World Markets Live - March 7
We’ll be updating you throughout the day with essential breaking news, data alerts, earnings reports and all the major market movements.
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Renault-Nissan chief executive Carlos Ghosn has told CNBC that he expects a "rebalancing" of the 23-year-old trade deal between the U.S., Mexico, and Canada, but does not foresee an outright ban.
NAFTA unlikely to hurt Mexico car production, says Renault-Nissan CEO cnb.cx/2lSjaGS http://pbs.twimg.com/media/C6UR4nCWAAQ2Wlp.jpg
12:53 PM - 07 Mar 2017- Reply
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According to a report by S&P Global Platts Russia is on track to achieve by late April the 300,000 b/d cut it agreed to in the coordinated supply cut agreement reached with OPEC and non-OPEC countries last year.
Oil has been trading a tight range as it factors supply cuts versus increased shale production.
A Reuters analysis released Monday said most oil majors are "now planning exceptionally strong production growth until at least 2021." -
German energy supplier E.on has announced a price rise of 8.8 percent for 2.5 million customers in Britain.The firm said the rise was to pay for additional costs arising from government schemes to support renewable power generation.The rise will be implemented from 26 April.U.K. Prime Minister Theresa May had previously warned that her government could intervene if markets are dysfunctional. -
The U.S. trade deficit has come in at $48.49 billion for January.
That matching expectations but a little bit more than the deficit reported for December of $44.3 billion dollars.That's the highest level since March 2012. -
Ferrari says shipments of the 812 Superfast model will start in Q4. It will be priced at 292,000 euros.
Source: Ferrari -
German Finance Minister Wolfgang Schaeuble has entertained global journalists in Berlin. The hardliner covered a variety of topics.On French elections:I am closely watching what happens in France. I am convinced that France and the French people will make a responsible decision at the elections. I have deep respect for the cleverness of the French voter which has been backed by the outcome of their regional elections.
On ECB:I do understand that the currency union is based on very different situations in the member countries. The problem of the ECB is that they Have one monetary policy for all 18 member countries, and the situation in Germany and the Netherlands is very different from the one in Portugal or Spain. That is not easy for monetary policy.
On Europe:We are in a very difficult situation in Europe, we need to keep the eurozone stable in a very unstable environment of the world economy. First, we need to focus on the stability of the economy but we also need to focus on the political solidarity in all countries. This is a very difficult endeavor.
On Merkel:The German chancellor is not tired at all. I am convinced that she is the best leader for a strong Germany and for a strong Europe also the next 4 years in a new government.
Germany alone cannot keep the European Union together, it needs France, says finance minister cnb.cx/2lSQM7N http://pbs.twimg.com/media/C6UruERXEAEQF4I.jpg
2:45 PM - 07 Mar 2017- Reply
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Future drug and health care policy is being rolled out on Twitter today.
Don't worry, getting rid of state lines, which will promote competition, will be in phase 2 & 3 of healthcare rollout. @foxandfriends1:41 PM - 07 Mar 2017- Reply
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I am working on a new system where there will be competition in the Drug Industry. Pricing for the American people will come way down!1:46 PM - 07 Mar 2017- Reply
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Separately, Republicans have unveiled their long-awaited plan to overhaul the Affordable Car Act. The new plan removes the individual mandate requiring most Americans to obtain health insurance or face a penalty.It now includes a new set of tax credits to help people pay for coverage. -
According to Reuters:The G20 finance ministers and central bankers' draft communique has dropped references to resisting forms of protectionism.The draft statement has also removed its usual phrase that the G20 will refrain from competitive devaluations.It has also dropped a phrase from previous communique's that said excess volatility, disorderly movements in exchange rates can have adverse implications for economic and financial stability. -
He is now lauding his replacement for the Affordable Care Act. Notably, members of the Republican Party have criticized Trump's plan as "Obamacare lite"
Our wonderful new Healthcare Bill is now out for review and negotiation. ObamaCare is a complete and total disaster - is imploding fast!12:13 PM - 07 Mar 2017- Reply
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And now he's suggesting Obama failed to stand up to Russia properly.For eight years Russia "ran over" President Obama, got stronger and stronger, picked-off Crimea and added missiles. Weak! @foxandfriends1:13 PM - 07 Mar 2017- Reply
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It looks like the dreams of a smooth transition from one president to another are very much in tatters. President Trump is not impressed with his predecessor's efforts to keep prisoners in Guantanamo Bay on Cuba.
122 vicious prisoners, released by the Obama Administration from Gitmo, have returned to the battlefield. Just another terrible decision!12:04 PM - 07 Mar 2017- Reply
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BREAKING: China's ZTE agrees to pay $1B to settle U.S. sanctions case regarding sale of U.S. technology to Iran - source2:25 PM - 07 Mar 2017- Reply
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The best and worst performers at the opening bell in the U.S. are as follows. Click or tap on an arrow to see the S&P and Nasdaq.
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I am working on a new system where there will be competition in the Drug Industry. Pricing for the American people will come way down!1:46 PM - 07 Mar 2017- Reply
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This tweet from earlier appear to be acting as a weight on healthcare stocks in the United States.
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Europe's healthcare index getting in on the act. That basket now at nearly a two-week low.
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The Saudi oil minister has said that its daily production is below 10 million barrels per day.
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OECD warns political uncertainty, rate hikes, protectionism could derail global growth
CNBCThe global economy is expected to grow around 3.5 percent in 2018 compared to 3 percent in 2016, but the modest recovery may be derailed, the OECD warned. -
LinkedIn has said it is unable to reach an agreement with Russia to lift the block on the social app in that country.
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U.S. listed shares of gold miners are falling as gold hits a 3-week low.
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U.S. 30-year yields are at their highest since early February, now at 3.117 percent.
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U.S. Secretary of Commerce Wilbur Ross has been making comments over Chinese firm ZTE and its admission of guilt over providing Iran with American-made technology.
The ZTE corporation has agreed to pay more than $430.4 million for violating sanctions.Ross said "Improper trade games will not go unpunished." -
Stocks in Europe are on average, heading for a negative day.
European markets have moved lower during afternoon trade on Tuesday as investors digested fresh economic data and eyed a probable interest rate hike in the U.S. later this month.
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U.S. hospital operator shares are falling as plans to revise Obamacare are unveiled. Hospitals have enjoyed greater volumes of patients coming through their doors under Obamacare and some evidence suggest the costs of treatments are lower as patients seek earlier treatment.
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European stocks are closed.The pan-European Stoxx 600 closed 0.3 percent lower with utility stocks among the worst performers on rating revisions.Healthcare stocks also took a pounding after President Donald Trump took to Twitter to suggest that he had a plan to reduce drug prices. Not much detail but investors heard him.
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That is where we will leave the blog today.Tomorrow we have corporate releases from Adidas, Beiersdorf and Deutsche Post in Germany. In France Altice reports while Legal & General hands in its scorecard in the U.K.The British finance minister Philip Hammond publishes the Spring Budget, which of course, the blog will follow and report on. All market moves will be monitored feverishly.Be sure to join us from 06:00 a.m. GMT.
