World Markets Live - July 24 - CNBC Live Events

CNBC Live Events

World Markets Live - July 24

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

    Wal-Mart's British supermarket arm Asda is eyeing a £4.4 billion takeover of discount retailer B&M European Value Retail. That's according to the Sunday Times.
    The newspaper says Asda is in the early stages of assessing a bid for B&M. Asda has suffered a decline in sales amid increased competition from German discounters Aldi and Lidl. 
    Candy maker Ferrara is reportedly preparing to bid for Swiss food group Nestle's U.S. candy business. That's according to Reuters.
    The deal would add Butterfinger and Baby Ruth candy bars to Ferrara's offerings, which now include candies like Lemonheads and Now & Later.
    Nestle has said it would explore a possible sale of its U.S. sweets business, which has been valued at between $1.5 to $2 billion.
    Britain's trade secretary Liam Fox is in Washington to meet with U.S. officials to discuss a post-Brexit trade deal. This after Fox said he supports a transitional agreement of about two years, to ease Britain's departure from the European Union.
    Speaking on the BBC, Fox said a transition deal would help businesses making investment decisions. But he added that it would have to end before the U.K.'s next election in 2022.
    Peter Trubowitz, professor at the London School of Economics, says it’ll be a big challenge for new White House communications director Anthony Scaramucci to sort out President Trump’s communication issues.
    He got off to a good start yesterday. He was very aggressive on TV in the U.S. He’s said today he’s going to hold a meeting with everybody in the White House and is going to clamp down on leaks from the White House and put the screws to everybody.
    Trubowitz predicts Trump's first big win will probably be on tax reform as it's possible he'll get something there.
    ECB board member Yves Mersch is speaking at the Bank Negara Malaysia Monetary Policy Conference. He says as conditions normalise, it is unlikely that conventional policies will remain necessary, according to Reuters.
    Mersch says the development of global value chains is facilitated by technology which could potentially change the influence of global inflation factors on domestic inflation. He says technological changes may lower the NAIRU (non-accelerating inflation rate of unemployment).
    A car bomb in the Afghan capital of Kabul has killed at least 35 people, according to Reuters citing an Afghan government official. The bomb blast occurred earlier today.
    Ryanair has posted a 55 percent increase in first quarter net profit, beating expectations. The results were boosted by stronger bookings during the Easter period. However, the Irish carrier expects fares to fall by up to 9 percent in the second quarter. 

