World Markets Live - March 28 - CNBC Live Events
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CNBC Live Events

World Markets Live - March 28

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

  • Stocks seem to be rebounding after the market shudder on Monday following the failure of the health-care bill. European stocks futures point to a higher start. Here are your morning calls for Europe from IG index:
     
    FTSE 100               7315 +26
    DAX 30                  12044 +56
    CAC 40                  5031 +18
    FTSE MIB             20168 +79
     
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  • Here are your top headlines at this hour:
     
    • Another day, another executive order. Donald Trump prepares to unravel his predecessor's climate change policies, but faces stiff opposition as environmentalists vow to challenge the move in court. 
    • The President's son-in-law agrees to testify in a Senate investigation, after Russian bank VEB confirms its executives met Jared Kushner while under Western sanctions. 
    • Risk assets rebound, with the Nikkei leading gains in Asia while the dollar recovers from 4 month lows. But the Dow closes lower in an 8-day losing streak, its longest since 2011. 
    • Two of Tesco's top shareholders urge the British supermarket to drop its Booker deal, saying the 3 point 7 billion pound acquisition is too expensive and badly timed. 
       
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  • President Trump is expected to sign an executive order today to rollback a number of Obama-era climate regulations. Trump's so-called 'Energy Independence' order will review his predecessor's 'Clean Power Plan', which sought to reduce carbon emissions. The White House says the order will create jobs and boost domestic energy production.
     
     
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  • Here's a look at what Trump's 'Energy Independence' order includes:
     
     
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  • Donald Trump's son-in-law, Jared Kushner, has agreed to testify before a U.S. Senate committee investigating suspected Russian interference in the election. Kushner, a senior adviser to the President, met with Russia's U.S. ambassador in December, while executives of Russian state development bank VEB said yesterday that it held talks with Kushner during a bank roadshow last year.
     
    White House press secretary, Sean Spicer, defended Kushner, insisting he was doing his job by meeting with foreign officials.
     
    I think, based on the questions that surround this, he (Jared Kushner, son-in-law and senior advisor to US President Donald Trump) volunteered to go in and sit down with them and say, 'Hey, I'm glad to talk about the role that I played, the individuals that I met with.' But again, given the role that he played both during the campaign and during the transition, he met with countless individuals. That was part of his job, that was part of his role and he executed it completely as he was supposed to.
     
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  • There are no less than 14 speeches from members of the Federal Reserve this week so the narrative is coming thick and fast from the central bank.

    Dallas Fed President Robert Kaplan said he will support further rate hikes if the positive signals from the economy continue to progress. However he added that increases should be made gradually as inflation heads towards the 2 percent target. Meanwhile Chicago President Charles Evans sees as many as 4 rate hikes in 2017 if inflation picks up, although he said 3 increases was the most plausible.
     
    On a programming note, our colleague Steve Liesman is sitting down with Federal Reserve Vice Chairman Stanley Fischer, that's an exclusive interview at 7:30 pm CET
     
     
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  • Here's a look at the Asian markets this morning that are trading sharply higher except for the Shanghai Composite, down 0.32 percent:
     
     
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  • Two of Tesco's top shareholders have gone public with their opposition to the British supermarket's Booker deal. Schroders Investment Management and Artisan Partners, which together hold 9 percent of Tesco shares, say they believe 3.7 billion pound deal is too expensive and badly timed. They have urged CEO Dave Lewis to abandon the tie-up and instead focus on improving Tesco's recovery. 
     
     
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  • UK's Aviva looks to sell Friends Provident International for up to $750 million. That's according to the Wall Street Journal citing sources. Potential buyers for the unit include China's Fosun. 
     
    Comment ()
  • Here are your top headlines at this hour:
     
    • Another day, another executive order. Donald Trump prepares to unravel his predecessor's climate change policies, but faces stiff opposition as environmentalists vow to challenge the move in court. 
    • The President's son-in-law agrees to testify in a Senate investigation, after Russian bank VEB confirms its executives met Jared Kushner while under Western sanctions. 
    • Risk assets rebound, with the Nikkei leading gains in Asia while the dollar recovers from 4 month lows. But the Dow closes lower in an 8-day losing streak, its longest since 2011. 
    • Two of Tesco's top shareholders urge the British supermarket to drop its Booker deal, saying the 3.7 billion pound acquisition is too expensive and badly timed. 
       
