World Markets Live - March 27 - CNBC Live Events
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World Markets Live - March 27

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

  • In Germany, Chancellor Angela Merkel's CDU party appears to have secured a surprisingly emphatic victory in state elections.
     
    In the provisional results in the Saarland election, the CDU polled almost 41 percent of the votes while the resurgent left SPD party got 30 percent. Though Germany's least populous state, elections in the Saarland region are being treated as an important bellwether ahead of federal elections in September.
     
     
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  • Euro zone government bond yields are moving lower today. French 10-year yields have dipped to a 3 week low, while the German bund has fallen to a near two-week low.
     
     
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  • Police detained hundreds of protesters across Russia on Sunday after thousands took to the streets to demonstrate against corruption and demand the resignation of Prime Minister Dmitry Medvedev.
     
    The opposition leader Alexei Navalny was amongst those detained. The protests are believed to be the biggest since a wave of anti-Kremlin demonstrations in 2011 and 2012. Russia will hold a presidential election next year that Vladimir Putin is expected to contest, running for what would be a fourth term.
     
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  • This week, the future of Arctic exploration takes centre stage at the Arctic Forum in Arkhangelsk. The event will be attended by Russian President Vladimir Putin and his Finnish and Icelandic counterparts. 
     
    Andrew Latham, Arctic specialist at Wood McKenzie, compares oil exploration in the Arctic to elephant hunting.
     
    It’s pretty clear that the Arctic is perhaps the largest frontier for oil and gas exploration anywhere in the world. We've seen estimates as high as 400 billion barrels of oil or gas yet to find, and I certainly wouldn't want to argue with that estimate.
     
    As well as being very large, the Arctic is also going to be very high cost and that’s a huge issue when prices are lower.
     
     
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  • The European Stoxx 600 is down almost 1 percent since the market open. Concerns about steel and iron ore demand has hit the basic resources sector hard.
     
     
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  • These are the top headlines for the hour.
     
    • Downside for the dollar. The greenback bears the brunt of the selling on the healthcare bill fiasco, hitting a 2-month low against a basket of currencies.
    • Basic resource stocks also see red after Chinese steel and iron ore futures sell off amid concerns around demand and inventories.
    • A record fine for failings. Britain's BT is forced to pay-up for delaying installations of high speed broadband for its competitors.
    • Russia's opposition leader and hundreds of protesters are arrested after vast demonstrations take place across a number of Russian cities in protest to Vladimir Putin's policies. 
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  • The IFO says German business morale rose in March.
     
    The German IFO business climate index rose to 112.3 in March, beating forecasts for 111.0.
     
    February's reading was revised to 111.1.
     
    The current conditions index was 119.3 for March, also beating forecasts.
     
    The economic upswing is "gaining impetus" according to the IFO.
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  • Washington is 'a lot more broken than Donald Trump thought', according to Mick Mulvaney.
     
    Following the failure of the Republican health-care bill last week, the Director of the White House Office of Management and Budget told NBC he thought the Trump team misunderstood the process of legislating. 
     
    Meanwhile, the Trump Administration will face familiar challenges this week as the investigation continues into Russian hacking during the election campaign.
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  • NBC's Jennifer Johnson sends this report on the health-care bill from Washington.

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  • A long-time confidant of President Donald Trump who was named by members of Congress as a subject of the FBI's investigation into Russian interference in the 2016 presidential election, says he has offered to testify in an open hearing to defend himself.  
     
    Roger Stone told ABC's "This Week" he had not received a reply from the House of Representatives intelligence committee on his offer of public testimony. Stone described the investigation as "a scandal in search of evidence".
     
     
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  • Two teenage girls travelling on a United Airlines flight were barred from boarding the plane because they were wearing leggings.
     
    A spokesman for the airline said that, as they were special pass passengers, they did not meet the dress code. The girls were said to be fine with the decision and complied with the request.
     
