World Markets Live - May 19 - CNBC Live Events
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World Markets Live - May 19

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

  • Good Morning everyone. Happy Friday. Global stocks seem to be taking a breather after posting heavy losses this week. Stock futures in Europe point to a higher start to the trading session. Here are your morning futures for Europe from IG:
     
    FTSE 100      7460       +27
    DAX 30         12596     +9
    CAC 40          5299       +13
    FTSE MIB     21306     +23
     
  • Here are your top stories at this hour:
     
    • President Donald Trump comes out swinging, telling a news conference that the Russia probe is dividing the country, and calling any talk of impeachment "totally ridiculous".
    • Brazil's Bovespa plunges over 10 percent in its worst day since 2008, but President Michel Temer refuses to resign, saying he will prove his innocence against allegations of corruption. 
    • Polls open in the Iranian elections where Hassan Rouhani is seeking a second term, but challenger Ebrahim Raisi has gained momentum with his close ties to the Supreme Leader. 
    • Party leaders clash in the first debate of the U.K. election campaign, but Prime Minister Theresa May and opposition leader Jeremy Corbyn given the showdown a miss, focusing on rallies around their own manifestos. 
       
  • President Trump defended his administration in a press conference last night, calling the appointment of a special counsel taking over the Russia investigation "a witch hunt" that divides the country. 
     

    Trump again blows up a careful White House statement with a tweet

    CNBCTrump's tweets on the Russia investigation took a decidedly different tone from a statement the White House released in his name.
     
  • Let's take a look at markets this morning with Steve Sedgwick

  • President Trump is scheduled to meet with King Salman of Saudi Arabia in Riyadh this weekend, to kick off bilateral discussions between the U.S. and Saudi governments.  
     
    Hadley joins us live from Riyadh to tell us more:
     
     
    Trump's trip is a historic moment not just for the Middle East but also for the US presidency. It is the first time that the US President has made his first trip abroad outside the continental US. It is a big deal for Saudis and they are rolling out the red carpet. This is something that had been asking for and what they are waiting for is not just these trade deals that we are going to be talking about in the next few days. 
     
     
     
  • President Trump defended his administration in a press conference last night, calling the appointment of a special counsel taking over the Russia investigation "a witch hunt" that divides the country. NBC's Chief White House Correspondent Hallie Jackson has more.

  • Ahead of President Trump's inauguration, the CEO of Russia's biggest lender Sberbank, hailed the businessman as a 'President of change'. Geoff sat down with Herman Gref and asked him if - four months on - he was disappointed by Trump's leadership. 
     
    You know, you and I were talking about the fact that he is a businessman and has never been a politician and that the initial period of office will be very difficult for him. Because he will have to adapt himself to his new role. And the speed of this adaptation and the extent to which he will adapt will affect his future ability to act. And currently we see that we are very much in this period. Not much time has passed and it's still too early to say how successfully or quickly he is adapting. I think we should return to this discussion in about a year. For the time being it's too difficult to talk about any changes. It's clear that the nervousness that we see in the media is eliciting a similar reaction in society and naturally this is reflected in the behaviour of Trump's administration. For the time being, there is little chance of there being any changes in US-Russian relations. But I think that this period of high emotion should finally come to an end. And then we will be able to return to normal relations. 
     
     
    You know... I don't fully understand what is going on in the US because in order to be able to ascertain the situation in the US you have to be there. From what we see here in Russia and from the programmes we see from the US, the unfolding situation is fairly complex. And there are certain signs of a certain... paranoid attitude to Russia and to every single contact with Russia real or imagined. I don't number myself among those people... Well, firstly Trump is a businessman and so am I. It was very difficult to envisage at our meetings back then that he would become president... What things might have somehow affected his future presidency 3 years later. Or that our conversations might have led to some sort of exchange of information... This is of course... I think the situation has become extremely paranoid for one to suspect that  these sort of contacts could lead to political consequences. 

     
  • Here are your top stories at this hour:
     
    • President Donald Trump comes out swinging, telling a news conference that the Russia probe is dividing the country, and calling any talk of impeachment "totally ridiculous".
    • Brazil's Bovespa plunges over 10 percent in its worst day since 2008, but President Michel Temer refuses to resign, saying he will prove his innocence against allegations of corruption. 
    • Polls open in the Iranian elections where Hassan Rouhani is seeking a second term, but challenger Ebrahim Raisi has gained momentum with his close ties to the Supreme Leader. 
    • Party leaders clash in the first debate of the U.K. election campaign, but Prime Minister Theresa May and opposition leader Jeremy Corbyn give the showdown a miss, focusing on selling their manifestos. 
       
