World Markets Live - March 17 - CNBC Live Events
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World Markets Live - March 17

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

  • Happy Friday. Our headlines this morning:

    • British intelligence officials say allegations it helped the Obama administration wiretap Donald Trump are 'nonsense', as White House Press Secretary Sean Spicer defends the President's claim.
    • U.S Treasury Secretary Steve Mnuchin and German Finance Minister Wolfgang Schaeuble say they've made a good start on trade talks but the 'America First' agenda continues to loom large ahead of the G20 meeting. 
    • Saudi Arabia's oil minister Khalid Al-Falih tells CNBC that producer nations are sticking to their quotas well, but recognizes the steep learning curve for certain economies more dependent on oil revenues.
    • Investors get that warm feeling from Canada Goose as the stock soars 25 percent on its first day of trading in New York. 


    Comment ()
  • A reminder of how things closed in the U.S. last night


    Little market moving news expected today after the Fed meeting and Trump's budget blueprint was released last night. The weekly Baker Hughes rig count later could move oil, however.

    Focus will now switch to the G-20 finance ministers meeting Friday and Saturday in Germany. 
    Comment ()
  • Angela Merkel is due to meet President Trump in Washington today. 

    It's the first meeting for the two leaders, who have been on the opposite sides of many issues -- from trade to immigration, and Russia to NATO. The German chancellor says she is looking forward to the visit, telling a German newspaper "It's always better to talk with each other than about each other."



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  • Finance ministers and central bank governors from the G20 nations are meeting today and tomorrow in Baden Baden, Germany. They intend to call for the protection of free trade, according to a draft communique seen by Reuters. 

    In a press conference yesterday, Steve asked Treasury Secretary Steven Mnuchin about U.S> accusations that Germany was unfairly benefiting from a lowly valued euro.

    Here is the transcript of his response:

    We've had a very productive discussion today about trade and our objective to get to more balanced trade agreements and how we can do that, that's good for us and good for other people and that is really our focus. The President does believe in free trade but he wants free and fair trade and I think as we've said we have certain agreements around the world that potentially looked to be renegotiated we'll do that. 

    As it relate to the euro, just as I don't comment on the specifics of the dollar I'm not gonna make specifics on the euro although I would comment the euro is obviously a currency that is used by many countries and is impacted by many aspects so it is a very different situation than when you have a single currency controlled by a single country.
     

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  • Saudi Energy Minister Khalid al-Falih says relations between his country and the United States have never been better, and the two nations are fully aligned in confronting Iranian aggression. 

    There was a rocky relationship between the Kingdom and the Obama administration, which negotiated a nuclear and trade deal with rivals Iran.

    al-Falih said he had a frank discussion with OPEC partners about trimming oil production and added that production cuts are a learning process for some countries. 

    He said he was determined to achieve a re-balancing of supply and demand in the market.

    Meanwhile, oil prices are showing little price action early in the Friday session. 




    Comment ()
  • President Donald Trump's first budget outline has not pleased Democrats and even some Republicans.

    Trump has proposed deep cuts to diplomatic and foreign aid programs. Domestically, cuts to some services have seen onlookers point out that Trump is harming many whom he might consider as hardcore supporters.


    The blueprint breaks down like this:



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  • Donald Trump revealed his first budget blueprint Thursday. 

    NBC News' Jay Gray has more details. Click or tap play.

    by david.reid

    Comment ()
  • The leaders of the bi-partisan Senate intelligence committee have said they see no evidence to support President Trump's allegations that his predecessor wiretapped Trump Tower. 

    NBC's Hallie Jackson has the details. Click play to hear the details.

    by david.reid

    Comment ()
  • Asian markets traded sideways on Friday, following a flat to lower close on Wall Street, in a light regional data day.

    Japanese benchmark Nikkei 225 fell 0.35 percent on Friday morning. 

    Australia's ASX 200 added 0.22 percent, buoyed by its gold sub-index, which was up strongly.

    In South Korea, the Kospi was up as the won weakened against the dollar.


    Secretary of State Rex Tillerson heads to Seoul today, as part of his visit to Asia. Tillerson said on Thursday in Japan that part of his visit was to find a "new approach" to deal with threats from North Korea.


    Comment ()
  • Shares in social media company Snap closed below 20 dollars for the first time since the company's listing. 


