World Markets Live - September 11 - CNBC Live Events
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World Markets Live - September 11

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

  • Hurricane Irma has been downgraded to a category 1 storm. Irma made landfall in Florida after hitting several areas of the Caribbean. Dozens are dead as a result of the storm.
     
    The NHC says the hurricane is continuing to weaken as the centre of the storm moves along the north-western coast of the Florida peninsular.
     
    The hurricane is about 60 miles north of Tampa, Florida with maximum speeds of 75mph.
     
    The NHC says Irma is expected to weaken to a tropical storm this morning and to a tropical depression by Tuesday afternoon.
     
    A car sits abandoned along North Fort Lauderdale Beach Boulevard as Hurricane Irma hits the southern part of Florida
     
    Even though the storm has weakened, forecasters still say Irma remains very dangerous. Trees have been toppled and power lines damaged. Tornadoes have also now been spotted in the southern part of Florida, according to reports.

    Nearly 4 million homes and businesses in Florida have lost power, with full restoration possibly weeks away. That's according to major utilities in the state. Most outages were reported in the southern and eastern parts of Florida.
  • These are the top headlines this morning:
     
    • Hurricane Irma swamps Florida, dropping to Category 2, but leaving a vast trail of destruction as the storm moves north towards Georgia.
     
    • Four million homes and businesses left without power, with officials warning it could be days before services are restored.
     
    • Over 10 thousand flights are cancelled as Miami airport is closed, while overall insurance losses are estimated to hit $65 billion.
     
    • The impact of Hurricanes Irma and Harvey prompts downward revisions of U.S. GDP forecasts, as President Trump approves Irma disaster funding, calling the storm 'some big monster'.
  • Flight cancellations remain high as the storm threatens to hit much of the U.S. southeast.
     
    Airlines have called off over 10,000 flights, with more than 7,000 in Florida alone. That's according to statistics from the plane tracker Flight Aware.
     
    The number could rise as Irma heads north toward Atlanta - home of a Delta Air Lines hub and the world's busiest airport.
     
     
  • A quiet day for U.S. markets on Friday, with stocks falling for the week. The Dow eked out a gain, while the Nasdaq dropped.
     
    However, 9 out of 11 sectors in the U.S. are up year to date.
     
     
  • A positive session for Asia, with markets recording strong gains.
     
    Markets welcomed a calm moment in geopolitical tensions. North Korea was expected to rile up tension with another missile launch to celebrate the country's founding.
     
    North Korea's dictator Kim Jong Un decided to have a party instead, according to Reuters.
     
     
  • The United Nations is due to vote on fresh North Korean sanctions later today. The rogue state has threatened retaliation saying the United States will pay its "due price" for spearheading the latest restrictions.
     
    This as the country's leader Kim Jong Un held a party over the weekend to celebrate conducting its largest nuclear test a week ago.
     
     
  • South Korea's foreign minister says the new draft UN resolution focuses on elements that will have an economic impact on North Korea.
     
    The foreign minister says they have asked for an oil embargo to be included in new sanctions on the hermit state.
     
    The minister says the government is not looking at bringing back strategic nuclear weapons to South Korea.
  • Recent missile launches from North Korea were the result of the need to test new technological developments, according to Jonathan Wood, director of Control Risks.
     
    Wood discussed whether North Korea refrained from a missile test this weekend in order to avoid offending the Chinese. The anniversary of Chairman Mao’s death was on 9 September.
     
    North Korea hasn’t shown any reluctance to offend China in any way. Their nuclear test occurred as President Xi was giving a speech at the BRICS summit. So it’s hard to see what they could do which would push China into a posture of greater containment of North Korea accept to say that’s not necessarily in China’s interests.
     
  • Hurricane Jose is weakening as it makes its way over the Western Atlantic, with its intensity set to reduce further over the next few days. That's according to the U.S. National Hurricane Center, which says the Category 3 hurricane has maximum sustained winds of 115 miles per hour.
     
     
    Hurricane Irma is a major event for the insurance industry. That's the view of a board member of German reinsurer Munich Re. Speaking at an insurance conference in Monaco, Torsten Jeworrek estimated that losses would be between $20 and $30 billion dollars
    .
  • The death toll from Friday's 8.1 earthquake in Mexico has risen to 90 and left thousands of homes damaged.
     
    Mexican security forces are continuing their recovery efforts, rushing food and water to the affected states. Three days of mourning has been announced by Mexican President Enrique Pena. 
     
     
  • Crude prices are trading higher after Saudi Arabia suggested there is a possibility of extending the current supply cut.
     
