World Markets Live - July 6 - CNBC Live Events
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CNBC Live Events

World Markets Live - July 6

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

    World needs to work together as G-20 deadline for economic growth goal looms, says Angel Gurria

    Encouraging constructive collaboration on a range of topics is key for the OECD secretary general.
    German industrial factor orders data disappointed today, coming in at 1 percent in May, below the consensus forecast of 1.9 percent. 
     
    Tomasz Wieladek, analyst at Barclays, says domestic orders were the largest drag on orders.
     
    Foreign orders rose by 3.1 percent m/m. Foreign orders were mostly driven by orders outside the euro area, which rose by 4.0 percent m/m, while euro area orders just rebounded by 1.7 percent m/m. This confirms our view that the German economy remains highly export dependent, and hence highly vulnerable to any Brexit-related slowdown in the UK or US protectionism. 

    Factory orders are the most reliable leading indicator of future industrial production. Their relatively weak performance in Q2 so far points to a weakening in Q3 17 GDP growth, consistent with our view that growth will slow to 0.4 percent q/q in Q3 and Q4 17, after 0.5 percent q/q in Q2 17. 
    ECB's Praet says maintaining a steady hand continues to be critical to fostering a durable convergence of inflation towards our monetary policy aim. Praet says the solid upswing continues to broaden across sectors and countries.
     
    Praet further adds recent survey data points to a strong start to the second quarter. That's according to Reuters.
    UK says it summoned North Korea Ambassador on Wednesday to condemn missile launch. That's according to Reuters.
    Qatar Airways Chief Executive Akbar al-Baker said on Thursday the Doha-based carrier would soon start buying shares in American Airlines "depending on the share price." That's according to Reuters.

    The state-owned company notified American Airlines last month that it was interested in buying up to 10 percent of its shares.
     
    Al-Baker told reporters in Dublin that Qatar Airways would buy up to 4.75 percent, despite a cool response given last month by the American Airlines CEO to its plan, once it has regulatory approval.
    U.S. President Donald Trump described Poland as an exemplary ally in building defences to counter Russian "destabilising behaviour", while appearing to encourage Polish defiance towards the European Union.

    Trump, en route to a potentially fractious G20 meeting in Hamburg, Germany, urged western NATO allies in Europe to spend more on defence, drawing a comparison with Poland which meets the agreed target of two percent of annual economic output.

    The brief visit to Warsaw was billed as an opportunity for him to patch up relations with European allies after a tense alliance summit in May.
    Trump said the United States and Poland shared similar values.
    We've discussed our mutual commitment to safeguarding the values at the heart of our alliance: freedom, sovereignty and the rule of law, he said in a joint press conference after meeting Polish President Andrzej Duda.
     
    We are working with Poland in response to Russia’s actions and destabilizing behaviour. And we are grateful for the example Poland has set … by being one of the few nations that actually meets its (NATO’s) financial obligations.
     
    U.S. Federal Reserve members were split on the inflation outlook and how to factor it into the timing of future interest rate hikes. That's according to minutes from the FOMC's June meeting released yesterday.
     
    Michael Moran, from Daiwa Capital Markets America, says the minutes provided some insight into the timing of future monetary policy decisions.
     
    U.S. Federal Reserve members were split on the inflation outlook and how to factor it into the timing of future interest rate hikes. That's according to minutes from the FOMC's June meeting.
     
    “Several” meeting participants wanted to announce the start of the process in a “couple of months,” implying an announcement in September. Others wanted to wait some time in order to better assess the economic and inflation outlook, but even the group that wanted to delay saw the announcement occurring later this year.
     
    Thus, the start-date and the beginning of balance sheet normalization seem almost certain this year. We’re favoring an announcement in September and the beginning of the effort in October.
    The U.S. jobless claims rose 4,000 to 248,000 in the week to July 1. Continuing claims rises 11,000 to 1,956,000. The previous week's jobless claims number of 244,000 was unrevised.
    U.S. stock market futures remain weaker following the rise in jobless claims and the weaker-than-expected ADP payrolls number.
     
     
     
     
    The U.S. May trade deficit narrowed to $46.51 billion from April's revised deficit of $47.59 billion. The consensus forecast was for the deficit to fall to $46.2 billion.
     
    May exports rose 0.4 percent to $192.03 billion. Imports declined 0.1 percent to $238.54 billion.
    Markets in Europe are trading lower as investors digest comments from President Donald Trump and focused on minutes from key central banks.
     
     
    Oil rose on Thursday, recovering some ground after a surprisingly upbeat picture of U.S. demand halted the previous day's steep slide, although the prospect of oversupply in 2018 has prompted yet more analysts to cut their price forecasts.

    Brent crude futures were trading up 74 cents, or 1.6 percent, at $48.53 per barrel by 8:14 a.m. ET.
     
     
    U.S. markets are now open for trading with all three indexes moving south as tech stocks fall and investors digest Fed minutes:
     
     

    US stocks open lower as big tech stocks fall

    CNBCU.S. stocks opened lower on Thursday as a fall in the technology sector dragged down the broader market.
    Moody's says global policy uncertainty has eased in some areas since the start of the year, diminishing the threat to growth. The ratings agency says in Europe, risk of another major European economy leaving EU is no longer immediate concern with election of Macron as President of France. 
     
    Moody's further adds that the risk to global trade and economic growth from a pursuit of protectionist policies in the US also seems to have diminished for now. That's according to Reuters.
    European stocks are now closed for trading. The pan-European Stoxx 600 has closed sharply lower as investors eye the G-20 meeting. Here's a look at the performance of Stoxx 600 today:
     
     
     
     
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