World Markets Live - March 8 - CNBC Live Events
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CNBC Live Events

World Markets Live - March 8

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

  • Good morning and welcome to World Markets Live. Here are the opening calls for European markets.
     
     
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  • These are the top headlines this morning.
     
    • Wikileaks publishes what could be the biggest ever leak of secret CIA documents, claiming to show how the agency uses cyber espionage tactics to hack into smartphones and other devices.
    • Britain's upper house of parliament confounds the Brexit Bill, giving lawmakers the right to reject the final terms, as Chancellor Philip Hammond hopes to deliver an upbeat budget.
    • "We have not manipulated anything!" Wolfgang Schaeuble rebuffs US criticism of his country's trade surplus, telling CNBC it's due to the competitiveness of the German economy.
    • In an exclusive interview with CNBC, commodity tycoon Oleg Deripaska questions improved relations between the White House and Russia.
     
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  • The CIA faces what could potentially be the biggest ever leak of its secrets, after Wikileaks published thousands of documents claiming to show internal communication on the hacking and accessing of information on Apple, Android and other devices. 
     
     
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  • NBC's Peter Alexander reports on another setback for an intelligence agency already under fire.

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  • U.S. markets closed lower again as the Trump trade rally loses steam. This is the first back-to-back declines by the Dow and S&P since January.
     
     
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  • CNBC's Geoff Cutmore says in reaction to the CIA leak that it would be naive to imagine that security services are not looking at emails and information on servers.
     
    Let’s face it, we know that our bosses are looking at our emails, we know that the governments are looking at our emails, the CIA, the FBI, and so on and so on and so forth. I think one should pretty much assume that anything you put down on paper or electronically is going to be looked at by somebody else.
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  • The British government has vowed to overturn proposed changes to its Brexit Bill when it returns to the House of Commons.
     
    The pledge comes after peers backed an amendment which would give MPs a parliamentary vote on the terms of the UK's withdrawal from the EU. Prime Minister Theresa May had petitioned the Lords against the amendment, arguing it would compromise her government's negotiating position.  
     
     
    Meanwhile, Philip Hammond is poised to deliver the UK's first full budget since Britain voted to leave the EU in June last year. In his address, the Chancellor is expected to announce the creation of a so-called 'Brexit war chest'.
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  • A mixed performance from Asia markets. The Shanghai Composite dropped following Chinese trade data which showed a rare trade deficit of 60.36 billion yuan.
     
     
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  • Deutsche Post has reported a fourth quarter profit of 841 million euros, just missing analysts forecasts. 
     
    Frank Appel, CEO of Deutsche Post DHL Group, shares his view on the company's performance.
     
    We had a record year. We had the best quarter ever, so the deviation is so tiny. I think overall we are very proud. Our EBIT is up more than 40 percent, our net profit is up more than 70 percent, we increased the dividend. I think we delivered a great year and we are very proud of that.
     
     
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  • Frank Appel, CEO of Deutsche Post DHL Group, says he is optimstic that the trend of globalisation and free trade will continue, despite the rhetoric of President Trump and signs of protectionism.
     
    I think what history has taught everybody is protectionism didn’t help any country in particular on the long run, so therefore I’m very optimistic that we will see a continuation of free trade, because politicians and countries understand that this is a better recipe for success than protecting yourself.
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  • In France, Francois Fillon is fighting new allegations - this time about an undeclared loan from a billionaire businessman. The French weekly Le Carnard Enchaine reveals in its latest edition that Fillon received an interest-free loan of 50 thousand euros in 2013.
     
    The paper alleges that Fillon explained to investigators that he had simply forgotten to mention the loan in his declaration. 
     
     
    Meanwhile, Fillon held a rally last night in the city of Orleans in an attempt to put his candidacy back on track. He appealed to centrist allies who deserted him over corruption allegations to return and help him win the spring presidential election. 
     
    Latest polls show independent centrist Emmanuel Macron on par with far-right leader Marine Le Pen in the first round of France's presidential vote, while Macron remains the clear winner in the two-way runoff.
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  • Wolfgang Schaeuble has said Europe needs a "strong France", adding that "Germany alone cannot hold the region together".
     
    Speaking at a news conference yesterday, the German finance minister told CNBC's Annette Weisbach he was confident French voters would make the right decision in the upcoming election.
     
     
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  • Schaeuble once again rebuffed allegations that Germany has manipulated the euro for its economic benefit, saying that the country's trade surplus was down to the competitiveness of its economy. Commenting on the ECB, the German finance minister conceded that the central bank faced a difficult task of implementing one monetary policy to fit all members.