    Social media was in uproar, however, with some users calling the company's decision sexist. The reaction prompted a statement from United clarifying its dress policy, saying "To our customers... your leggings are welcome!" 
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  • South Korean prosecutors have said they will seek an arrest warrant for ousted president Park Geun-hye. The prosecutors' office announced the move, explaining there was reason to suspect that Park would try to destroy evidence. 
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  • Carrie Lam has been elected as Hong Kong's next leader. The former government official - widely viewed as Beijing's favourite - won 777 votes from the city's election committee, 67 percent of the vote.
     
     
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  • Following her win, Carrie Lam said her first task is to unify society.

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  • In Germany, Chancellor Angela Merkel's CDU party appears to have secured victory in state elections. In the provisional results in the Saarland election, the CDU polled almost 41 percent of the votes while the resurgent left SPD party got 30 percent.
     
    Though it's Germany's least populous state, elections in the Saarland region are being treated as an important bellwether ahead of federal elections in September.
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  • After the state election results, SPD leader Martin Schulz said his party is still on track to win the federal elections.

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  • The Bank of England stress tests for 2017 will have two scenarios, one short-term the other long-term, Reuters reports.
     
    The Short-term "cyclical" scenario is similar to the one in 2016, but factors in the risk of a sharper China down turn.
     
    The scenarios will focus on pressures to bank profits.
     
    The BOE will also review the 13.5 percent tier capital ratio goal once Basel III standards are completed.
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  • A mixed day for sterling. The U.K. currency is up sharply against the dollar, flat against the euro and down against the yen.
     
    Article 50 is expected to be triggered this week, starting two years of negotiations between Europe and the U.K. Sterling's reaction will be a key data point to watch.
     
     
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  • Gold is up 1 percent, continuing the strong gains seen last week.
     
    The fall in the dollar index is major factor in gold's recent gains. 
     
    This morning, the Hong Kong government indicated gold demand is rising. Hong Kong exported 76.245 tonnes of gold to China in Feburary, compared to 33.622 tonnes in January.
     
     
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  • British Prime Minister Theresa May will meet Scottish First Minister Nicola Sturgeon in Scotland today as part of her U.K. tour to drum up support ahead of this week's triggering of Article 50. In a speech before the meeting, May is expected to say that the union is a "unstoppable force", adding that the "strength and stability" of all four nations will become even more important as the U.K. leaves the EU. 
     
    The meeting kicks off a big week for the U.K., which will start with the Scottish parliament voting on a motion calling for a second independence referendum, and end with the government triggering Article 50 and beginning Britain's exit from the EU.
     
     
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  • Investor sentiment towards 'Snap' appears to be changing. Goldman Sachs and Jefferies have both issued 'buy' ratings on the stock. Snapchat's parent company had been hit with a flurry of 'sell' and 'hold' ratings after it first listed.
     
    JP Morgan has started its coverage with a neutral rating. 
     
    Snap shares rose sharply on its debut, but since then are down around 7 percent. However, they remain above their IPO price.
     
     
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  • Chinese steel and iron ore futures have sunk to February lows as worries about demand and rising inventories continue to weigh on investors.
     
    Iron ore was heading to its biggest one-day drop since late November as Chinese stockpiles surged to highs not seen since 2004. 
     
    This has dragged on the Stoxx 600 basic resources sector, causing the sector to fall more than 1 percent today.
     
    The sector is up around 4 percent since the beginning of the year.
     
     
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  • The Bank of England has outlined its scenarios for this year's stress tests for banks.
     
    The central bank also announced plans to review consumer loans on concerns about household debt. For more on this story, click here.
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  • U.S. markets are called sharply lower for when markets open. Future values predict U.S. markets will drop as the risk-off trade continues following the Trump administration's failure to pass health-care reform, despite controlling both the House and Senate.
     
     
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  • Commodities including oil and copper are falling today, under pressure from a sell-off in Chinese steel and iron ore futures.
     
     
    The basic resources sector of the stock market is under pressure as a result. Shares in major U.K. miners have also dropped.
     
     
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  • The South African rand has dropped three quarters of a percent today, turning weaker on news that finance minister Gordhan has been called back home from an international roadshow by President Zuma.
     
