World Markets Live - November 8 - CNBC Live Events
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CNBC Live Events

World Markets Live - November 8

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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  • Good morning everyone. The day is finally here and both presidential candidates make one final push for votes just before polling stations get ready to open doors. Markets across the world are optimistic but cautious, starting to bet on a Hillary Clinton win. While the U.S. markets saw a good day yesterday, Europe remains cautious with opening calls pointing to a slightly higher open. 

    Here are your morning calls from CMC Markets:

    FTSE100 is expected to open 5 points higher at 6,812
    DAX is expected to open 11 points higher at 10,468
    CAC40 is expected to open unchanged at 4,461
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  • Here are your top headlines:

    • The day is here. Polling stations are set to open in one of the most contentious elections in modern history, as frontrunner Hillary Clinton makes a final plea for votes. 
    • Donald Trump makes a last-minute push in New Hampshire, Florida and North Carolina, saying people are hungry for his alternative to the political establishment.
    • U.S. stocks surge, as the Dow jumps over 300 points to mark its best session since March. But equity trade in Asia and Europe looks more cautious, with the polls just hours away from opening. 
    • Silicon Valley Reacts. We're live in Lisbon at the Web Summit where the tech world is keeping a close eye on who will take control in Washington. 

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  • In a final campaign push, Hillary Clinton said she 'deeply regrets' how angry the tone of this election has become. Speaking in Philadelphia, she called on voters to think rationally when making their decision at the ballot box today. 


    Donald Trump is wrapping up his campaigning at a rally in Grand Rapids, Michigan, right now. These are live pictures of the event in the American heartland. 


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  • Mike Jakeman, Chief US Analyst at The Economist Intelligence Unit joins us live to analyse expectations from the U.S. elections:

    The polls in the last couple of days have certainly reinforced our expectation that Clinton will win. I think the FBI latest intervention was eventful but its not going to be decisive. It is still going to be a lead for her. In terms of the house and the Senate, the house was always going to be a GOP. The Senate is always a tighter race.


    The outcome for policy making if we get what we are expecting is pretty grim.
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  • It's here! Your top stories in 30 seconds! 


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  • Credit Agricole third-quarter net profit increases to $2.05 billion, up from $1.02 billion a year ago.
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  • We'll be speaking to Xavier Musca, Deputy CEO of Credit Agricole, at 08:05 CET

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  • The U.S. presidential candidates found some common ground on the issue of trade, in what has otherwise been a very divisive campaign. Both Hillary Clinton and Donald Trump oppose the TPP, but the Republican presidential candidate has taken a harder line describing NAFTA as 'the worst deal the US ever signed'. 

    Karen Tso discussed this anti-trade rhetoric with the WTO Director-General Roberto Azevêdo at the Web Summit. 

    It shows that it is really important else they won't be talking about WTO at all. I am convinced though that the WTO is part of the solution, not part of the problem. Trade lifted one billion people out of poverty in the last 15 years. It happened in China, Asia and it can happen elsewhere as well.

    Trade agreements are always difficult. They are very complex, very sensitive politically as well. The reality is that unless you sit down and read every provision you most likely don't understand what is there. 

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  • German consumer goods group Henkel posted consensus-beating third quarter results, boosted by growing demand in emerging markets and particularly strong sales in Asia.

    Henkel, known for laundry detergent Persil, beauty line Schwarzkopf and adhesives brand Loctite, said its earnings before interest and taxes (EBIT), adjusted for one-offs, grew by 7.6 percent to 837 million euros ($924 million), beating a Reuters forecast for 824 million euros.
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  • Both candidates have made their case for how they'd be better for the economy. But which which party has historically been better for the stock market? Dominic Chu has been taking a look.

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  • Dominic Bunning is Senior FX strategist at HSBC joins us live to discuss the volatility in the foreign exchange market:

    Trying to look through the noise of election has been tough. The main barometer is the Mexican peso, it hasn't been the euro/dollar or the pound, they have their own story going on. The way bookies are looking at it is pretty much how Brexit was the day before so I won't be putting my house on it.


    I think if we get Clinton it is a bit of a status quo. Then the dollar can rally a little bit and the Fed can hike in December. But ultimately it is still a shock to the market and you may see emerging market currencies do better since it is continued.

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  • Silicon Valley has pumped millions of dollars into the US election race, but it is not just tech firms stateside that are invested in the outcome of the contest. CNBC asked the Web Summit CEO Paddy Cosgrave for his thoughts on the US election.  

    I think the outcome of the U.S. elections, of course it has reverberations across the world. I really don't know what is going to happen, it is so gripping over the next few days.


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  • Daniel Saks, Co-CEO of AppDirect joins us live from the Web Summit in Lisbon:

    The U.S. election is definitely very relevant and we are watching it very closely. In the bay area it definitely feels like there is a desire for one candidate in particular but I would say in Europe the Web Summit feels like a campaign rally in itself. 