    The move lower came after the firm was hit with yet another 'sell' rating on its stock. However, the company's shares are still trading above their IPO price of 17 dollars. 


    Comment ()
  • The SNP says it will challenge the UK government's move to block a second Scottish independence referendum from taking place before the end of Brexit negotiations. The Scottish National Party is petitioning to hold the vote in late 2018 or early 2019. 

    However, the UK prime minister has muddied the waters by telling media that 'now is not the time for an independence referendum'.

    Scottish National Party leader and Scottish First Minister Nicola Sturgeon responded by stating May is ignoring the democratic rights of Scots.

    I have a mandate to give people in Scotland a choice and it is simply undemocratic for a party with one MP in Scotland to seek to stand in the way of that. I think if the Conservatives continue to hold to that position then they will rue the day.
     
     
     

    Scottish leader Nicola Sturgeon 

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  • Our headlines at this hour:

    • British intelligence officials say allegations it helped the Obama administration wiretap Donald Trump are 'nonsense', as White House Press Secretary Sean Spicer defends the President's claim.
    • U.S Treasury Secretary Steve Mnuchin and German Finance Minister Wolfgang Schaeuble say they've made a good start on trade talks but the 'America First' agenda continues to loom large ahead of the G20 meeting. 
    • Saudi Arabia's oil minister Khalid Al-Falih tells CNBC that producer nations are sticking to their quotas well, but recognizes the steep learning curve for certain economies more dependent on oil revenues.
    • Investors get that warm feeling from Canada Goose as the stock soars 25 percent on its first day of trading in New York. 



    Comment ()
  • Scotland could abandon a currency union with the rest of the United Kingdom if the country opts for independence. 

    That statement from former SNP leader Alex Salmond in an interview with the Financial Times.
    Comment ()
  • Angela Merkel is due to meet President Trump in Washington today. It's the first meeting between the two leaders, who have been on the opposite sides of many issues -- from trade to immigration, and Russia to NATO. The German chancellor says she is looking forward to the visit, telling a German newspaper "It's always better to talk with each other than about each other."
    Comment ()
  • Chris Watling, CEO at Longview Economics is on set as guest host and has talked about future U.S. economic plans and trade.


    Watling says the finance ministers of the United States and Germany won't agree very much today on issues over trade. It will simply be a meet and greet.

    On the subject of a border adjustment tax, not necessarily favored by the White House, Watling says that could push the dollar up.

    He says despite an apparent lack of will, the United States could go ahead and shock markets anyway with a border adjustment tax.


    I think the border tax adjustment tax isn't being thought hard enough about by markets. It is a critical issue for markets. I dont think they understand it and yet, it might just happen.
     
     
     

    Comment ()
  • European markets are expected to open lower as they take a breather from hitting record highs during Thursday's trading.

    Investors are set to be mainly focused on politics with finance ministers and central bank governors of the G-20 gathering in Germany. 

    Meanwhile, German Chancellor Angela Merkel is due to meet U.S. President Donald Trump in the U.S. 

    This will be their first meeting after accusations from the U.S. administration that Germany manipulates the euro to take advantage when trading with its foreign partners.


    Comment ()
  • Chris Watling, CEO at  Longview Economics says he has been "saying for months" that the next move by the Bank of England will be to raise rates.

    The U.K. economy is fine. Article 50 is a sideshow. 
     
     
     
     Watling argues that sterling is cheap and attractive.


    In session, sterling has taken a leg down.
     
     
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  • Former Barclays CEO Bob Diamond has teamed up with the Qatari Investment bank Q-Invest to buy brokerage firm Panmure Gordon for a deal valuing the company at around £15.5 million pounds. 

    The deal, led by Diamond's private equity firm Atlas Merchant Capital, marks his first return to a City firm since he departed Barclays in 2012. 

    The return of Bob Diamond  

    Comment ()
  • It is St Patrick's Day so I hope that you get a chance to raise a glass of the black stuff. This story outlines stocks that typically do well on Ireland's big day.

    Stocks for your St. Patrick's Day portfolio

    CNBCCNBC runs a sliderule over some the country's companies to see which companies should be included in your St. Patrick's Day portfolio.


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  • Rusal has swung back into profit, reporting a net profit of $645 million in the fourth quarter. The Russian miner posted EBITDA above expectations, helped by a recovery in metal prices.


