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.

  • The Stoxx 600 is firmer today. The gain has been broad based, with several sectors in positive territory. The German DAX is also much stronger, up more than 0.5 percent so far today.
     
     
     
     
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  • Germany's Chamber of Commerce president warns that Brexit will significantly hurt business for German companies, Reuters reports.
     
    The head of the Chamber also said we should expect further declines in trade in coming months.
     
    He also said investment will significantly weaken in the long term.
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  • President Trump is expected to sign an executive order today to roll back 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.
     
     
    Meanwhile, 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.
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  • Tesla and Spacex founder Elon Musk is launching a new company called Neuralink. It is expected to specialise in electrodes connected to the brain, which may ultimately lead to the uploading and downloading of thoughts.
     
    The story was first reported by the Wall Street Journal and Musk has since tweeted that he will be releasing details next week.
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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 of its equity sold short.
     
     
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  • Swiss Re says global total economic losses from disasters came to $175 billion in 2016, up from $94 billion in 2015.
    Insures losses from disasters totalled $54 billion, up 42 percent from 2015 and the highest amount since 2012.
     
     
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  • Samsung is set to launch its latest flagship smartphone, the Galaxy S8, tomorrow. This follows the controversial battery issue with its Galaxy Note 7 device.

    The company said it wall be putting refurbished note 7S on sale alongside the new S8.
     
    Samsung shares were up almost 0.7 percent in Asian trade.
     
     
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  • The South African Rand and government bonds are sinking over fears more political upset is on the horizon. 

    Finance Minister Pravin Gordhan was recalled early by President Zuma from investor meetings in London. This triggered fears of a possible cabinet reshuffle, creating jitters among investors, as Gordhan has traditionally been seen as a figure of stability.
     
     
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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. 
     
     
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  • These are the top headlines for the hour.
     
    • Double the writedowns. Ericsson shares sink after it says restructuring charges will be twice the original forecast.
    • Two of Tesco's top shareholders urge the British supermarket to drop its Booker deal, saying the £3.7 billion acquisition is too expensive and badly timed.
    • A building boost! Shares in Wolseley hit the top of the STOXX 600 after the building supplier reports a 25 percent rise in first-half profit.
    • With 14 speeches expected from Fed members this week, investors will be all ears when Chair Janet Yellen takes the stage later today.
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  • Builders' supplier Wolseley shooting to the top of the Stoxx 600 after reporting 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 U.S. subsidiary, with Kevin Murphy succeeding Frank Roach. The U.S. operation will be known as Ferguson, but the company will continue to use the Wolseley name in the UK and Canada. 
     
    Shares spiked on the strong results.
     
     
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  • Shares in Ericsson have fallen to the bottom of the STOXX 600 after the company updated the market on its restructuring process, saying the costs related to the plan will be double the original forecast. 
     
    Ericsson share are down nearly 2 percent this morning.
     
     
    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.
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  • British house-builder Redrow has announced that it's not going to make a sweetened offer for its struggling rival Bovis Homes. UK construction company Galliford Try remains in the bidding. 
     
    Bovis Homes has been the subject of takeover speculation since its CEO quit earlier this year in the wake of a profit warning. 
     
    Shares are up more than 1 percent today. Year-to-date, they're up nearly 18 percent.
     
     
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  • Shares in Ladbrokes Coral are trading lower despite posting an 11 percent increase in full year revenues. The British bookmaker saw pro-forma operating profits rise 22 percent to £264 million and upgraded its cost synergy guidance for the Ladbrokes Coral merger to £100 million.
     
    Jim Mullen, CEO of Ladbrokes Coral, says investors should be encouraged by its results.
     
    The key thing is underlying growth rates which are incredibly strong, as well as last year for underlying trading.
    He added that underlying metrics, such as net revenue and stakes, across all of its groups are higher.
     
     
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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.
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  • Federal Reserve Vice Chairman Stanley Fischer will speak with CNBC in an exclusive interview at 7:30 pm CET
     
     
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  • South Africa's finance minister Gordhan has arrived back in Johannesburg after being called back from an investor roadshow.
     
    Gordhan says the aim of the trip was to keep South Africa's good name going. At the roadshow, he met 50 investors and two rating agencies.
     
    When asked about reports he may be fired as part of a cabinet reshuffle, Gordhan said "let's wait and see."
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  • In a stark warning, Russia's defence ministry says that a U.S. anti-missle system will spark a new arms race.
     