    The world's largest oil producer said it discussed the deal with Venezuela and Kazakhstan. The current pact between OPEC and Non-OPEC members is due to expire in March 2018.
     
     
    Meantime, Saudi Arabia has reassured investors that it's Vision 2030 reform programme remains on track. Reports that Riyadh was revising a section of the reforms had sparked fears that the whole overhaul might be in danger.
     
    There have also been concerns over the kingdom's plans to sell a stake in Saudi Aramco. However officials say that the listing remains on track.
  • North Korea's lack of action over the weekend has seen gold slide. It comes after the precious metal saw its biggest inflows in 30 weeks as concerns over Hurricane Irma and tensions on the Korean peninsula saw investors flock to the safe haven. Gold is down 0.7 percent today.
     
     
  • Details of Apple's 10th anniversary edition of the iPhone have been leaked ahead of the company's highly anticipated launch. Two trade websites have gained information on the features of the new phone, such as facial recognition technology.
     
    But most notably they have revealed the name of the new model, which is 'iPhone X'. Apple is launching the new device, which is expected to be priced at around $1,000, at its Cupertino headquarters tomorrow.
     
  • European markets are called to open higher when the session begins at 8am BST.
     
     
  • These are the top headlines ahead of the market open:
     
    • Hurricane Irma swamps Florida. It weakens to a Category 1, but still cuts a vast trail of destruction as the storm moves north towards Georgia.
     
    • The Nikkei rallies, leading Asian markets higher, as investors breathe a sign of relief after North Korea refrains from further weapons testing, during its National Day celebrations.
     
    • Shares in Roche called to open lower after a cancer drug trial shows disappointing results while rival Novartis hails the 'best results ever' for a rival treatment.
     
    • Leaks ahead of Apple's product launch reveal the tech titan could be preparing to unveil a limited edition iPhone X that could cost as much as a thousand dollars.
  • The Bank of France business climate indicator for the services sector rose to 100 points in August from 99 points in July. The indicator for the industrial sector falls to 104 point in August from 105 points in July.
     
    The Bank of France estimates French Q3 GDP growth at 0.5 percent.
  • The European Stoxx 600 is rising at the start of today's session.
     
     
  • All the sectors of the Stoxx 600 are gaining in this morning's relief rally, which follows a weekend of geopolitical calm.
     
     
     
  • The individual European markets are performing well at the start of Monday trade.
     
     
     
  • Speaking this morning, the ECB's Benoit Coeure says "there is compelling international evidence that non-standard monetary policy measures have been successful."
     
    Coeure says monetary policy will remain accommodative for longer. He says the "medium term" concept used in there strategy is likely to be longer given the persistence of below target inflation. 
     
    The euro has fallen on his comments.
     
     
  • Virgin boss Sir Richard Branson has shared images of the destruction caused to the British Virgin Islands by Hurricane Irma.
     
    Credit: Virgin.com
     
    Here's what Branson had to say:
     
    This story is about the tens of thousands of people who have lost their homes and their livelihoods. We have spent the past two days visiting team members who live on Virgin Gorda and as many people as possible, distributing aid, water and supplies. We have seen first-hand just how ferocious and unforgiving this storm was. 
     
    For more on Branson's experience, click here.
     
     
  • These are the top headlines after the market open.
     
    • Hurricane Irma swamps Florida. It weakens to a Category 1, but still cuts a vast trail of destruction as the storm moves north towards Georgia.
     
    • Reinsurance stocks rally as officials start counting the cost of the storm, amid estimates the overall insured cost could top 65 billion dollars.
     
    • Highs and lows for the drugmakers. Roche shares fall on the failure of a skin cancer drug, while Novartis hails the 'best results ever' for its rival treatment.
     
    • Leaks ahead of Apple's product launch reveal the tech titan could be preparing to unveil a limited edition iPhone X that could cost as much as a thousand dollars.
  • Hurricane Irma has been downgraded to a category 1 storm, as 100 mile per hour winds batter Florida. Irma made landfall there after hitting several areas of the Caribbean. Dozens are dead as a result of the storm.
     
     
    Meanwhile, Hurricane Jose is weakening as it makes its way over the Western Atlantic, with its intensity set to reduce further over the next few days. That's according to the U.S. National Hurricane Center, which says the Category 3 hurricane has maximum sustained winds of 115 miles per hour.
  • Despite big political shifts in 2016, deal-making managed to hold up well according to Deloitte's M&A index. Last year saw $3.2 trillion worth of deals, while M&A activity between the U.K. and the rest of Europe more than doubled a year after the Brexit vote.
     