    Live on air from Moscow is Rusal CFO, Alexandra Bouriko. She says the firm is out to repeat the performance in the next quarter.


    Bouriko says in China production of aluminum is matching consumption and the market should achieve balance across 2017.


    She says Beijing efforts to address pollution is helping to curb excess Chinese supply.

    On U.S. infrastructure she says demand for Rusal's aluminum should continue:

    We certainly have a great expectation of growth of from North America it grew 3 percent in 2016 and we expect it will grow further in 2017 driven by transportation as well as construction.

    But we also have a good reliance on other sectors including Europe and Asia excluding China.
     


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  • The wiretapping scandal has escalated on both sides of the Atlantic. British intelligence officials have vehemently denied claims by the White House that Donald Trump was being surveilled by GCHQ during his presidential campaign. 

    The agency issued an unusually candid statement, in which it called the allegation "utterly ridiculous.
    " This after Trump's press secretary Sean Spicer cited a Fox News legal analyst, who claimed President Obama spied on Trump via British intelligence. 



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  • Lesetja Kganyago, Governor, South African Reserve Bank joins us live from the G20 summit in Baden Baden to discuss the global economy:
    The Fed rate hike for us was a question of when the rate hikes will take place rather than when they will take place. It was in 2013 when the Fed indicated that rates will be going up sometime that markets were taken by surprise. I think the communication was bad but since then the Fed has communicated in a very consistent manner.  
     
     
     
    Protectionism is not good for anyone. When protectionism takes place and comes from the  larger economies. What you might have is other economies giving rise to protectionism.
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  • European markets are now open for trading with the pan-European Stoxx 600 opening slightly lower, down 0.30 percent:
     
     
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  • European indexes have taken a breather from hitting record highs on Thursday as stocks trade lower:
     
     
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  • Let's take a look at the best and the worst performing stocks this morning. Berkeley Group is up more than 3 percent this morning, sitting at the top of Stoxx 600. Meanwhile, Nordea is down 6 percent this morning:
     
     
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  • Former Barclays CEO Bob Diamond has teamed up with the Qatari Investment bank Q-Invest to buy brokerage firm Panmure Gordon, in a deal valuing the company at around 15 and a half million pounds. The deal, led by Diamond's private equity firm Atlas Merchant Capital, marks his first return to a City firm since he departed Barclays in 2012. 
     
     
    Comment ()
  • French prosecutors have opened a preliminary corruption investigation into Airbus. The probe will centre on allegations of fraudulent practices related to selling planes and arranging aircraft financing. The UK's Serious Fraud Office is already investigating the aircraft manufacturer for possible corruption and bribery. The aerospace firm said it planned to "cooperate fully" with the new investigation. 
     
     
    Comment ()
  • Italian utility firm Enel posted a 12 percent rise in net profits for full-year 2016, in line with analyst estimates. The company raised its dividend to 18 euro cents a share, up from 16 euro cents. Enel confirmed its financial targets for 2017. 
     
     
    Comment ()
  • Deutsche has announced that it's putting forward two new candidates to its supervisory board. However it's not all change at the top, Paul Achleitner has been nominated to serve another 5-year term as the bank's chairman. His nomination will be put to a vote at Deutsche's forthcoming AGM. 
     
     
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  • European profits are recovering for pretty much the first time in 7 years.
     
     
     

    Nick Nelson, Head of European Equity Strategy of UBS says with the macro picture also improving, there is some justification in the rise of European stocks in 2017.

    Nelson says construction, autos, and energy are all areas that could reap most rewards for investors hunting for gains.


    With him in the conversation Chris Watling, CEO, Longview Economics believes we are in the final throws of a cyclical bull market but there is "at least a year to go" due to the continued existence of cheap money.

    Comment ()
  • E.ON has raised 1.35 billion euros from a share placement, as it looks to strengthen its balance sheet after posting a record loss earlier this week. The German utility declined to disclose the price it obtained for the 200 million new shares it issued.
     
     
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  • Let's take a look at the Stoxx 600 sectors this morning. There is very little green across the board today. Insurance, up 0.3 percent is the best performing sector this morning, while autos is the worst performing sector this morning, down 1.3 percent
     
     
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  • Shares in Tullow Oil down 12 percent, set for worst drop since June 2016:
     
     
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  • U.S. Secretary of State Rex Tillerson says North Korea has conducted nuclear, missile ties in return for U.S. aid. He says policy of strategic patience has ended. 
     
