World Markets Live - July 4 - CNBC Live Events

CNBC Live Events

World Markets Live - July 4

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

  • New Jersey Governor Chris Christie caused quite a stir on social media after pictures of him on a closed beach surfaced on Monday.
    The state had shut down the beach but photos from the Star Ledger newspaper showed Christie soaking up some sun with friends and family.
    Click or tap the arrows to change photos.
  • These are the top stories for the hour.
    • European stock markets are lower, but M&A boosts a few individual names. Among them, Germany's Stada, after the generic drugmaker says it could get a renewed bid from private equity players Bain Capital and Cinven.
    • Santander slips, as it launches its cash call, pricing the rights issue at a 19 percent discount to its closing price yesterday, as it looks to fund the takeover of Banco Popular.
    • Argos delivers for Sainsbury's as the U.K. retailer reports like-for-like sales ahead of forecasts, while cost-cutting improves its bottom line.
  • The German DIHK Chamber of Commerce says it expects German exports to Britain to fall 5 percent in 2017, but sees exports to the U.S. rising 7 percent.
    The Chamber says the EU-Japan free trade deal would be of real elementary importance for the German economy due to the impact on world trade.
  • Marilyn Watson, Head of Global Fundamental Bond Product Strategy at Blackrock, says the obvious trade for investors is to go underweight on government bonds.
    Particularly in the euro zone, we’re short duration, short bunds, short France. In the U.K. at the moment we’re pretty neutral given where markets are at the moment. We do like credit, so we think that’s going to continue to perform well, particularly in the rising rates environment.
  • Norway's sovereign wealth fund has acquired a 49 percent interest in 1101 New York Avenue NW in Washington, D.C.
    This is a joint venture with Oxford Properties Group. The wealth fund is investing $190.8 million in the stake, valuing the property at $389.3 million. 
    This follows on from yesterday's announcement that the fund had invested in 900 16th Street,  Washington, D.C.
  • A wave of erroneous market data appeared on several finance sites during the early hours of Asian trade. Yahoo Finance, Google and others incorrectly displayed the prices for a number of Nasdaq-listed stocks as being $123 and 47 cents, including Amazon and Microsoft.
    Nasdaq tells CNBC that the problem happened because of test results wrongly distributed by third party finance sites. Google said it's looking into what caused the error. Yahoo didn't immediately respond.
  • Worldpay Group PLC confirms its has received a preliminary approach from Vantiv and JP Morgan Chase Bank in relation to a potential acquisition.
  • Worldpay shares are trading up more than 11 percent, rising sharply after it announced it has been approached by Vantiv and JP Morgan Chase in regard to a potential takeover bid.
  • U.K. June construction PMI dipped to 54.8 points versus May's 56.0 points. This was below Reuters forecast of 55.0 points.
    There's little sterling reaction to the PMI data. The currency is broadly flat against the dollar.
  • The Bank of England says it is requesting evidence from consumer credit provider that they are properly protected against losses.
    Lenders must show their credit scoring is adequately capturing medium-term risk, and must show evidence on nine other areas of potential risks from consumer credit lending.
    The firms have until September to show that they are adequately protected against consumer credit risk. 
  • Germany's interior minister says Russia is likely to seek to influence the German election in September, according to Reuters.

    The minister says data taken during the hack of the German Parliament in 2015 could surface in the weeks before the election.
    Meanwhile, Turkey's defence minister says the country will cooperate with France and Italy on a national missile defence system project, according to TRT Haber.
  • Sterling dipped to a six-day low of $1.2918 following the U.K. construction data. it has pared losses back to $1.2922.
  • North Korea launched what it claimed to be its first successful inter continental ballistic missile Tuesday morning, just days before the G20 summit in Germany. 
    Reporter Makiko Utsuda said the Japanese government confirmed that a missile was launched from North Korea’s western coast and flew for approximately 40 minutes before falling into the sea of Japan.
    She said the range and altitude achieved by the rocket is significantly higher than previous missiles test and shows how far North Korean technology has advanced.
  • European commission president Jean-Claude Juncker expressed his frustration with the EU this morning during a plenary session review of the Maltese presidency earlier this morning.
    The European parliament is ridiculous, really ridiculous. I salute the MEPs who bothered to be here. But the fact that only 30 MEPs sit in this debate shows sufficiently that the Parliament is not serious, I wanted to say it today. If Mister Muscat was Ms Merkel it’s unimaginable, or Mister Macron, we would have a full house. Parliament is totally ridiculous.
    Watch the clip here.
  • Sticking with the Fourth of July theme, celebrations of American culture are taking  place across the world this Independence Day. To this end, Major League Baseball has set-up a baseball experience in London's Hyde Park, as it seeks to raise the sport's profile in Europe.
    Charlie Hill, managing director of MLB Europe and Shawn Green, MLB All-Star, spoke to CNBC’s Tania Bryer about raising the sport’s popularity in the U.K.
    Hill had this to say.
    We’ve had huge success growing the sport in Asia and in Latin America, and the new commission has been really clear it’s now time to focus on Europe.
    Shawn Green said this was the first time he’d been out of North America during Independence Day.
    I’ve been in Toronto for a long time but they have July 1st Canada Day. This is a little bit different but at least I’m here at an American restaurant and I’m going to be playing an American sport.
  • Germany's Interior Minister earlier express fears that Russia  is likely to try and influence the upcoming election in September, after their efforts to influence the U.S. and French elections.
    However, the head of Germany's domestic intelligence agency says they have no reliable evidence that Russia was behind recent cyber attacks.
  • Russian Defence Ministry says North Korea Missile launch posed no threat to Russia and was an intermediate range. That's according to Reuters citing RIA.
  • The missile launched by North Korea on Tuesday was an intermediate-range ballistic one and presented no threat to Russia, RIA news agency quoted Russia's Defence Ministry as saying.