    Comment ()
  • Let's take a look at markets with Karen

    Comment ()
  • A strong cyclone has battered the coast of Queensland, forcing the evacuation of more than 25 thousand people. Authorities warned that storm Debbie could be the most powerful since 2011 and is likely to remain in the area for several hours. The cyclone has been upgraded to a category four storm with wind gusts of 260 kilometers per hour being recorded. 
     
     
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  • Michael Pearson, the former CEO of Valeant Pharmaceuticals, is suing the drug maker over unpaid stock awards.  According to Pearson's lawsuit, Valeant owes him a bundle of shares worth in the region of 33 million dollars. 
     
    Valeant's stock price fell to a 7-year low earlier this month after news surfaced that Billionaire hedge fund manager Bill Ackman had sold the last of his stake in the struggling company.  
     
     
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  • Bill Gross, who was fired from Pimco four decades after he co-founded the investment firm, has settled his lawsuit against the company. Pimco is reported to have agreed to pay over 80 million dollars to the legendary investor, who has pledged to give the money to charity.
     
    Bill Gross lodged his case against Pimco back in 2015 on the grounds that his dismissal from the company constituted a breach of contract. 
     
    PIMCO Co-Founder Bill Gross Speaks At The Bloomberg FI16 Event : News Photo
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  • We should be prepared to move. That's the view of two German board members of the ECB who say the central bank needs to start planning an end to easing. Jens Weidmann and Sabine Lautenschlaeger both said a less expansive stance should be taken as soon as the data is stable. Speaking to CNBC, Lautenschlaeger said a sustained pick-up in inflation is needed before a change in ECB policy.
     
    We have a very good economy right now but the risk margins banks are taking in for their business are low. So there might be a case for consolidation, Sabine Lautenschläger, member of the ECB's executive board, told CNBC.
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  • Questions have surfaced about the source of the intelligence that President Trump seized on last week as partial vindication of his unproven wiretap claims. NBC's Hallie Jackson has more details, in this report from Washington.

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  • Christopher Granville, Managing Director, EMEA & Global Political Research at Trusted Sources, joins us live on air to discuss Russia-US relations and its impact on both economies:
    Russia's economic recovery is going if not at strong tilt then definitely at what people expected and the valuations remain very cheap.
     
    In Russia, it is just the lack of a positive drive rather than anything negative. If you take those things in reverse order, the furore over Russia in Washington DC is more to do with domestic politics in US rather than Russia but it does impact the Trump administration implement its stated plans of better relations with Russia. It makes that politically difficult.
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  • Here are your top headlines at this hour:
     
    • Double the writedowns. 6 months after a profit warning, Ericsson says restructuring charges will be twice the original forecast, as it unveils a new organisational plan.
    • Two of Tesco's top shareholders urge the British supermarket to drop its Booker deal, saying the 3 point 7 billion pound acquisition is too expensive and badly timed. 
    • Another day, another executive order. Donald Trump prepares to unravel his predecessor's climate change policies, but faces stiff opposition as environmentalists vow to challenge the move in court. 
    • The President's son-in-law agrees to testify in a Senate investigation, after Russian bank VEB confirms its executives met Jared Kushner while under Western sanctions. 
       
    Comment ()
  • Thomas Cook winter 2016/17 closing out as expected, with bookings similar to last year's levels. Summer bookings up 10 percent with strong growth to Greece and smaller European destinations. 
     
    The company says it has maintained its full year underlying EBIT guidance maintained.
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  • Cost of compensation payable is estimated by both Tesco and FCA to be in region of £85 million excluding interest. Subsidiary, Tesco Stores Limited, has in principle reached a deferred prosecution agreement with UK serious fraud office. 
     
    Tesco has agreed with FCA to establish a compensation scheme which will compensate certain net purchases of Tesco ordinary shares.
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  • Far Right's Le Pen would win first round of French election if it was held next Sunday with 25 percent of votes. That's according to Reuters citing the Ipsos Sopra Steria Poll. Centrist Macron would get 24 percent in first round of French election, Fillon 18 percent, Melenchon 14 percent, Hamon 12 percent.
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  • The U.S. dollar recovered slightly against the yen as investors shook off their disappointment over the GOP's health-care failure and looked toward other stimulus plans by President Donald Trump.