    Obama was the first to use the approach of leveraging social media in a more effective way and we see that continuing.
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  • Here are your top headlines:

    • Election day is finally here. Polling stations are set to open in one of the most contentious presidential battles in modern history, as frontrunner Hillary Clinton makes a final plea in North Carolina 
    • Donald Trump makes a last-minute push in New Hampshire, Florida and North Carolina, saying people are hungry for his alternative to the political establishment. 
    • U.S. stocks surge, as the Dow jumps over 300 points to mark its best session since March. But equity trade in Asia and Europe looks slightly more cautious, with the polls just hours away from opening. 
    • Silicon Valley Reacts. We're live in Lisbon at the Web Summit where the tech world watches who will take control in Washington. 
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  • Pennsylvania and Michigan give Donald Trump his greatest chance for posting an Election day surprise, while victories in Colorado and Nevada could seal the deal for Hillary Clinton. 

    This according to Goldman Sachs' election guide. The investment bank's analysis is largely in line with consensus views, projecting Clinton will win the White House. But, while Goldman believes the Democrats will get a slim majority in the Senate, it says it could possibly only be via a 50-50 split, which means the vice president would break the tie. 


    Meanwhile, David Tepper has criticised both Donald Trump and Hillary Clinton on CNBC. But in the end, the hedge fund billionaire says he'll be voting for Clinton. 

    Tepper believes the presidential election is tough to call, but he says he has become more bullish on stocks in the past few weeks. Speaking about the Republican nominee, Tepper called him the "a father of lies.
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  • Xavier Musca, Deputy CEO of Credit Agricole joins us live from Paris to discuss the bank's better-than-expected Q3 results:

    As far as Credit Agricole is concerned, we are in a very strong place. The whole group is 14.4 percent (CET ration), well above the minimum requirement coming from the ECB at 7.75 percent.


    It is true some pocket of vulnerability remains in some countries. Some countries have banks profitability under pressure, while other countries have high levels of NPLs. That is often portrayed as the problem across the European banking sector. That is not the good view and not the accurate view.
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  • Royal Bank of Scotland launches a new complaints process and refund of complex fees for some customers in GRG. The bank has acknowledged in some areas, it could have done better for SME customers in GRG. That's according to Reuters.
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  • Let's check in on how Asia is trading, Pauline is in Singapore.

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  • Britain's Marks & Spencer said on Tuesday it would shut stores at home and abroad, with its new chief executive seeking to cut costs as part of a revival plan. That's according to Reuters.

    The clothing and food retailer said it would reposition about 25 percent of its UK clothing and home space.

    It will close about 30 full line UK stores and change around 45 stores to only sell food. Other stores would be re-located.

    The cost of the programme would be 50 million pounds ($62 million) for the next three years, rising to about 100 million pounds in years four and five.

    M&S also plans to focus its international business on a franchise model, exiting its loss-making owned business across 10 markets, at a cost of 150-200 million pounds over the coming 12 month period, thereby eliminating annual losses of 45 million pounds.

    M&S also reported an 18.6 percent fall in underlying pretax profit for its first half to Oct. 1 of 231.1 million pounds along with a 2.9 percent fall in second-quarter underlying clothing sales. Like-for-like food sales were down 0.9 percent.
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  • Marks & Spencer does not plan to raise its prices on clothing and other goods to compensate for the fall in the pound caused by the Brexit vote, its chief executive said on Tuesday. That's according to Reuters.

    We've obviously got currency pressures that have come onto us recently but we intend to mitigate those through better sourcing, by better volumes with our manufacturers and our intention is that we won't have to pass those price rises onto the consumer in the New Year, Steve Rowe told BBC radio.

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  • European futures point to a cautious start to the trading day as polling stations get ready to open across the United States:

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  • In case you are just joining us, here are your headlines.

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  • Bruce Aust, Vice Chairman of Nasdaq joins us live from the Web Summit in Lisbon to discuss the IPO market:

    It is really the volatility that we have seen in 2016 that relate back to the markets, things like Brexit and volatility in January have slowed down the IPO market in 2016.


    I think it is about which candidate will create the most amount of volatility so if we have volatility coming out of the election then that will dampen the IPO market. Technology companies are taking longer to go private and we are helping them raise capital.
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  • Imperial Tobacco FY adjusted EPS up 12 percent to £2.49. The company says adjusted operating profit 3,360 million pounds. That's according to Reuters. 

    The company's CEO says Tobacco industry consolidation is "not impossible but very difficult."
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  • In unanimous decision, Hong Kong jury finds British banker Rurik Jutting guilty of two counts of murder. That;s according to the South China Morning Post. 
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  • Solvay's underlying EBITDA rose 6 percent in the third quarter, despite an 8 percent decline in quarterly sales. The Belgian chemicals company raised its guidance saying it expects double-digit EBITDA growth for the fourth quarter of this year

    With a spike in M&A movement in the chemicals sector in recent months due to deals between Bayer and Monsanto, Syngenta and Chemchina, and BASF and Chemetall, some of Solvay's businesses have also attracted suitors. 