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  • China has posted its first trade deficit in dollar terms since the start of 2014. The country's exports, denominated in yuan, rose 4.2 percent in February from the same period last year while imports rose over 44 percent,  producing a trade balance of minus 60 billion yuan for the month. 
     
    Meanwhile, Japan's economy grew more than anticipated in the fourth quarter as capital expenditure grew at its fastest rate since 2014. 
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  • Adidas has increased its long-term guidance, targeting sales growth of 10-12 percent per year to 2020.
     
    The company has raised its dividend to 2 euros from 1 euro 60 cents.
     
    Q4 sales totalled 4.687 billion euros versus expectations of 4.657 billion.
     
    The company reports a net loss of 10 million euros in Q4, less than the expected loss of 38 million euros.
     
    Shares in the company are up around 12 percent over the past 3 months.
     
     
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  • China has called for North Korea to suspend its tests of missile and nuclear technology. And in exchange, it says the U.S. and South Korea should halt their annual joint military drills as a first step towards easing tensions.
     
     
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  • The first months of Donald Trump's Presidency have seen major U.S. indices notch record highs.
     
    The Dow, S&P, and Nasdaq have all seen double-digit gains since President Trump's November win, buoyed by market optimism that his policies on tax reform and infrastructure will boost the US economy.
     
     
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  • Does U.S. market optimism extend to Russia? CNBC’s Geoff Cutmore spoke with Rusal President Oleg Deripaska and asked if he's buying it.

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  • OPEC and non-OPEC producing countries reiterated their commitment to uphold the terms of the production cut agreement reached late last year.
     
    In an impromptu press briefing on the sidelines of the CERAweek conference, top energy ministers said they were committed to removing 1.8 million barrels from the market.
     
    CNBC spoke to Russian Energy Minister Alexander Novak, OPEC Secretary General Mohammad Barkindo, and Saudi Oil Minister CEO Khalid Al-Falih, who said he saw fundamentals improving in the oil market.
     
    Oil prices are down today.
     
     
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  • The Baltic Dry Index has risen more than 7 percent so far this year, after weakness in the shipping industry over the past two years. 

    John Wobensmith, President at Genco Shipping, guest says a cyclical recovery should take hold at end of 2017. 
     
    Last year we probably saw the low (in the shipping industry). It was a 30-year low in terms of freight rates and asset values and now we’ve started to see just the very beginnings of a recovery in dry bulk shipping, based mostly on the supply side.
     
    There was just too many ships that were built and delivered in the last few ships and we’ve seen a real slowdown in the number of ships coming out onto the water. 
     
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  • An upside risk for shipping is increasing demand for iron ore from China, as well as new iron ore production, according to John Wobensmith, President at Genco Shipping,
     
    We have seen increased volumes of iron ore going into China, up quite a bit last year to support their steel industry. And what we’re looking at going forward are the new production projects that are coming on from Brazil and Australia on the iron ore front, which will increase volumes not only this year but also next year as well.
     
     
     
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  • These are the top news stories this hour.
     
    • China posts its first dollar trade deficit since 2014 as imports surge 38 percent, while exports fall - sharply missing expectations.
    • Britain's upper house of parliament confounds the Brexit Bill, giving lawmakers the right to reject the final terms, as Chancellor Philip Hammond hopes to deliver an upbeat budget.
    • Delivering profits. Deutsche Post expects earnings to rise after a solid 2016, as the CEO tells this show he is not concerned by protectionist talk.
    • New CEO, new targets. Adidas forecasts faster sales and profit growth in the year ahead.
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  • CNBC will be speaking to the Adidas CEO Kasper Rorsted at 12:15 CET
     
     
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  • Bond King Jeffrey Gundlach said he thinks the Fed is about to enter a "old school" hiking cycle.
     
    The DoubleLine Capital CEO expects a series of rate hikes from this month and says it won't stop until something breaks, such as a U.S. recession.
     
    Speaking on his latest investor webcast, Gundlach, who manages over $100 billion said a short position on German 10 year bonds was smarter than being long.
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  • Thiel also addressed his role in the Trump administration and said the new bull market may be in politics. Borrowing an idea from CNBC's Jim Cramer, Thiel said there is always a bull market somewhere and you just need to find it. Speaking at the keynote session from Cera Week in Houston, he outlined the theory.

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  • Billionaire investor Peter Thiel has defended low interest rates. Speaking at the keynote session from Cera Week in Houston, Thiel said the problem is that people have no ideas for the future and don't know what to do with the money.

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  • The U.K. Chancellor Philip Hammond is set to deliver the U.K.'s first full budget since Britain voted to leave the EU in June last year.
     