  • Brazil's stock market closed nearly 9 percent lower after the Supreme Court decided to investigate President Michel Temer for allegedly approving bribes for a potential witness in a corruption probe. 
     
    The investigation follows an audio recording of Temer appearing to conspire with the chairman of the world's largest meatpacker, JBS, to obstruct justice. Temer denies any wrongdoing, vowing he will not resign.
     
     
  • The US has imposed sanctions on Venezuela's Supreme Court and its Chief Judge in response to the country annulling the opposition-led congress. Treasury Secretary Steve Mnuchin said the measures were a result of Venezuela's "consistent interfering with the legislative branch's authority." Venezuela's foreign minister called the move "unacceptable and outrageous" and a "violation of international law."
     
    Protests continue in Caracas : News Photo
  • Diplomatic relations between America and Russia have deteriorated to such an extent that contacts between the two countries have become extremely paranoid of one another, the chief executive of Russia's largest bank has told CNBC.
     
  • The pound fell sharply against the dollar in early afternoon trade yesterday. The lack of an obvious trigger for the downward move caused some traders to speculate about another flash crash. However, sterling trade had been volatile throughout the day - with the pound hitting an 8-month high against the dollar earlier in the session.  
     
     
  • Here are your top stories at this hour:
     
    • President Donald Trump comes out swinging, telling a news conference that the Russia probe is dividing the country, and calling any talk of impeachment "totally ridiculous".
    • Brazil's Bovespa plunges over 10 percent in its worst day since 2008, but President Michel Temer refuses to resign, saying he will prove his innocence against allegations of corruption. 
    • Polls open in the Iranian elections where Hassan Rouhani is seeking a second term, but challenger Ebrahim Raisi has gained momentum with his close ties to the Supreme Leader. 
    • Party leaders clash in the first debate of the U.K. election campaign, but Prime Minister Theresa May and opposition leader Jeremy Corbyn give the showdown a miss, focusing on selling their manifestos. 
  • This political market predicts a 40% chance Trump presidency ends before 2019

    CNBCMore traders on the online political stock market PredictIt are doubting whether President Donald Trump can remain in office by the end of 2018.
  • Citi says in research that British PM May shows no sign of moving to "Singapore-Upon-Thames" model of deregulated, low tax economy.
  • European futures look promising this morning as markets are expected to open higher on the back of overnight gains on Wall Street despite ongoing political turbulence.
     
     
  • Here are your top stories at this hour:
     
    • President Donald Trump comes out swinging, telling a news conference that the Russia probe is dividing the country, and calling any talk of impeachment "totally ridiculous".
    • Brazil's Bovespa plunges over 10 percent in its worst day since 2008, but President Michel Temer refuses to resign, saying he will prove his innocence against allegations of corruption. 
    • Polls open in the Iranian elections where Hassan Rouhani is seeking a second term, but challenger Ebrahim Raisi has gained momentum with his close ties to the Supreme Leader. 
    • Party leaders clash in the first debate of the U.K. election campaign, but Prime Minister Theresa May and opposition leader Jeremy Corbyn give the showdown a miss, focusing on selling their manifestos. 
  • A quick reminder that Asian markets traded sideways on Friday, following a higher lead from Wall Street as markets in the U.S. took a breather after their worst day of the year.
     
     
     
     
  • Iranians head to the polls today to choose their new president, in what's been a bitterly contested campaign between incumbent Hassan Rouhani and his nearest challenger Ebrahim Raisi. Rouhani, who favours a moderate, reformist agenda remains favourite to seal a new term. 

    Richard Mallinson, geopolitical analyst at Energy Aspects, answers what may happen to U.S.-Iran relations if the conservative hard-liner Raisi manages to win.
     
    If we see a Raisi win, it has significant implications for both of those relationships. We already have a Trump administration that is taking a notable different tone than the Obama administration. It hasn’t yet torn up the Iran deal, which is one of the things people thought Trump might do, but still we’ve got the sanctions under that deal being put under review by the state department.
     
    Mallinson says there is a tougher voice coming out of the U.S. and a tougher voice coming from Iran would strain relations.
     
     
  • Bitcoin has hit all-time highs, breaking through $1,900 and now a market cap of $31 billion:
     
  • Oil futures rose on Friday to the highest in nearly a month on growing optimism that big producing countries will extend output cuts to curb a persistent glut in crude, with key benchmarks heading for a second week of gains.
     