    Karim Hajjar, the CFO of Solvay joins us on the phone to discuss the company's results:

    When we delivered 6 percent EBIDTA growth this quarter, the takeaway was a very strong pricing power and record margin. Clearly when we look to the remaining few weeks to the year. We know our pricing power will take us through. Earnings growth will be in between 7 to 8 percent this year. 


    We are moving towards a market specialty portfolio. We are quite resilient and quite diverse so that is one of our many many strengths. We have 11 quarters in a row of positive pricing power.
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  • European markets are now open for trading with the Stoxx Europe 600 opening unchanged.
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  • Major European bourses remain cautious, opening lower across the board:

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  • Credit Agricole has emerged as the top performing stock this morning after the company posted stronger-than-expected Q3 earnings results. Meanwhile, Security services Securitas B is at the top of the list of worst performing stocks, down 6 percent:

     
     

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  • Shares in Credit Agricole are up nearly 5 percent after the bank announced it has doubled its net income in the third quarter to just under 1.9 billion euros, topping analyst estimates. 

    The French bank booked a gain of more than one billion euros from the simplification of its structure and the sale of its stakes in regional banks. 

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  • RBS has set up a 400-million-pound scheme to refund small and medium business clients who claim they have been mistreated. 

    The lender has admitted to some wrongdoing but has refuted claims it deliberately pushed some small businesses into restructuring to charge them big fees and pick up their assets for a fraction of their value.


    Sonja Laud, Investment Director at Barings says most of the issues for banks revolve around balance sheets trying to prop up capital ratios.
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  • Big banks in Europe are struggling to hold gains this morning after witnessing a rally on Monday:

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  • Sonja Laud, Investment Director at Barings says for financial stocks there is a "whiff of inflation" in the air but people shouldn't get carried away as there are regional differences.

    She also argues there is not much evidence of a dramatic uptick in loan growth or other earnings related metrics.

    Laud: Asset values on RBS balance sheet is a proper concern  

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  • Arcelor Mittal's third quarter core profit of 1.8 million dollars has missed analyst estimates. The world's largest steel producer said that the fourth quarter would also be weaker than expected as higher coal prices hit margins. 

    Shares in Arcelor Mittal are down more than 5 percent:


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  • Marks & Spencer has warned of store closures, after posting a whopping 90 percent drop in first half profit. The British retailer said it would focus on expanding its profitable food unit, while shutting clothing stores in the UK and abroad, after struggling to turn around the business. 


    Matthew Beesley, Head of Global Equities at Henderson Global Investors says M&S hasn't known its identity for some time:

    What is it? Is it a food retailer? is it a clothing retailer? 

    Is it a U.K. focused business or does a global opportunity exist?

    Beesley: What is M&S?

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  • Imperial Brands has reported a 10 percent in full year operating profit, helped by its acquisitions in the US as well as the weak sterling. 

    The tobacco company also raised its dividend and also announced a new 300 million pound investment plan.

    Oliver Tant is Financial Director at Imperial Brands and is telling the on air team that he's delighted with the results and the pressure is being firmly placed on competitors.

    Tant: pleased with growth of Imperial's e-vapor offering 

    On chatter of M&A, Tant suggests that any takeover of Imperial would be difficult to carry out and the company is continuing to operate as normal.

    The company has invested in the United States heavily and says it is paying off well.
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  • European markets have turned positive but still remain cautious as polling stations across the U.S. get ready to open doors in just a little while:



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  • Here are your top headlines at this hour:

    • Election day is finally here. Polling stations are set to open in one of the most contentious presidential battles in modern history, as Hillary Clinton and Donald Trump make their final pleas in key states. 
    • European stocks fail to find a clear direction. But Credit Agricole outperforms after beefing up its balance sheet and doubling its third quarter net profit, despite macro challenges. 
    • AND it's a tale of two in the retail space. AB foods rallies more than eight percent as the Primark owner flags up potential Brexit benefits, while M&S suffers a 90 percent drop in first half profit. 
    • Feeling the steel slowdown. ArcelorMittal shares are on track for their worst day in 3 months after the steel producer warns of weaker profitability in the fourth quarter.
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  • The dollar remains steady as markets bet on a victory for Hillary Clinton in the U.S. presidential election after the FBI cleared her of any wrongdoing in its latest probe of her use of a private email server.

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  • After 30 minutes of trade, Julia works through the early movers.

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  • Oil prices remain stable after posting strong gains the previous day when investors piled money into financial markets in expectation that Democrat Hillary Clinton would win the U.S. presidential election.

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  • I look at emerging markets and I consider them as a growth hedge. Perhaps in developed markets growth has topped out but in EM there is still some road to run.

    Matthew Beesley, Head of Global Equities at Henderson Global Investors says the dollar will be key but the emerging market story is one to consider.

    He highlights Brazilian bank Itau which Henderson Global does own.

    Beesley suggested that conditions for the bank are getting ‘less bad’, with asset quality no longer deteriorating. 

    He also noted the bank is trading on 2x book for a 19% ROE and his company "finds this very attractive".


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