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.

  • Deutsche Post shares drop more than 2 percent in opening trade after the company reported a fourth quarter profit of 841 million euros, just missing analysts forecasts
     
     
    Comment ()
  • Operating profit at insurer Legal & General rose 11 percent in 2016, coming in at £1.6 billion pounds, in line with analyst expectations. CEO Nigel Wilson said the company's balance street remained strong and overall market share was increasing. 
     
    Despite this, shares in L&G are dropping almost 1 percent today.
     
     
    Comment ()
  • Admiral says full year profits have been hurt by a cut to the injury discount rate. The insurer also said it's planning its Brexit contingencies amid concerns it could lose access to European markets if passporting rights are denied. 
     
    Shares are down nearly 1 percent today.
     
     
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  • London focused estate agent Foxtons posted an 11 percent fall in 2016 revenue.
     
    This follows a slump in demand for homes due to a property tax increase and the impact of the UK vote to leave the European Union. The company's pre-tax profit fell to £18.8 million, lower than expectations.
     
     
    Comment ()
  • EDF is trading at the bottom of the Stoxx 600, after the French government sold part of its stake in the firm.
     
    The move lower comes just a day after EDF went to the market to raise fresh capital in a bid to stabilise its languishing share price.  
     
     
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  • These are the top stories following the market open.
     
    • New CEO, new targets, and new records for the stock. Adidas trades higher as it forecasts faster sales and profit growth in the year ahead.
    • Delivering declines. Deutsche Post sinks after issuing a disappointing guidance, but the CEO tells this show he is not concerned by protectionist talk.
    • A state-led slump. Shares in EDF sink to the bottom of the Stoxx 600 after the French government announces a 92 million euro share sale in the energy giant.
    • 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.
    Comment ()
  • Lord Bilimoria, chairman of Cobra Beer, says the House of Lords amendment that lawmakers can reject the final terms of a Brexit deal is not an attempt to block Brexit.
     
    It was nothing to do with delaying Brexit or stopping Brexit or delaying the implementation of Article 50. What it was doing was putting in a protection, because as the prime minister said very clearly she believes no deal is better than a bad deal. 
     
    Well, a lot of us in the country believe that no deal means leaving the single market, leaving the customs union and being left to WTO rules and basically left out and adrift. That’s going to be disastrous for our economy.
     
    This amendment says that parliament must have a full say when the time comes.
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  • Gold prices are dropping again today, down almost a quarter of a percent, as the outlook for a U.S. Fed rate hike continues to drag  on the precious metal.
     
     
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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. 
     
     
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  • CNBC spoke to Russian Energy Minister Alexander Novak at the conference. He commented on Russia's commitment to uphold its part of the agreement.

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  • Investment in Arctic extraction is set to ramp up over the next decade. International oil companies are hoping to access the undiscovered resources, which are estimated to make up 13 percent of the world's untapped assets.
     
    Emily Stromquist, senior analyst for global energy and natural resources at Eurasia Group, discusses the feasibility of exploring the Arctic.
     
    For a long time, the Arctic was lauded as the final frontier and the last great hope for oil development. But I think what we are seeing now is that in this current oil price environment it’s not very feasible.
     
    This is really a combination of both the kinds of technology required and the break-even costs of developing these projects.
     
    Comment ()
  • Here are the top headlines this hour.
     
    • New CEO, new targets, and new records for the stock. Adidas trades higher as it forecasts faster sales and profit growth in the year ahead.
    • Delivering declines. Deutsche Post sinks after issuing a disappointing guidance, but the CEO tells CNBC he is not concerned by protectionist talk.
    • A state-led slump. Shares in EDF sink to the bottom of the Stoxx 600 after the French government announces a 92 million euro share sale in the energy giant.
    • 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.
    Comment ()
  • G4S is one of the top gainers on the Stoxx 600 after reporting an 18 percent rise in adjusted profit last year while forecasting further improvement in future earnings.
     
    The security-services firm posted full year profit before tax of £352 million while also announcing that it won new contracts in 2016 worth an annual value of £1.3 billion. 
     