    The dollar rose as much as 110.83 yen in early Asia trading before paring gains to trade up 0.3% at Y110.58. On Monday, U.S. dollar fell 1% to Y110.24--its lowest level against the yen since late November--following the failure to repeal Obamacare.
     
     
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  • The new 1 pound coin comes into circulation in the U.K. today. The 12 sided high-tech coin has hidden security features to prevent counterfeiting. It is lighter and thinner than the current round version and also larger.
     
    Behind The Scenes As Royal Mint Rolls Out Foolproof British One-Pound Coin : News Photo
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  • Numerous major banks involved in Snap's IPO initiated coverage of the stock on Monday, sending shares up nearly 5 percent. The largest tech IPO in three years has seen big swings since its market debut but the mostly buy ratings provided some support. Prior to Monday's coverage, Snap was one of the worst rated stocks on Wall Street with an estimated 600 million dollars of its equity sold short.
     
     
    We saw a reaction in the share price up nearly 5 percent. There is clearly a bit of optimism after these notes but it is still a very mixed picture. 
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  • European futures point to a higher start to the trading day as markets shake off the shock after the failure of Trump's health-care bill:
     
     
    Comment ()
  • Here are your top headlines at this hour:
     
    • Double the writedowns. 6 months after a profit warning, Ericsson says restructuring charges will be twice the original forecast, as it unveils a new organisational plan.
    • Two of Tesco's top shareholders urge the British supermarket to drop its Booker deal, saying the 3 point 7 billion pound acquisition is too expensive and badly timed. 
    • Another day, another executive order. Donald Trump prepares to unravel his predecessor's climate change policies, but faces stiff opposition as environmentalists vow to challenge the move in court. 
    • Risk assets rebound, with the Nikkei leading gains in Asia while the dollar recovers from 4 month lows. But the Dow closes lower in an 8-day losing streak, its longest since 2011. 
       
    Comment ()
  • Peter Oppenheimer, Chief Global Equities Strategist at Goldman Sachs joins us live to discuss risks in the market:
    A week ago we have reduced in our asset allocation, equities from overweight to a neutral tactically. That is a three month view. We are still overweight equity in a 12-month but that is more to do with less opportunities and other asset classes.
     
    This is already a long economic cycle and a weak one compared to what we have had in the past. And it's not the longest bull market we have had. The 1990s bull market was longer. That's what we are seeing at the moment, no obvious triggers. The financial system is much less levered. It's difficult to see why you should get start rises in interest rates.
     
     
     
     
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  • The UK's opposition Labour Party has set out the six criteria which it says the Conservative government's Brexit deal must meet. It says the arrangement should deliver the exact same benefits that Britain currently enjoys as a member of the Single Market and Customs Union. It also stipulates that the Brexit deal should ensure a strong future relationship between the EU and the UK. 
     
    Barry Gardiner, The Labour Party's Shadow Secretary of State for International Trade, joins us now.
     
    All we are trying to do here is set out the red lines for the government itself that the government has set. It wasn't our words that it should be the exact same benefits that we currently enjoy in single market. Those weren't our words. They were actually the Secretary of State for exiting the EU David Davis's words. 
     
     

     I am worried that the government prefers wholly liberalized model.

     
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  • European markets seen higher as investors shrug off Trump concerns

    CNBCMarkets in Europe are set to open in positive territory on Tuesday as global investors dismiss concerns over President Donald Trump's ability to deliver with campaign pledges.
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  • Peter Oppenheimer, chief global equities strategist at Goldman Sachs, says the reflation narrative for stock markets started well before the U.S. election.
     
    Pretty soon after the Brexit vote, when global growth numbers started to improve and inflation expectations picked up there was a lot of talk at the time as well about shifting the emphasis away from monetary policy towards fiscal policy. 
     
    We saw a lot of inflationary, cyclical, value leadership in the market from last July through to the beginning of this year. It was given a further boost by the expectations that a new administration would do more to boost fiscal policy and deregulate.
    He says the market has overpriced the amount that the Trump administration can achieve.
     