    Ryanair also says it could be forced to cancel flights from April 2019, if uncertainty around the Brexit talks continues. 
    Revenue in Q1 was 1.91 billion euros, with net profit of 397.1 million euros. The number of customers increased to 35 million versus 31.2 previously.
    European markets are now open. The Stoxx 600 is moving to the upside at the start of Monday's session.
    This after the index finished Friday's session down 1 percent.
    The Stoxx 600 is broadly flat at the start of trade, up just 0.08 percent.
    The individual European bourses are more mixed.
    The European Commission could be investigating collusion among Germany's top automakers following a report in Der Spiegel that BMW, Volkswagen, Audi and Porsche may have worked together to fix the prices and designs of diesel emissions treatment systems.
    Shares in the automakers are falling to multi-month lows, following on from Friday's losses.
    BMW published a statement in relation to the allegations.
    Several companies have reported earnings today. Here are the stocks moving markets:
    • Reckitt Benckiser is raising its interim dividend by 14 percent despite reporting a one-percent decline in revenues for the first half of 2017.The company's sales were hit by last month's global cyber-attack, which disrupted operations at many of its factories. Reckitt Benckiser is in the midst of a strategic overhaul, having agreed to sell its UK food division to McCormick and Co last week. 
    • Philips is launching a 1.5 billion euro share buyback program. The move comes as the company posted a 36 percent rise in second quarter net profit. The company's outlook for this year remains unchanged, despite continued volatility in markets where it operates.
    • Ryanair has posted a 55 percent increase in first quarter net profit, beating expectations. The results were boosted by stronger bookings during the Easter period. However, the Irish carrier expects fares to fall by up to 9 percent in the second quarter. Ryanair also says it could be forced to cancel flights from April 2019, if uncertainty around the Brexit talks continues.
    • Swiss private bank Julius Baer reported 6 percent AUM growth during the first half of 2017. The figure rose to 355 billion Swiss francs. That comes roughly in line with analyst forecasts. The group also saw adjusted net income making a greater jump than forecasters predicted.
    Biosearch reports first half profit before tax of 500,000 euros. The company reports EBITDA is down 6.5 percent to 1.6 million euros versus a year ago.
    Net sales during H1 was 11.3 million euros versus 10.9 million euros a year ago.
    Growth in Japan's manufacturing activity slowed to an 8-month low, preliminary figures show. Flash PMI dipped to 52-point-2 in July, as export demand stagnated.
    But optimism in the outlook remains, with the index measuring expectations for future output rising to 63. That's the highest since IHS Markit began collecting the data five years ago.
    The yen was strengthened by the results, rising against the euro, dollar and sterling.
    Eurozone flash PMI readings for July came in today, generally weaker than expected. The composite PMI disappointed by declining to 55.8 points.
    Manufacturing confidence retreated, according to Barclays' analyst Apolline Menut.
    Within composite PMIs, new orders and output expectations dropped, easing operating capacity pressures (backlog of works were at the lowest level since February 2017). The composite fall was driven by the manufacturing sector (output down 1.8 points to 56.9), and in particular by moderation in Germany, while services sentiment remained stable at 55.4. But both sectors recorded weaker forward-looking components, suggesting that confidence should moderate further from the multi-year high levels recorded earlier in the year.
    We think this is consistent with our view that growth will slow a little to 0.4 percent q/q in Q3, after 0.6 percent q/q in Q1 and 0.5 percent q/q in Q2.
    Menut added that Barclays expected confidence to improve in the peripheries, such as Italy, Spain and Ireland. This will be driven by a rebound in services, while manufacturing sentiment should be broadly unchanged.
    The UAE energy minister says global oil demand is expected to rise in the second half of 2017. That's according to Reuters citing Sky News Arabia TV.
    Minister Suhail Mohammed Faraj Al Mazroui says it is too early to talk about an additional cut in oil output. He says any increase in shale oil output in the short term would hurt the oil market.
    Mazroui in 2016
    Oil prices have recovered from earlier losses and are now trading in positive territory.
    Trump's son-in-law Jared Kushner says he did not collude with any foreign government. He says he had no "improper contacts".
    He has provided details on his meeting with Russians during the campaign and transition. He says he did not suggest a secret back channel with Russia and says he does not recall a phone call with the Russian ambassador Kislyak.
    The next FOMC meeting starts tomorrow and ends Wednesday with a statement.
    An announcement on balance sheet reduction could well be made but there is some suggestion this might actually be dollar negative as traders view the move as a dovish alternative to any rate reduction.
    One beneficiary over the Fed's rhetoric may be gold as it typically moves inversely to the dollar.
    Gold has been rising of late as political uncertainty in the United States rises over unanswered questions surrounding the current administration's connections with Russia. 
    Just a few minutes out from the open of US equity trade and the main market movers are probably among this bunch:

    Early movers: WBMD, KKR, HAS, CALM, HAL, VFC, CAT & more

    CNBCSome of the names on the move ahead of the open.
    • Saudi Arabia says its exports falling
    • Riyadh says some in OPEC lag over compliance
    • No curbs planned for Libya

    OPEC moves to cap Nigerian oil output, boost compliance

    CNBCOPEC moved on Monday to cap Nigerian oil output and called on several members to boost compliance with production cuts to help clear excessive global stocks and support flagging prices.
     The main movers on the Dow Jones Industrial Average index.
    European markets offering a mixed picture as they stomp towards their close of business.
    Auto stocks were under pressure after reports that the EU is investigating alleged collusion between German car-makers on technology.
    New data from France and Germany suggest a slight slowdown in euro zone economic activity.
    Time to take to the skies?
    Boeing is predicting that the airline industry will need more than 1.2 million pilots and technicians over the next 20 years. 
    The U.S. firm break sit down into 637,000 new commercial airline pilots and 648,000 technicians.
    It also highlights a need for 839,000 cabin crew members. 
    The press release is here
    The Global Chief Investment Strategist for BlackRock has announced that the firm is overweight Japanese equities.
    Richard Turnill says the investment is currency hedged in the case of non-Japanese investors.
    European markets have closed for the day with only French stocks keeping their head above water among the major indexes.
    Tomorrow we'll see European earnings from Logitech, Randstad, AkzoNobel, Norsk Hydro and Virgin Money among others.
    In the United States, we have 3M, Caterpillar, DuPont, Eli Lilly, GM, McDonald's, AT&T, Chipotle, and US Steel.
    On the data front we'll have German IFO, and in the UK Nielsen publishes latest supermarket share figures.
    Be sure to join World Markets Live from 06:00 BST for all the latest live blog, CNBC, business news, real time events, views and gossip.
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