    Sriram Prakash, global lead of M&A Insight at Deloitte, says uncertainty is a killer for M&A, but the moment there is news then deal-makers spring to action.
     
    Lots of really good FTSE 100 companies got sold because of the dollar-pound depreciation. They suddenly looked very attractive. On the other hand, companies which have a strong balance sheet have been looking at new markets, at the U.S, at emerging markets, to expand. So lots of deal-flow there and back home plenty of consolidation as well.
  • The global market value of government bonds trading with negative yields has hit a one year high, according to JP Morgan. Up 60% since the start of the year, there are now $7.4 trillion worth of negative-yielding bonds trading.
     
    CNBC’s Joumanna Bercetche says central banks have bought $2 trillion worth of financial assets in 2017 and that liquidity has to find a home, some of which has gone into negative-yielding bonds.
     
    People are concerned maybe about the geopolitical outlook, maybe the lack of policy direction from the Trump administration, but then there are also lingering concerns about the inflation outlook. People would not be buying bonds here if they suspected that inflation was actually going to get out of control at some point in time.
  • These are the top headlines for the hour:
     
    • Hurricane Irma swamps Florida. It weakens to a Category 1, but still cuts a vast trail of destruction as the storm moves north towards Georgia.
     
    • Reinsurance stocks rally as officials start counting the cost of the storm, amid estimates the overall insured cost could top 65 billion dollars.
     
    • Highs and lows for the drugmakers. Roche shares fall on the failure of a skin cancer drug, while Novartis hails the 'best results ever' for its rival treatment. Astrazeneca shares also receive a boost from promising cancer drug results.
     
    • Leaks ahead of Apple's product launch reveal the tech titan could be preparing to unveil a limited edition iPhone X that could cost as much as a thousand dollars.
  • Daimler's CEO has announced plans to offer electrified version of all Mercedes cars by 2022 and to make Smart a full electrified brand. The comapny expects AMG car sales to rise 50 percent this year, from 100,000 sales in 2016.
     
    However, the company's executive Frank Lindenberg said electric cars exert pressure on profit margins, as they have lower margins. If electric car demand increases strongly, then margin development will be 8 to 10 percent, rather than 10 percent.
     
    The automaker's R&D chief also said spending on research and development needs to increase going forward.
     
    Daimler also announced a new cost saving plan with a target of 4 billion euros.
     
    Shares in Daimler are down a fifth of a percent today.
     
     
     
  • Italy's July industry output rose 0.1 percent month on month and 4.4 percent year on year. This was slower than June's growth of 1.1 percent on the month and 5.2 percent on the year, but beat expectations.
     
  • Crimes against humanity may have been committed in Venezuela, according to an investigation by the UN into human rights violations. A criminal investigation is required to confirm this, according to the chief of the UN's human rights commission Zeid bin Ra'ad.
     
    Zeid also shares his concerns on President Trump's decision to end the DACA. He urges Congress to provide former DACA beneficiaries (immigrants who arrived illegally as children) with "durable legal status," according to Reuters.
  • The United Nations is due to vote on fresh North Korean sanctions later today with South Korea looking for an oil embargo to be included. The rogue state has threatened retaliation saying the United States will pay its "due price" for spearheading the latest restrictions.
     
    This as the country's leader Kim Jong Un held a party over the weekend to celebrate conducting its largest nuclear test a week ago.
     
    CNBC’s Chery Kang says a diluted version of a UN Security Council resolution against North Korea is likely to be voted through.
     
    We saw the draft resolution which was released by the U.S. (that’s rare by the way) which didn’t include items such as oil embargo as well as a ban on North Korean textile exports as well as labor overseas, but some experts say an oil embargo will not get a red light.
     
    Kang says this may be Washington’s attempt to build a foundation so it can move unilaterally to sanction those other countries which do business with North Korea.
  • Will an oil embargo help to bring North Korea to the negotiating table?
     
    Tom Plant, director of proliferation & nuclear policy at RUSI, says there are no guarantees of any kind when it comes to North Korea.
     
    However, analysts over many years have said an oil embargo or some restriction on the flow of oil into North Korea is something that could seriously threaten the regimes hold, particularly its ability to supply its military.
     
    Plant says China is needed on board for an embargo to happen, but is not in China or Russia’s interests to see North Korea pushed to the brink.
  • Hella and Ebm-Papst have agreed on a strategic cooperation. Starting in 2019, their first joint product will be an electric purge pump which could reduce CO2 emissions. 
     