     
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  • European stocks are now open for trading with the Stoxx 600 opening 0.3 percent higher:
     
     
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  • Major European indexes are trading higher this morning after shaking the shock after the failure of Donald Trump's health-care bill:
     
     
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  • Let's take a look at the best and the worst performing stocks this morning:
     
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  • Ericsson has updated the market on its restructuring process, saying the costs related to the plan will be double the original forecast. The Swedish group, which issued a profit warning 6 months ago, has unveiled a new organisational structure to implement the turnaround plan. Ericsson has been hurt by increased competition and a lack of demand for wireless products in the shift to 5G.
     
     
    Comment ()
  • Two of Tesco's top shareholders have gone public with their opposition to the British supermarket's Booker deal. Schroders Investment Management and Artisan Partners, which together hold 9 percent of Tesco shares, say they believe 3.7 billion pound deal is too expensive and badly timed. They have urged the CEO to abandon the tie-up, however this morning Dave Lewis said he is "completely committed to the deal".
     
     
    Comment ()
  • Builders' supplier Wolseley reported a 25 percent rise in first-half profit, driven largely by growth in the United States which made up for tough trading conditions in the UK and Nordic countries. 

    The company also announced a 10 percent increase in its dividend to 36.67 pence per share. Meanwhile it says there will be a CEO succession at its US subsidiary, with Kevin Murphy succeeding Frank Roach. The US operation will be known as Ferguson, but the company will continue to use the Wolseley name in the UK and Canada. 
     
     

     
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  • Adam Posen, president of the Peterson Institute for International Economics, says the Federal Reserve is going back to normal interest rates.
     
    They are not scared to do the moves they would normally do in response to the forecast. They’re not worried about a taper tantrum.
     
    They’re not worried about financial fragility and having 14 or 20 speeches in one week is ridiculous, but it’s interesting, with the exception of James Bullard, to see the unanimity.
     
    Posen predicts there will be four rate hikes this year. 
     
     
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  • Adam Posen, president of the Peterson Institute for International Economics, discusses the potential fallout as the Fed returns interest rates to a normal level. 
     
    There will be people who lose on the bond market, like in 1994, you’ll get that wrong, but you’re not going to get that hugely wrong. The question is what happens with the balance sheet sell-off. 
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  • German two-year government bond yields hit two-month high of -0.685, up around 2 basis points on day:
     
     
     
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  • Theresa May met with Scottish First Minister Nicola Sturgeon yesterday to make the case for unity ahead of the triggering of Article 50. The SNP leader described the talks as 'cordial' but expressed the view that Scotland's voice isn't being listened to in Westminster. The British Prime Minister repeated her opposition to a Scottish independence referendum during the Brexit process.
     
    Theresa May Visits Scotland Ahead Of Triggering Article 50 Later This Week : News Photo
    Comment ()
  • Adam Posen, president of the Peterson Institute for International Economics, shares his view on BOE governor Mark Carney and whether or not he is doing enough.
     
    Now you’re in a world where, if god willing the evil one loses in France, Europe’s going to have a boom. The underlying economics are good, and the U.S. is going to have an unsustainable boom, and sterling hasn’t moved against the euro anywhere near enough.
     
    If you’re Carney, I’d be much more balanced about having the potential to raise rates or at least be steady. 
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  • South Africa's rand and government bonds extended losses early on Tuesday after President Jacob Zuma asked Finance Minister Pravin Gordhan to return early from an investor roadshow, triggering speculation of an imminent cabinet reshuffle.
     
     
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  • On the topic of Brexit, Adam Posen, president of the Peterson Institute for International Economics, says staying in the European Union is not that much worse than going it on your own.
     
    It’s a hard call. If you do this as some abstract theoretical, what’s the right thing to do (which is not what this is about)? You’re balancing small probabilities and bad events against a certainty of a worse path.
    Comment ()
  • Here are your top headlines at this hour:
     
    • Another day, another executive order. Donald Trump prepares to unravel his predecessor's climate change policies, but faces stiff opposition as environmentalists vow to challenge the move in court. 
    • With 14 speeches expected this week from members of the Federal reserve, investors will be all ears when Chair Janet Yellen takes the stage later today. CNBC has an exclusive interview with Federal Reserve Vice Chairman Stanley Fischer at 7:30 pm CET
    • Two of Tesco's top shareholders urge the British supermarket to drop its Booker deal, saying the 3.7 billion pound acquisition is too expensive and badly timed. 
    • Double the writedowns. 6 months after a profit warning, Ericsson says restructuring charges will be twice the original forecast, as it unveils a new organisational plan.
       
    Comment ()
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