    The rand has been making gains in recent sessions.
     
     
     
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  • An A.I. system has helped investigators uncover illegal trading.
     
    Traders used poker game and fast food orders to hide illegal activity. The A.I. system can sift through huge amounts of data to spot links and patterns, and identified the link between poker nights and stock markets spikes which indicated traders were colluding.
     
    For more on this story, click here.
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  • Wall Street futures underlined a global market sell-off on Monday morning as investors fretted over the potential knock-on effects of U.S. President Donald Trump's surprise failure to deliver on health-care reform.

    Dow futures were set for triple-digit losses, down over 180 points at 8.00 a.m. London time, after Republicans dramatically pulled their health-care bill on Friday, CNBC's Sam Meredith reports.
     
    For more on this story, click here.
     
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  • The Bank of England published the details for its 2017 stress tests today. 
     
    Lee Thorpe, business solutions manager (Risk) at SAS UK and Ireland, says these stress test scenarios are becoming more exploratory, meaning the variety and complexity of modelling is increasing.
     
    Compliance with the new requirements needs to bring a bank up to the highest governance standards to reduce risk, but still enable controlled enhancements to the process and models. Complicated statistical models are difficult to implement when scenarios containing different primary risk drivers are provided. Model risk management must clearly demonstrate how a bank has identified and created all its critical models (which might number 2,000 or more) and how they will be appropriately applied in accordance with the guidelines. 
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  • Sabine Lautenschläger, member of the board at the ECB, says the central bank will only grant licenses to well capitalised banks.
    According to Reuters, she added that phase-in periods for banks moving to the Eurozone depend on risk and information. For some it will take months, for others it may take 1 or 2 years.
     
    Danièle Nouy, chair of the supervisory board of the ECB, says she is confident the speed of NPL disposal will be faster.
     
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  • Oil prices are lower today, as U.S. drilling continues to offset talks by OPEC and non-OPEC producers about continuing production cuts.
     
    Today, Wood Mackenzie reports a surge in oil hedges. These oil hedges will keep drilling levels buoyant despite low oil prices, according to Andy McConn, research analyst at Wood Mackenzie,
     
    Recent disclosures reveal that producers rushed to lock in oil prices above US$50 a barrel after OPEC's November announcement about production cuts.
     
    Our peer group of producers added a higher volume of oil hedges during Q4 than in any of the previous four quarters. Those producers – most of which are highly exposed to US tight oil – will use hedging gains to help plug any budget deficits caused by sub-US$50 spot prices.
     
    Most of the hedges expire by 2018. Oil futures prices must recover before producers can lock in prices over US$55 a barrel for next year, which is what we think is needed to organically fund significant tight-oil production growth
     
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  • The U.K. is expected to trigger Article 50 this week, beginning two years of exit negotiations between the U.K. and the European Union.
     
    The loss of the U.K. will be a big hit to the EU's budget. Already, the U.K. and EU are arguing over a 60 billion euro bill from the Union for the U.K.'s share of commitments to pensions and U.K.-based projects which had already received funding approval.
     
    CNBC's Silvia Amaro has detailed how important the U.K. is the Union, including how much it contributes to the EU budget and how man staff at EU institutions are from the U.K.
     
    To find out more, click here.
     
     
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  • Shipping will not be hugely influenced by the Trump administration's protectionism, according to Marine Capital CEO Tony Foster.
     
    He told CNBC President Donald Trump's anti-globalization message is a "red herring."
     
    For more on this story, click here.
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  • The Stoxx 600 has pared losses but remains in the red. Some market sectors are now in positive territory, but basic resources remains the worst performing sector following a sell-off in Chinese steel and iron ore futures.
     
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  • Marine Le Pen will win 26 percent of the vote in the first round of the French presidential elections, according to the latest Opinionway poll.
     
    In the second round, Macron is seen as beating Le Pen by 61 percent to 39 percent of the vote, while Francois Fillon would win by 58 percent to 42 percent if he made it to the second round, Reuters reports.
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  • The German IFO business climate index rose 1.2 points to 112.3 in March, beating forecasts for 111.0.
     
