a student in an emerging market who’s coming online for the first time.


    The way we’ve approached this is building platforms, open source platforms, that allows anyone to reach millions.

    Porat says her company has a shared responsibility to ensure everyone benefits from technology.
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  • Sterling is hovering near a three-month low against the dollar ahead of Theresa May's Brexit speech. The UK prime minister is expected to say Britain will prioritize border controls over retaining single market access in forthcoming Brexit negotiations. 

    Nancy joins us live from Westminster to tell us more:


    From the early days of referendum we have heard from Theresa May that Brexit means Brexit. Today we will hear more. May wants  to draw a very clear line on prioritizing immigration control. 

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  • US climate policy could be set for a sharp u-turn when Donald Trump is sworn in as president on Friday. The self-described climate change doubter once called the issue a Chinese hoax. With climate change poised to be a key item at this year's forum -- all eyes will be on who will lead the fight if America takes a back-seat.

    Jean-Pascal Tricoire, CEO at Schneider Electric joins us live from Davos:

    Some technologies are changing the way we produce energy. It is renewable of which price has been divided in the past 5 years. More so, it is about digitization. 


    I think it is the perfect time for several reasons. People are now conscious that there is a problem. Second, energy is a big issue so it is a big issue for people in the emerging countries because it weighs on their purchasing power. 
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  • Istanbul's governor has named the man who attacked a nightclub and killed 39 people on New Year's Eve, and who was captured last night. That's according to Reuters.

    His name is Abdulgadir Masharipov, from Usbekistan. 

    The governor says he was trained in Afghanistan and the attack was carried out on behalf of the Islamic State. The governor adds that the attacked entered Turkey illegally, and one Iraqi and three women have been detained along with the attacker.
    by luke.graham edited by Spriha Srivastava 1/17/2017 7:50:16 AM
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  • Majid Jafar, CEO of Crescent Petroleum, warns of an oil price shock in the short term future.

    We’re double the oil price of last year but half what we were two years ago, to give you some idea of the volatility. The problem over the last year is no one’s been investing enough in the upstream.

    So there’s a real risk in a few years down the line of an oil price shock.

    We are still investing in the Middle East. Obviously there
    are conflicts and there are risks and are problems tend to be above the ground, not the cost of production but governments that are late in payment.

    Overall, this year has been the highest proportion of Middle
    East oil in oil markets.

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  • European markets are now open for trading with the Stoxx Europe 600 opening 0.07 percent lower as stocks remain cautious ahead of Theresa May's speech on UK's Brexit plans:

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  • Russian foreign minister Lavrov says U.S. diplomats in Russia have engaged in espionage, at times disguising themselves, according to Reuters.

    He has also said U.S. intelligence agencies have tried to recruit senior Russian diplomats.
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  • Major European indexes slowly opening in red this morning struggling to make gains:

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  • British American Tobacco has agreed to acquire the remaining 58 percent of Reynolds that it does not already own for 49 billion dollars. 

    The per-share price represents a premium of more than 26 percent to Reynold's closing price on October 20, the day before BATs launched its public proposal. 

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  • These are the best and worst performers on the Stoxx 600 following the market open.

    Rolls Royce shares are at the top of the index after the company forecast profits ahead of expectations and settled a probe into bribery and corruption.

     
     

    1 of 2

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  • Eni, the Italian oil company, says it has made a new discovery in the Norwegian Sea.

    The size of the discovery is estimated to be between 70 and 200 million barrels of oil.

    Eni shares are up marginally so far. Over 12 months, the company's shares are up more than 23 percent.

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  • Ukraine "hopes and trusts" it will continue receiving U.S. financial and military support under the Trump administration, Finance Minister Oleksandr Danylyuk said, even if the incoming president boosts ties with Russia.  

    Republican Donald Trump, who will be inaugurated on Friday, has promised to thaw relations with Moscow and is widely expected to push to dismantle sanctions imposed in 2014 over Russia's annexation of Crimea and its support for pro-Russian separatists in eastern Ukraine. 

    That's according to Reuters.

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  • Austrian Finance Minister Schelling says not clear how Article 50 works, how negotiations will take place. "In my opinion, we need give years to negotiate." That's according to Reuters.

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  • Mediaset shares are trading lower, after reports surfaced in the Italian media suggesting that regulators would block a potential takeover of the firm by Vivendi. Mediaset shares rallied strongly after Vivendi began beefing up its stake in the firm in December.  


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