     
  • The U.K. Conservative Party launched its manifesto ahead of the June 8th general election on Thursday.
    Nandini Ramakrishnan, global market analyst at J.P. Morgan Asset Management, explains why markets seemingly didn’t react to the manifesto.
     
    Obviously, market-moving doesn’t mean not important, but there wasn’t necessarily something new or particularly revolutionary in terms of what the plans were. Of course we look at the details, some of the big issues in there are keeping the negotiation stance going forward, what are the priorities of the Conservative government. Of course from the U.K’s perspective in Brexit negotiations, that would be trade.
     
    She says there was nothing too surprising in the proposals.
     
     
  • European markets are open for trading. Stocks take a breather from the losses in the last two days. The pan- European Stoxx 600 has opened slightly higher. Here's a look at the performance this week:
     
     
     
     
  • Major European indexes have opened slightly higher following overnight gains on the Wall Street:
     
     
  • Let's take a look at the best and the worst performing stocks this morning:
     
  • The Euro Stoxx Basic Resources sector is trading 0.6 percent higher, biggest sectoral gainer this morning:
     
     
  • Should you buy on the recent dips? Institutional investors are currently net sellers, compared to retail investors and hedge fund, according to recent Bank of America data.

    Nandini Ramakrishnan, global market analyst at J.P. Morgan Asset Management, says valuations are expensive at this part of the cycle.
     
    Yes, the downside just mathematically becomes higher when you have a higher valuation at the moment. Yes, we are a little bit more cautious, we expect more volatility. We are not saying buy everything under the sun, but there are spots. European equities, in particular, on even an index or selective basis that do provide a larger upside for us.
  • Following the U.S. election last November, a spotlight has been shone on the role of fake news in politics.
     
    According to data from NewsWhip, about 36 percent of the most-shared stories in the U.S. election came from fake news sources, while in the French election that figure stood at about 10 percent. 
     
    Wikipedia founder Jimmy Wales has launched a new site called Wikitribune, aimed at tackling fake news amid challenges faced by social media sites in containing the spread of false stories. He tells CNBC why this service is needed.
     
    One of the things we are trying to do that’s different is bring in a Wiki style community alongside professional journalists to work together to do something new and different in the space of journalism.
     
    In terms of whether people are able to work out if something is fake or not, the evidence suggests otherwise when we see how many times fake news gets shared and reshared.
     
     
  • European stocks are trading slightly her this morning. Here's our European markets wrap with more details:
     

    European markets open higher following overnight gains on Wall Street

    CNBCEuropean markets opened slightly higher on Friday on the back of overnight gains on Wall Street despite ongoing political turbulence.
  • Jimmy Wales, founder of Wikipedia, discusses the impact of cybercrime and speaking out against government surveillance. The recent “WannaCry” ransomware attack used an exploit discovered by the NSA.
     
    I would join with Microsoft and the other leaders of the industry and say this was a huge screw-up by the government. The NSA found this issue, they did not report it to Microsoft, until it had been stolen from them and was in the wild. This meant Microsoft released a fix for it two months ago but not everybody had applied it.
     
    Wales says the NSA should have notified Microsoft straight away before it became a huge problem and says it is concerning for government surveillance services to hoard things that can be effectively weaponized against citizens.
  • Here are your top stories at this hour:
     
    • President Donald Trump comes out swinging, telling a news conference that the Russia probe is dividing the country, and calling any talk of impeachment "totally ridiculous".
    • Brazil's Bovespa plunges over 10 percent in its worst day since 2008, but President Michel Temer refuses to resign, saying he will prove his innocence against allegations of corruption. 
    • Polls open in the Iranian elections where Hassan Rouhani is seeking a second term, but challenger Ebrahim Raisi has gained momentum with his close ties to the Supreme Leader. 
    • Party leaders clash in the first debate of the U.K. election campaign, but Prime Minister Theresa May and opposition leader Jeremy Corbyn give the showdown a miss, focusing on selling their manifestos. 
  • A little over thirty minutes since the start of the European trading session and stocks are trading higher. Let's take a look with Steve

  • VTB marks the 10th anniversary of its IPO today. This after the Russian bank reported an estimate-beating first quarter and said it was on track to deliver a doubling of its net profit this year.
     
    Andrey Kostin, president & chairman of VTB Bank, says the company has survived challenging times and is looking positively to its future.
     
    You just mentioned that we have a record profit in the first quarter of this year and the price of VTB today is 2.5 percent up.

    Kostin says the company is getting on top of its bad debt.
     
    The bad debt is not a very big problem we actually have quite a reasonable level of this now. About 6.5 percent of our loans are NPLs. It’s higher than pre-crisis but still quite manageable. 
     