    This is the highest reading since July 2011, according to Apolline Menut and Tomasz Wieladek from Barclays.
     
    Overall, the March IFO is consistent with the strong activity seen in the German economy in H1 17. Given the renewed increase in the assessment of the current economic situation in Q1 17, we see upward pressures to our Q1 17 real GDP growth forecast, which currently stands at 0.5 percent q/q. The improvement in the IFO index is in line with other forward-looking indicators, such as PMI manufacturing new orders, which reached an almost six-year high.
     
    We continue to expect solid growth in H1, before some moderation in H2, as President Trump’s determination to follow through with his campaign claims on protectionist policies and the U.K.’s reaffirmed decision for a hard Brexit are likely to weigh on optimism in Germany’s exports-oriented industry sector. 
     
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  • The major European bourses are lower today. The FTSE 100 has been hit heavily by fall in the basic resources sector, as the U.K. bluechip index features several large miners.
     
    The German Xetra DAX is also down sharply, despite positive IFO data indicating an optimistic business climate.
     
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  • French President Francois Hollande calls for regulated globalization to counter protection and populism. 
     
    Speaking at an event in Singapore, Holland attempted to defend multilateralism.
     
    Instead of closing down borders or building walls, we need a regulated globalization based on the sovereignty of nations and the strength of international organizations, especially the United Nations.
     
    This temptation to look inwards is not only dangerous, but it leads to a dead end.
     
    For more on this story, click here.  
    Comment ()
  • The dollar index has slipped to a four-month low on growing concerns that President Trump may fail to deliver public spending boosts after the failure of the health-care reform bill.
     
    Markets are unwinding the Trump reflation premium, according to BMO Capital Markets currency strategist Stephen Gallo in a Reuters report.
     
    We probably are aiming for the (November 8) pre-election lows... That's probably a viable target.
     
     
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  • The U.S. market open is a few hours away, but future values predict a sharp drop for U.S stocks. The Dow is expected to experience a  triple-digit loss after the failure to repeal and replace Obamacare last week.
     
     
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  • Russia's opposition leader and hundreds of protesters were arrested after vast demonstrations take place across a number of Russian cities in protest to Vladimir Putin's policies. 
     
    Today, the Kremlin describes these protests as a provocation and says it does not agree with EU and U.S. calls to release detained protesters.
     
    The Kremlin accuses the protest organisers of encouraging people to break the law and paying teenagers to attend. However, it said it would listen to the message from legally held protest meeting across Russia.
     
    Crowds of protesters gathered at the weekend.
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  • U.K. Prime Minister May says there is more social media companies can  do to help fight against terrorism, according to her spokeman.
     
    Her spokesman says the government wants helps in situations where the authorities want to access messages, but it is up to tech companies on how to do so, Reuters reports.
     
    This comes after the Home Secretary Amber Rudd called for WhatsApp to provide a back door access to messages for authorities.
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  • The Stoxx 600 has pared this morning's losses, though remains in negative territory.
     
    Basic resources and banks weighed most on the index, on concerns about demand for commodities from China and on the fallout from last week's decision to withdraw the health-care reform bill.
     
    The bill was Trump's first major policy test. The failure to push the bill through Congress raises fears he will be unable to achieve the rest of his policy agenda, including tax reform and increased public spending on infrastructure.
     
     
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  • The dollar index is around 4-month lows as investors grow concerned that Trump will fail to push through policies boosting public spending.
     
    Stocks and the dollar have made gains since the election on the reflation trade and expectations of increased spending on infrastructure, as well as tax cuts.
     
     
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  • Another deal hashed out.

    Cannabis firm
     Golden Leaf Holdings has announced a binding letter of
    agreement with the state of Nevada to acquire a cultivation license.

    Nevada will receive $2 million in exchange for the rights to distribute and sell cannabis products across the state.

    © 2015 Bloomberg Finance LP 

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