     
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  • A mixed morning for the broader European Stoxx 600. The index is flat, down just 8 basis points.
     
     
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  • The dollar index has steadied, rising 10 basis points today as investors look ahead to U.S. jobs data and the ECB policy meeting this week.
     
    A rate rise by the Federal Reserve next week is more or less seen as a certainty by investors, Reuters reports.
     
     
    Comment ()
  • Good news for your teeth and waistline. Chocolate maker Nestle announces its products will soon contain 10 percent less sugar, in a move to make their products healthier.
     
    For more on this story, click here.
    Comment ()
  • U.K. Chancellor Philip Hammond will deliver his budget today.
     
    The Labour Party is calling for the chancellor not to ignore pressures on the U.K.'s health system as Philip Hammond sets out his fiscal plans in today's budget. The shadow chancellor will also urge the Tories to protect public services. 
     
    Jonathan Reynolds MP, the Shadow Economic Secretary, says the priority has got to be tackling the crisis in the NHS.
     
    This is the first parliament with a real terms cut in health funding over the parliament, really since the NHS was created. But for social care I think even my Conservative colleagues would agree there is a crisis. There is simply not enough money for social care.
    Comment ()
  • Jonathan Reynolds MP, the Shadow Economic Secretary, says the big question for the next few years in Britain is the outcome of the Brexit bill.
     
    There’s scope for a good deal there and hopefully the Chancellor knows more about it than we do., and hopefully the Prime Minister has told him what her aims are as well.
     
    But there is talk in the papers today of a war chest, a Brexit fund being built up. The premise of that seems strange to me. If there are things that need to be done, and there are things that need to be done ... shouldn’t we spend that money now?
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  • Looking ahead, the U.S. markets are called lower, according to future values.
     
    U.S. stocks closed lower yesterday, with the Dow and S&P falling for consecutive sessions for the first time since January.
     
     
    Comment ()
  • A state-led slump. Shares in EDF sink to the bottom of the Stoxx 600 after the French government announces a 92 million euro share sale in the energy giant. 
     
     
    Comment ()
  • Three days after President Trump claimed President Obama tapped his phones during the campaign -- the White House stood its ground -- saying Trump had no regrets about the cliam. But now some Republicans are pointing out there's no proof to support the President's accusation. NBC's Hallie Jackson has more.

    Comment ()
  • Congressional investigations into ties between President Donald Trump's campaign and Russian officials are ramping up as U.S. lawmakers review classified evidence on the matter.
     
    The CIA is providing raw intelligence documents to house and senate committee members, some of whom have made the trip to Langley to review the information. Meanwhile, The senate intelligence committee is due to start questioning witnesses associated with the probe behind closed doors in the coming weeks.  
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  • An interesting comment from Jamie McGeever, Reuters chief markets correspondent, warning the U.K. currency may be set to fall further.
     
     
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  • Clemens Fuest, president of the Ifo Institute for Economic Research, answers what is to blame for the wave of populism across Europe.
     
    There are two factors here. One, clearly, is immigration. This is mostly an issue in northern Europe. There are concerns about the refugee wave, there are concerns generally about immigration and populists use this.
     
    The other reason is the economic situation in southern Europe. We’ve been spending 10 years now, first with the financial crisis and then the euro crisis, and if you look at Italy, for instance, the per capita income in Italy is now 7 percent below the level of the year 2000. That leads people to lose confidence and trust in established political parties.
    Comment ()
  • VW's CEO says he is not open to merger talks with Fiat Chrysler and says he has other concerns than mergers.
     
    The CEo says he has not seen CEO of Fiat, Sergio Marchionne, for months.
    Comment ()
  • Fidelity's Tom Stevenson warns that investors cannot ignore Trump or political events in the rest of the world.
     
    Click here to watch the interview.
    Comment ()
  • It's International Women's Day today, so the blog is going to focus on women in business for the next hour.
     
    First up, CNBC's Alexandra Gibbs has prepared a slideshow on the issues affecting women in business and politics, as well as the women to watch in 2017.
     