    That's according to Reuters citing RIA, Russia's state-owned news agency.
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  • The Dow extended its losing streak to 8 sessions -- the longest for the index since 2011 -- but market optimists are hoping strong Q1 earnings could send stocks trending in the other direction.
     
    In fact, future values predict a positive opening for U.S. stocks later today.
     
     
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  • CNBC's Bob Pisani reports on the U.S. markets.

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  • Amazon has announced it is acquiring Souq.com, a competing online marketplace. 
     
    Amazon says Souq joining the Amazon family will allow it to continue growing while working with the company to bring more products and offering to customers.
     
    It expects the acquisition to close in 2017.
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  • Tech and the Trump Administration are at odds on a number of issues, from trade to immigration.  But there is another hot-button issue dividing the two sides: the impact of A.I. on the labor market. After the Trump administration's Treasury Secretary dismissed concerns about A.I. and robots taking over jobs.
     
    It's happening now. If you look at the development of driver-less cars... Amazon drone deliveries. This is all automation.
     
    This is not stuff that's sci-fi or happening a decade away, this is happening now.
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  • Josh Lipton reports on the shocking comments by Steven Mnuchin where he dismissed concerns about the impact of robots and A.I. on the jobs market.

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  • Yields on Greek debt is falling today.
     
    The yield on the 5-year note fell almost 50 basis, while the yield on the 10-year paper is at multi-week lows.
     
     
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  • Theresa May met with Scottish First Minister Nicola Sturgeon yesterday to make the case for unity ahead of tomorrow's 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 Scottish Parliament is expected to vote on a motion calling for second independence referendum later today
     
     
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  • The U.K. is expected to trigger Article 50 today, starting two years of exit negotiations between the U.K. and the European Union.
     
    However, CNBC's Carolin Roth points out that completing the complex negotiations in two years may be optimistic.
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  • The Stoxx 600 remains firmer today, up a quarter of a percent. Some strong earnings results has helped investors move past the health-care issue and focus on fundamentals. 
     
    Most individual European bourses are higher today, although the FTSE and CAC are flat.
     
     
     
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  • Fed speakers have put the brakes on the dollar slide by raising hopes of interest rate hikes.
     
    The dollar index has been steadily declining since early March. The index a four-and-a-half month low on Monday.
     
    For more on the forex story, click here.
     
     
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  • Another blow for Uber.
     
    The company announces it is discontinuing services in Denmark on April 18 due to a new taxi law, according to Reuters citing Danish media.
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  • As the U.K. prepares to trigger Article 50, Thomson Reuters reveals the impact of Brexit on IPO activity.
     
    So far in 2017, the amount raised by U.K. IPOs is at a 5-year low, raising $1.53 billion. This is 28 percent less than the same period last year. For context, global initial public offerings total $29.4 billion, more than double year-to-date 2016 levels.
     
    Also, only eight U.K. companies have gone public so far this year. That's the lowest number since 2013. In contrast, the global IPO market has had more listings than any other year-to-date period since 2000.
     
    Finally, listings since the Brexit vote are down 54 percent by value.
     
    Twenty-six U.K. company initial public offerings with a combined value of $5.0 billion have been recorded since the U.K. voted to leave the European Union on June 23rd 2016, compared to 37 IPOs with a combined value of $10.9 billion during the previous comparable period (24 June, 2015 to 26 March, 2016).
     
    This marks a 54 percent  decline by value and a 30 percent fall in the number of deals. 
     
     
     
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  • Gold is flat today, putting a brake on its recent run of gains. The precious metal has been making strong gains since mid-March, helped by the slide in the dollar.
     
     
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  • What next for gold? UBS analysts Daniel Major and Myles Allsop published a research note yesterday about investors' opinions on the precious metal.
     
    Despite ongoing political/macro uncertainty, the recent shift in US rate expectations & robust global economic data were seen as headwinds creating a moderately bearish slant from gold investors.
     
    Despite significant interest in discussing gold/gold equities, participation/conviction is low, with investors generally looking at gold stocks as portfolio diversifiers rather than having any strong view on the gold price (up or down), or seeing compelling value in gold equities.
     