    Tillerson has also said the U.S. will develop a comprehensive set of capabilities to counter North Korea's missile threat. 
    Comment ()
  • Nick Nelson, Head of European Equity Strategy of UBS says political risk continues to exist for Europe but what that means for reality is what that means for risk assets rather than growth.

    You could see some left-wing governments in Europe and that might bring some fiscal spend.
     
     
     

    On the U.K., Nelson says the post-Brexit landscape has proved surprisingly positive but there are some indicators that a slowdown might be coming for the economy.

    Nick Nelson, Head of European Equity Strategy of UBS 

    Chris Watling counters that the U.K. data is not convincingly soft and that the consumer in the country still has firepower.

    He, therefore, advises buying consumer stocks.

    Comment ()

  • Bank stocks in Europe are out-performing, on the back of higher bond yields. 

    The move is potentially also supported by news the Federal Reserve is easing merger rules for the sector. The central bank is lifting the threshold for extensive regulatory review to 100 billion dollars from 25 billion. Consolidation remains a key concern for European financials as they look for ways to shore up their balance sheets in a low-rate environment. 


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  • Here are your top headlines at this hour:
     
    • Trade trouble dominates the G20 agenda after U.S Treasury Secretary Steve Mnuchin and German Finance Minister Wolfgang Schaeuble say they've made a good start, but 'America First' still looms.
    • The ECB's Ewald Nowotny sparks a bond yield rally with talk of a rate hike, while a new set of Fed rules also supports banking stocks in a move that could ease consolidation. 
    • A U.K. comeback for Bob Diamond as he joins forces with Qatar's Q-Invest to buy Panmure Gordon at a near-70 percent premium, sending the shares more than 70 percent higher. 
    • Theresa May will urge national unity when she addresses the Conservative's Spring Conference later today, as the SNP accuses her of 'running scared for' blocking a second Scottish independence vote 
       
    Comment ()
  • U.S. Secretary of State Rex Tillerson is holding a joint news conference with his South Korean counterpart in Seoul. 

    He is talking tough on North Korea by raising the specter of U.S. military might. 


    He has said that if North Korea takes actions it will be met "with an appropriate response". 

    Tillerson said that a policy of "strategic patience" with North Korea is now over.

    All options are on the table according to the U.S. Secretary of State but presently conditions are not yet ripe to talk with the North Korean leadership.


    Rex Tillerson in South Korea 

    by david.reid edited by Spriha Srivastava 3/17/2017 8:35:02 AM
    Comment ()

  • We have a top politician in the United States the other day basically saying we need to clip the wings of our top central banker when dealing with international regulatory deals.

    What does that say about what Americans want to do in the world in terms of regulation, harmonisation, and cooperation with organizations such as the G-20?
     
     

    From Berlin, Steve highlights recent criticism of Janet Yellen as signs that American rhetoric is promising little for international cooperation.

    Steve Sedgwick: Does the White House want to control all aspects of international relations?
     

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  • Euro zone bond yields showing a blip of nervousness this morning as a European Central Bank policymaker and Austrian central bank governor Ewald Nowotny said the bank could hike the deposit rate before raising the main rate it uses to lend funds to banks.


    Comment ()
  • We talk a lot about it and have done for years, but what is Dodd-Frank and why does it matter?
    Comment ()
  • Here are your top headlines at this hour:
     
    • U.S Treasury Secretary Steve Mnuchin and German Finance Minister Wolfgang Schaeuble say they've made a good start on trade talks, but the 'America First' agenda continues to loom large ahead of the G20 meeting. 
    • British intelligence officials say allegations they helped the Obama administration wire tap Donald Trump are 'nonsense', as White House Press Secretary Sean Spicer defends the President's claim. 
    • Saudi Arabia's oil minister Khalid Al-Falih tells CNBC that producer nations are sticking to their quotas well, but recognizes the steep learning curve for certain economies more dependent on oil revenues. 
    • A U.K. comeback for Bob Diamond as he joins forces with Qatar's Q-Invest to buy Panmure Gordon at a near-70 percent premium.
       
    Comment ()
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