    Click here to view the slideshow.
    Comment ()
  • Mandi Walls, Technical Community Manager, EMEA at Chef Software, explains why modern businesses need to more inclusive and diverse.
     
    Greater diversity has consistently been found to lead to greater organisational performance – from a profit, market share and customer retention perspective. Embracing inclusivity makes your workplace more attractive to a wider range of people, thus expanding the potential pool of talent you have to call on. It also leads to better products and services because a more diverse team is more likely to create solutions which address the needs of a wider range of users.
     
    More still needs to be done to pique young people’s interest in technology from an early age, in order to promote and educate a more diverse potential workforce about an industry that has, traditionally, been dominated by men.
    Comment ()
  • Nidhi Gupta, SVP of engineering at Hired, has outlined what needs to be done to help women flourish in business.
     
    Women must continue to be bold and have confidence in the equal role they play in the tech sector. Whilst self-belief is important, companies have an integral role to play too. Even in the innovative tech sector, one of the most forward-thinking corners of the economy, women continue to earn less than men.
     
    Hired’s recent “Women, Work and The State of Wage Inequality” report found that on average women in tech can expect to earn 9% less than their male counterparts. That’s a staggering £5,000 a year. 
     
    Collectively, we must change the status quo. Companies must ensure that there is a support system in place to enable women to flourish and rightly have their place in what was once a man’s world.
    Comment ()
  • Getting more young women to study STEM subjects is a prominent issue that the governments and the tech sector is trying to address.
     
    Lynn Collier, the COO UK&I of Hitachi Data Systems, says the U.K. government took a step in the right direction with its recent digital strategy published on March 1st, which promises to deliver digital skills to those who need it.
     
    But this is just one step on the long road to achieving true diversity within the tech industry. 

    At the core of this problem is the fact that women simply don’t have enough role models to look to in the industry right now – women to inspire them to persevere with STEM subjects and pursue a career in technology. Women in the technology industry remain atypical, not the norm. Of course, this isn’t something that can change overnight, but it is the responsibility of the government and businesses to work together to make gender diversity the standard.

    In order to pave the way for the next generation of women in technology, we need the women who have already made it here to lead the way, to showcase the opportunities available across the industry today and bring to life the opportunities there are likely to be in the near future.
     
    Collier says there are extraordinary women already working in industry at every level and across varied job roles, but there is still a way to go. 
    Comment ()
  • Tanuja Randery, Zone President UK & Ireland for Schneider Electric, says women in the U.K. are particularly under-represented in technology and engineering.
     
    The greatest progress will be made when men and women work together to promote women’s empowerment and drive gender equality at all levels of the business. First, ensure that women are equally considered in the recruiting process, by setting targets and holding recruiters accountable to those too. At Schneider Electric, we’ve set ourselves a stretch target that 40 per cent of all new recruits will be women this year, and we’re pushing our partners in the search firms to ensure we have a good selection of candidates. 
    Randery says businesses need to prevent experienced women dropping out of the industry part-way through their careers. Flexible working, work-sharing and returner programme are some ways to address this.
     
    Finally, it’s important to continue the momentum by promoting gender and diversity initiatives. Our CEO, Jean-Pascal Tricoire is an outspoken supporter of gender equality and has led us in setting goals and defining our commitment to change. We also actively create change management campaigns, such as supporting HeForShe, the gender equality solidarity movement by UN Women. With this commitment, we’re part of an ongoing movement that exists across every industry – not just technology and engineering.
    Comment ()
  • Around two-thirds of both men and women believe women should be in paid jobs, according to the results of a poll from the International Labour Organization (ILO) and Gallup.
     
    CNBC's Gemma Acton reports 70 percent of women and 66 percent of men would prefer that women work at paid jobs rather than stay at home full-time.
     
    For more on this story, click here.
    Comment ()
  • The U.K. finance minister will announce the government's spending plans later today. Kallum Pickering, senior U.K. economist at Berenberg, says policy changes are unlikely t alter the economic outlook for the country.
     