     
  • European markets are trading higher this morning, following overnight gains from the Wall Street. Stocks suffered losses in the last two days as investors started to question Trump's Presidency. In a press conference yesterday, Trump dismissed rumours of impeachment talks as "utterly ridiculous":
     
     
     
     
  • Discussing the ongoing investigation into links between the Trump campaign and Russia, Andrey Kostin, president & chairman of VTB Bank, says Russian businessmen would be happy to help the process of normalisation of relations between Russia and the U.S.
     
    But I don't see how any banks of Russia or financial institution can be involved in this. I think it's all nonsense. Some articles you read, you're just surprised how you can change the truth and not truth.
  • President Trump is scheduled to meet with King Salman of Saudi Arabia in Riyadh this weekend, to kick off bilateral discussions between the U.S. and Saudi governments. 
     
    CNBC’s Hadley Gamble reports from Riyadh on whether or not Trump will give the Saudis promise of protection.
     
    It’s certainly something that the Saudis are hoping for because at the end of the day Saudi Arabia and the gulf Arab states have for years now been depending on the United States as a bulwark against what they see as the greatest threat to their stability, which is Iran.
     
    And the question of course going forward is whether or not U.S. President Donald Trump’s promises to the Saudis in terms of future strategic relationships, in terms of more military deals, in terms of the weapons and information shared are going to be enough to make them feel secure.
     
     
     
  • The Stoxx Europe 600 banking index is trading slightly higher this morning as optimism starts to kick back in the market:
     
     
  • Here are your top headlines for this hour.
     
    • President Donald Trump comes out swinging, telling a news conference that the Russia probe is dividing the country, and calling any talk of impeachment "totally ridiculous".
    • Duty-free spending spree! Shares in Dufry top the Stoxx 600 as Richemont takes a 5 percent stake in the travel retailer.
    • K+S shares get some flavour in Frankfurt on speculation the chemical firm could spin off its salt business.
    • Polls open in the Iranian elections where Hassan Rouhani is seeking a second term, but challenger Ebrahim Raisi has gained momentum with his close ties to the Supreme Leader.  
  • The Eurozone's seasonally adjusted current account surplus came to 34.1 billion euros in March from 37.9 billion in February, according to the ECB.
  • The Dow and S&P 500 broke a 2-day losing streak in yesterday's session, gaining 0.27 percent and 0.37 percent respectively. The Nasdaq gained 0.73 percent.
     
    Future values a modest rise for the Dow and S&P at today's open, while the Nasdaq is called a little lower.
     
     
  • Greg Peters, senior investment officer at PGIM, says, after what has been a tumultuous week, the “Trump trade” cannot continue in its current form.
     
    I think so much has been baked in post-election around policies, so each and every week that timeline gets pushed out, best-case scenario.
     
    Worst-case scenario is just a continued tumult. But it’s not just about the U.S. this week. I mean you’ve seen turmoil in Brazil as well that I think’s really important.
     
    Peters says the investor flows has been most dramatic into EM stocks, where Brazil is one of the main places to invest. He says markets are a little more fragile than this week shows.
     
     
  • Shares in Dufry have hit a multi-month highs after Richemont bought a 5 percent stake in the world's largest duty free retailer.
     
    According to Exane BNP Paribas, the chairman of the Swiss luxury goods maker said his company had been mulling an entry into the travel retail sector in a bid to convey its small leather products. 
     
     
    Meanwhile, shares in K+S are also trading higher on speculation that the chemicals firm could spin off its salt business.
     
    Speaking at the BMO investor conference in New York, CEO Burkhard Lohr said the company will make a decision on a potential salt IPO this fall.
     
     
  • The U.S. has imposed sanctions on Venezuela's Supreme Court and its Chief Judge in response to the country annulling the opposition-led congress.
     
    Treasury Secretary Steve Mnuchin said the measures were a result of Venezuela's "consistent interfering with the legislative branch's authority." Venezuela's foreign minister called the move "unacceptable and outrageous" and a "violation of international law."
     
    Venezuelans launched a seventh week of anti-government demonstrations on Monday.
     
     
  • Brazil's stock market closed nearly 9 percent lower after the Supreme Court decided to investigate President Michel Temer for allegedly approving bribes for a potential witness in a corruption probe. 
     
     
    The investigation follows an audio recording of Temer appearing to conspire with the chairman of the world's largest meatpacker, JBS, to obstruct justice. Temer denies any wrongdoing, vowing he will not resign.
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