    We sense that dedicated mining/resource investors see more attractive opportunities in industrial miners than gold.
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  • Julian Emanuel, UBS strategist, is warning investors to avoid fully committing to equities at current valuations.
     
    He says there could be a 5 to 10 percent drop in share prices, as valuations are high.
     
    He says the health-care reform failure was a reality check for the Trump administration.
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  • The Stoxx 600 remains up, steady at around a quarter of a percent gain.
     
    These are how the sectors of the index are performing. Autos and banks are the main gainers, while real estate and household goods have dropped.
     
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  • CNBC got the chance to speak with Jack Dorsey, co-founder and chief executive officer of Twitter.
     
    He says small businesses are under served by banks.
     
    We think we can reach more and we think we can serve them better.
     
     
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  • Jack Dorsey, co-founder of Twitter, shares his thoughts on A.I. and machine learning.
     
    I think the impact is additive. It allows us to give back time to people and to focus on higher leverage jobs and creation, and I think that's really important, but for us it means we get to see more sellers and serve more individuals.
     
    Square, Dorsey's payments company, has launched in the U.K.
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  • Italian seasonally adjusted industrial orders contracted 2.9 percent month on month in January, from 3 percent growth in December.
     
    Seasonally adjusted sales declined 3.5 percent, from 2.5 percent growth in December.
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  • More European economic data released.
     
    Ireland's provisional reading for retail sales volume in February contracted 0.5 percent month on month, although it grew 1.1 percent year on year.
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  • U.S. stock markets are called higher, according to future values. 
     
    Investors seem keen to move past the health-care reform issue and instead focus on earnings, the Fed and fundamentals. This higher open should break the recent bad run for the Dow and S&P.
     
     
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  • Investors will be shifting focus to key economic data released later today. 
     
    Here's a run down of what to watch for this afternoon (all times are GMT).
     
    • 13:30 - U.S. goods trade balance, including wholesale inventories and retail inventories excluding autos.
    • 13:55 - The Redbook is released.
    • 14:00 - The Shiller Home Prices is published.
    • 15:00 - We'll have a reading on U.S. consumer confidence and data from the Richmond Fed.
    • 15:30 - The Dalls Fed services indexes are published.
    • 21:30 - Oil stocks data will be out this evening, including weekly U.S. crude and gasoline stocks.
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  • CNBC's Arjun got to speak with Jack Dorsey, the CEO of Square and Twitter.
     
    On the topic of whether or not the U.S. government is prepared for the impact of A.I. on jobs, Dorsey said he does not know.
     
    To read more from the interview, click here.
     
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  • Polling data shows Marine Le Pen is not expected to win the second round of the French presidential elections, but it's still a possibility, according to Lefteris Farmakis, strategist at UBS.
     
    UBS has looked at the likely impact of a Le Pen win on key assets.
     
    We distinguish between two cases: one where a systemic disturbance in the Eurozone has global growth spill-overs; and one where the disturbance is contained and localised (e.g. via the successful operation of the ECB's current backstops).
     
    In a global dislocation scenario, UBS predicts the euro would drop 10 percent, the Eurostoxx would fall around 35 percent and European high yield credit would fall around 17 percent. Emerging market equities would also take a hit, while the dollar would appreciate around 4 percent.
     
    We find that in the event of a localised shock, Eurozone assets (equities, credit and the EUR) would bear the brunt of the adjustment. However, 10y UST yields and EM assets would also be affected significantly.
     
    Were this event to have global growth spill-overs, however, the impact would be more far-reaching. Besides a higher sensitivity for Eurozone and EM assets, other US assets such as the USD, US financials and US credit would also be impacted. 
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  • Earlier, Uber announced it would cease services in Denmark due to a taxi law that requires mandatory fare metres and seat sensors.
     
    Uber has 2,000 drivers in Demark and the app is used by 300,000 people, according to Reuters. This is what Uber had to say:
     
    For us to operate in Denmark again the proposed regulations need to change. We will continue to work with the government in the hope that they will update their proposed regulations and enable Danes to enjoy the benefits of modern technologies like Uber.
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  • The Stoxx 600 is higher today, although is up just two tenths of a percent. 
     
    These are the stocks at the top and bottom of the pan-European index. 
     
    Builders' supplier Wolseley remains at the top of the index after reporting a 25 percent rise in first-half profit.
     
    Comment ()
  • Here's Spriha with a summary of the day's top headlines.
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