    The focus of the cooperation will be in the field of actuating systems, according to the report.
  • The European markets are rallying today, thanks to a strong session in Asian trade. The reinsurance sector is up strongly as European firms forecast prices to stabilize despite losses from recent hurricanes.
     
     
     
  • Hyundai Motor and Kia Motors announce they are to temporarily shut down plants in the U.S. to avoid any damages from Hurricane Irma.
  • European stocks are experiencing a relief rally today. Rebecca O'Keeffe, Interactive Investor’s head of investment says this is because of a "less painful weekend than feared."
     
    Despite the fact that North Korea is now warning of ‘pain and suffering’ if the UN council votes for new sanctions today, investors have largely decided that the risks are more rhetoric than reality. Although Irma is still causing some problems, the impact is far less than the worst-case scenario predictions, with insurance companies topping the performance tables today as the direct financial cost of Irma is likely to be far less than feared.   
     
    Nevertheless, the insurance costs of this year’s hurricane season are just one small part of the overall impact of Harvey and Irma, with investors and analysts now trying to work out who could be the big winners and losers from this year's savage weather. Rebuilding and reconstruction are likely to be a central theme over coming weeks with the DIY and construction industries likely to be beneficiaries. Demand for new automobiles could be affected substantially by their growing susceptibility to damage from floodwater.
     
    Oil and oil product markets remain volatile as the knock-on effects of both Harvey and Irma may affect demand and supply for some time to come.  Florida is also a key supplier of agricultural produce to the US and wider market, not least orange-juice.
     
    O'Keeffe predicts the overall impact of the hurricanes will negatively affect U.S. Q3 GDP, but will boost the next two quarters.
  • Here are the stocks in the news today.
     
    AstraZeneca shares are pushing higher after the company reported positive results from trials for two lung cancer drugs. Studies found that its 'Imfinzi' and 'Tagrisso' treatments significantly extended the time that patients live without their disease worsening. The results are a boost for the British drugmaker's prospects after its Mystic trial setback, which wiped £10 billion off AstraZeneca's shares in July.

    Shares in the Swiss pharmaceutical firm Roche are under pressure after one of its pipeline drugs failed a clinical trial. Roche says its 'Zel-bo-raf' drug failed to deliver significant benefits for patients who had undergone surgery for skin cancer. However, the company still sees scope for the drug to be used for early stage treatments. 
     
     
    Rival drugmaker Novartis has successfully trialled a new drug cocktail against skin cancer. The combination of Tafinlar and Mekinist reduced the risk of melanoma returning by 53 percent in patients. The company plans to submit the new drug combination for regulatory approval by the end of the year.
     
    Shares in Danish pharma firm Lundbeck have fallen to the bottom of the Stoxx 600 following the resignation of the company's CEO. Kaare Schultz is leaving the drug-maker to take the top job at its troubled rival Teva.
     
  • The NHC says Hurricane Irma is continuing to weaken as the centre of the storm moves along the north-western coast of the Florida peninsular.
     
    The hurricane is about 60 miles north of Tampa, Florida with maximum speeds of 75mph.
     
    The NHC says Irma is expected to weaken to a tropical storm this morning and to a tropical depression by Tuesday afternoon.
  • U.S. stock markets are called to open higher, with the Dow expected to gain 150 points, according to future values.
     
    This would follow strong sessions in Europe and Asia, which are rallying after a weekend of geopolitical calm as North Korea  decided against a missile test launch, as well as the insurance sector benefiting as the economic cost of Hurricane Irma is expected to be less than feared.
     
     
  • Italian industrial production surprised to the upside in July, rising 0.1 percent on the month against expectations it would contract, according to Fabio Fois, analyst at Barclays.
     
    Total output edged up +0.1% m/m, against our (-0.5%) and consensus (-0.4%) expectation of a modest payback following the strong 1.1% m/m June print which was led by volatile components. 

    The print looks promising. IP improved slightly on the month despite energy production falling back, after surging in June, as we anticipated. In other words, the upwards surprise, relative to our forecast was concentrated in manufacturing production. 
     
    Risks surrounding our Q3 GDP forecast are largely skewed to the upside. Against the backdrop of ongoing solid manufacturing prints and improving business sentiment across sectors, including construction, we attach up to 0.25pp upside risks to our current 0.2% q/q growth forecast for Q3, as also indicated by our GDP indicator. 
  • Israel and China have signed a $300 million trade deal on "clean-tech" according to Israel's finance ministry.
     