    Dr Adam Marshall, director general of the British Chambers of Commerce, outlined what businesses want to hear today.
     
    I don’t think he wants to make any huge moves today. We’ve asked for one thing and one thing only which is action on business rates, the property taxes which puts such high upfront costs on so many U.K. businesses.
     
    There’s a number of things he can do within that, both to alleviate the burden of the recent rates reevaluation which has hurt a lot of firms, but also to fix the tax because its something that really, really hurts both high streets, offices and industrial states.
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  • Guy de Blonay, director at Jupiter Asset Management, agrees with anchor Geoff Cutmore that financial markets seem to be ignoring the risk from protectionism.
     
    The market is refusing to admit that there could be something quite detrimental happening. I think we probably need to wait for further clarity on how anything could happen and when. I think the most immediate concerns are more about the economy itself, the creation of jobs and what it means for profits and companies.
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  • China has posted its first trade deficit in dollar terms since the start of 2014.
     
    The country's exports denominated in yuan rose 4.2 percent in February from the same period last year while imports rose over 44 percent year-on-year in February producing a trade balance of minus 60 billion yuan for the month. 
     
    Meantime China's dollar-denominated debt rose 13.3 percent in January and February. 
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  • Softbank is reportedly selling an $8 billion stake in Arm. However, the deal is anything but straightforward.
     
    The Financial Times reports Softbank will sell the stake to the Saudi-backed investment fund it runs with a group of other sovereign investors.
     
    Softbank agreed to buy Britain's Arm in July last year for $32 billion. The FT claims Downing Street has been informed of the plan, and has raised no objections. 
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  • Deutsche Post says it expects earnings to rise by more than 7 percent this year after reporting full year EBIT of 3.4 billion euros, in line with analysts expectations. 

    The company says there is booming demand for parcel deliveries thanks to people shopping online. Speaking to Squawk earlier, the CEO said he is not concerned by protectionist talk. 
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  • Adidas is making gains in pre-market trade after its new boss said he is forecasting faster sales and profit growth in the year ahead. 

    The company reported a fourth quarter net loss of 10 million euros, while sales rose 12.5 percent, in line with most analysts forecasts.
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  • London-listed software firm WANdisco has posted a $10 million loss for the last financial year.
     
    However, the company saw a 4 percent pickup in annual revenues as it expanded its presence in cloud computing and big data markets.
     
    David Richards, CEO, WANdisco, explains why revenue only picked up 4 percent despite an increase in bookings of 72 percent to $15.5 million.
     
    We’re a subscription license business, so as we saw an uptick in bookings towards the end of the year that will be rolled out through the following years.
     
    Booking and revenue don’t always fall in line with subscription license businesses such as ours.
     
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  • European markets will open for trade shortly. Future values call the stocks of the major bourses lower at the open this morning.
     
     
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  • CNBC’s Geoff Cutmore spoke with Oleg Deripaska, President of Rusal, and asked what impact higher interest rates would have on his business.

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  • A number of analysts have adjusted their price targets for Europan banking stocks.
     
    The team at Deutsche Bank has raised its call for Lloyds, while analysts at Jefferies have upped their target for Allianz. Meanwhile, Citi has cut its price target for Standard Chartered. 
     
     
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  • France recorded a trade deficit in January of 7.94 billion euros versus 3.57 billion in December, according to the country's customs office.
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  • German industrial output grew 2.8 percent month on month in January from an upwardly revised decline of 2.4 percent in December, according to the country's economy ministry.
     
    This beat forecasts of 2.5 percent growth, Reuters reports.
     
    Manufacturing output grew 3.7 percent, while construction declined 1.3 percent..
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  • European markets are now open. The Stoxx 600 was broadly flat at the start of trade.
     
     
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  • These are how stock sectors are moving at the start of trade.
     
     
     
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  • Here's a look at how the individual major European bourses are performing at the open.
     
     
    The Portuguese market hasn't quite woken up yet.
     
     
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  • These are the stocks at the top and bottom of the pan-European Stoxx 600 index this morning.
     
     
     
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  • Adidas shares are rising sharply this morning, heading to the top of the Stoxx 600 index on the back of forecasting faster sales and profit growth in the year ahead.
     
    Sales rose in the last quarter, despite the German company reporting a loss of 10 million euros.
     
     
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  • Some economic data coming out of Spain.
     
    Spanish industrial output rose 2.5 percent year on year in January, beating forecasts of 2.4 percent.
     
    Housing prices rose 4.5 percent year on year in the last quarter, versus 4 percent in the third quarter. 
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