    The missile reached an altitude of 535 km (334 miles) and flew around 510 km before falling in the central part of the Sea of Japan, the ministry said, citing its data.

    North Korea said on Tuesday it had successfully test-launched an intercontinental ballistic missile (ICBM), adding that it flew 933 km reaching an altitude of 2,802 km (580 miles) over a flight time of 39 minutes
  • Sterling edged down on Tuesday after a survey of Britain's construction sector showed growth cooling in June, adding to signs that the economy might be struggling to gain momentum after a slow start to the year.

    The pound, which at the start of the week was trading less than half a cent away from nine-month highs on bets the Bank of England could raise interest rates by the end of the year, dipped to a six-day low of $1.2918 after the data.
  • A spike in bond yields and a clear change of direction from central banks means there isn't a lot of value in global bond markets, a fund manager told CNBC on Tuesday.
    There isn't a lot of value, to be honest (in the bond market), James Athey, global fund manager at Aberdeen Asset Management, told CNBC.

    There’s no value left in the bond markets, fund manager says

    CNBCA spike in bond yields and a clear change of direction from central banks means there isn’t a lot of value in global bond markets, a fund manager told CNBC on Tuesday.
  • European markets were lower Tuesday morning as international relations came under pressure and oil prices slipped, halting a run of eight straight days of gains.
  • Gold sentiment among Western investors retreated in June from May's 5-month high, falling as prices whipped higher and then lower while global stock markets set new record highs.
    Users of BullionVault – the largest online market for physical precious metals – cut their total gold holdings for the third month running.
    New interest was also weak, with the number of new users in both the US and Eurozone again setting the lowest monthly level since gold bottomed at 6-year lows in December 2015.
    Across June as a whole, the number of people starting to invest or growing their holdings slipped 8.4% from the previous month. The number of net sellers rose 19.3% from May's 8-month low.
    The developments saw the Gold Investor Index – a unique measure of private sentiment towards physical bullion – drop to 54.1 from May's level of 55.3, the highest reading in 2017 so far.
    Source: BullionVault
  • France has the right to bring criminal charges against Uber for running an illegal taxi service, the European Union's (EU's) top court said on Tuesday.

    Criminal law proceedings were brought against Uber in France in 2016 when a court in Lille said that the U.S. company was guilty of running an illegal transportation service. The court was referring to UberPop which puts passengers in touch with non-professional and unlicensed drivers.

    Uber has argued, however, that the proceedings were based on a law which concerns an "information society service" or more broadly an internet company, and therefore required that the European Commission, the EU executive, should have been notified.

    Uber suffers fresh blow as EU court says France had a right to charge execs over illegal service

    CNBCUber tried to appeal the criminal charges on an EU law technicality, which the ECJ didn't agree with.
  • Russian President Vladimir Putin and U.S. President Donald Trump are to meet in Hamburg on July 7. That's according to Reuters citing IFAX
  • Saudi Arabian Airlines expects U.S. laptop ban to be lifted no later than July 19. That's according to Reuters citing the State News Agency.
  • Daiwa Capital Markets analyses Japanese markets and BOJ's monetary policy:
    While the BoJ seems likely to maintain an upbeat assessment of the economic outlook when it meets later this month, today’s survey adds to evidence to suggest that it should be more cautious in its inflation outlook. Of course, given the potentially negative impact of the BoJ revising down its CPI forecast on near-term inflation expectations any amendments seem likely to be minimal, with Kuroda likely to maintain the (somewhat unrealistic) expectation that the 2% target will be met some time in fiscal year 2018. But with our expectation that core inflation might well struggle to break above 1%Y/Y over coming years, we also expect Kuroda to reiterate that the debate an exit strategy would occur only after 2% inflation has been achieved and maintained on a stable basis. And so, we continue to not expect monetary tightening this year and given the inflation outlook tightening in 2018 would also seem inadvisable. 
  • We will be closing the blog early today since U.S. markets are closed today due to Independence Day stateside. But we will leave you with a screenshot of how European markets are trading today:
  • And that's all from us here at World Markets Live. Join us tomorrow from 0600 London time for a full day blog with analysis, breaking news and more. Till then, have a great day and Happy July 4th to our readers stateside.
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