    Budget 2017 looks set to underwhelm from an economic point of view with capital spending still falling far short of what the economy needs while any positive consumption effects of income tax reductions will be offset by the real terms cut stemming from freezes in welfare spending.
     
    With the economy facing significant long-term risks from Brexit, the budget will most likely further illustrate the government's lack of initiative and willingness to use fiscal policy to support the long term growth outlook. 
    Comment ()
  • Here's a look at how Stoxx 600 is performing today in a relatively muted day of trade. The index is currently up just 3 basis points.
     
    Investors may be keeping their powder dry ahead of the U.K. budget speech, tomorrow's ECB monetary policy meeting, and the potential Federal Reserve rate hike next week.
     
     
    Comment ()
  • This is what all the fuss will be about from12:30 GMT today. The U.K. Chancellor will outline his first U.K. budget. In his tweet he calls it his last Spring budget as the main event is now to be moved to Autumn.
     
    Several spending announcements have been made ahead of the statement.
     
    These include:
     
    • An extra £500m for vocational and technical education in England
    • Measures to protect people who inadvertently end up subscribing for services after signing up for free trials
    • Plans aimed at helping the North sea oil and gas industry
    • £500m support for electric vehicles, robotics, and artificial intelligence
    Comment ()
  • It is International Women's day. Donald Trump is grabbin' em by Twitter to highlight his "tremendous respect".
    Comment ()
  •  
    Spot gold has hit its lowest price since early February. The precious metal is under pressure from a heightened dollar amid expectations that the U.S.Federal Reserve will almost certainly raise interest rates in its March meeting next week.
     
    Gold is feeling the dollar heat
     
    Comment ()
  • Oil dropped further below $56 a barrel on Wednesday after an industry report pointed to a large rise in crude inventories in the United States. U.S. crude inventories rose by a more-than-forecast 11.6 million barrels last week, data from industry group the American Petroleum Institute (API) showed.
     
    Is the United States the new swing producer?
     
    Comment ()
  • Sterling is falling again.
     
    The currency is at a seven-week low ahead of the U.K.budget to be delivered this afternoon. Concerns over th ehealth of the U.K. economy are growing following weaker than expected PMI data last week and a fresh report from S&P Global Ratings today.
     
    Sterling bears are particularly concerned about Brexit uncertainty and how the U.K. can continue to successfully fund its fiscal deficit.
     
     
    Comment ()
  • The Chancellor holding the red Budget box about 30 minutes ago. This is something of a traditional Budget day pose. 
    He then travels from Downing Street to the Houses of Parliament. Although it would be a 5 minute walk at most, he takes a car.
     
    Source: Getty Images
     
    Comment ()
  • Total mortgage application volume rose a seasonally adjusted 3.3 percent last week from the previous week, according to the Mortgage Bankers Association.
     
    Volume remains 18 percent lower compared to the same week one year ago.
     
    The U.S. average 30-year mortgage rate rose 6 basis points to 4.36 percent in the week to March 3.
    Comment ()
  • An unsettled picture on European markets. The FTSE is down around 0.20 percent as it awaits detail on U.K. government spending plans.
     
    A morning of selling on average.
     
    Comment ()
  • Before we fixate on the U.K. budge, a quick nod to the U.S. markets and futures look like this. 
     
     
    US Data (all times Eastern)
     
    0815 ADP Employment Report
    0830 Productivity & Costs
    1000 Wholesale Trade
    1030 Oil Inventories
    1300 10-Yr Note Auction
     
    Comment ()
  •  
    So what we might expect from the U.K. budget. Some tip the following:
     
    • A review of taxes on pensions
    • A rise in NI for the self-employed
    • An increase in social care spending
     
     
    The Chancellor is also expected to announce the creation of a so-called 'Brexit war chest'. Up to £60 billion could be poured into the fund, which is designed to act as a buffer against potential economic shocks as the UK withdraws from the European Union   
     
    Comment ()
  • Philip Hammond briefed his cabinet colleagues on his budget this morning and has opened his speech to a wider audience in parliament.
     
    He says he is "getting Britain back to working within its means". He then reels off the countries that Britain is doing better than.
     
     
    Comment ()
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