  • The pan-European Stoxx 600 continues to perform well, up 0.95 percent. Here's a look at how the individual European bourses are performing. Some, including French CAC and German DAX indexes are up more than 1 percent today.
     
     
     
  • Billionaire entrepreneur Richard Branson has revealed photos of the devastation wreaked by Hurricane Irma on his private island in the Caribbean.
     
    Click on the link below to read more.
     
  • Investors feared that North Korea would test a missile to mark the country’s founding day over the weekend, but Pyongyang opted instead to hold a celebration.
     
    Added to that, the impact from Hurricane Irma on the state of Florida looks like it could be less costly than some had feared.
     
    Those two events providing something of a relief rally.
     
    Print taken at 1:43 p.m. London time.
     
     
  • Goldman Sachs has said that oil demand will fall by about 700,000 barrels per day (bpd) in September because of hurricane season.
     
    The investment bank calculates that the effects of Irma and Harvey will have slowed the energy hungry activities of the petrochemical firms that lay in the path of both storms.
     
    Goldman said October's demand shortfall will be about 300,000 bpd.
     
    Print taken at 12:30 p.m. London time.
     
  • The Cuban government says 10 people are known to have been killed by Hurricane Irma.
  • European markets are higher in trade.
     
     
    Insurance stocks leading the gains on Monday, up around 2 percent after the projected insured loss in the U.S. resulting from Hurricane Irma was trimmed.
     
     
  •  
     
    U.S. stocks opened sharply higher on Monday as the damage from Hurricane Irma was not as bad as feared.

    Hurricane Irma, once a Category 5 hurricane, hit the coast of Florida over the weekend. On early Monday, Irma continued to thrash the state, after slamming the Keys, Miami and other areas nearby in recent days.

    The hurricane has gradually lost strength, however, and has been downgraded to Category 1 as it continues to move its way across land. Storm surges were also much smaller than the National Hurricane Center expected.
  • Here are your best and worst on the S&P 500.
     
     
  • Only two stocks on the Dow are being sold off in early trade.
     
     
     
  • Google has filed an appeal against the 2.4 billion euro fine imposed by the European Union in June for abusing its dominant position in the search engine market.
     
    The European Commission has asked Google to suspend the practice by September 28.
  • TomTom and Sony are working together on maps technology for cycling.
     
    Garmin has dominated the space of cycling computers for some time but the maps element has always been a bit sketchy. Nowhere near as good as your car sat nav.
     
    If Sony can crack it with TomTom technology, potentially a winner.
     
    Is the Sat Nav for bikes about to move forward?
     
  • Today was the annual Cantor Fitzgerald and BGC Partners charity day.

    The day was set up to remember Cantor Fitzgerald workers who died in the terrorist attacks on September 11, 2001.
     
    Cantor’s New York headquarters was based in the World Trade Center.
     
    Keira Knightley, representing SMA Trust, makes a trade at BGC Charity Day on September 11, 2017.
     
  • U.S. markets continue to power forward.
     
    The Dow Jones industrial average is up more than 200 points, with Apple and insurer Travelers Cos. contributing the most to the gains.

    The S&P 500 gained 0.9 percent, with information technology and financials rising more than 1 percent to lead all higher. The Nasdaq composite popped 1.2 percent, as large-cap technology stocks like Facebook and Apple rose.
     
    The three indexes also turned positive for the month.
     
    Hurricane Irma, once a Category 5 hurricane, hit the coast of Florida over the weekend. On early Monday, Irma continued to thrash the state, after slamming the Keys, Miami and other areas nearby in recent days.
     
     
  • We think Hurricane Irma could be a top 5 most costly hurricane in the U.S, although the losses could be in-line-to-lower than market expectations.
    - JPMorgan
     

    JPMorgan: Irma will still be one of the 5 most costly hurricanes ever

    CNBCJPMorgan tells its clients Hurricane Irma's insured losses will still rank among the costliest in history.
  • The Apple event looms large tomorrow.
     
    Apple's next high-end iPhone, which will be introduced on Tuesday and called the iPhone X may be very difficult to buy.
     
    According to a note from KGI Securities analyst Ming-Chi Kuo that was obtained by MacRumors, Apple's suppliers are only able to build 10,000 iPhone X units per day. Kuo said this "means the model will remain in severe short supply for a while."

    This aligns with earlier reports, including from Kuo, that suggested Apple was having a difficult time manufacturing the phones.
  • That is where we will leave the blog for today.
     
    Tomorrow will be a big day for U.K. data with retail sales and inflation numbers out at 9:30 a.m. London time.
     
    Until then, have a nice evening.
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