World Markets Live - September 13 - CNBC Live Events
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CNBC Live Events

World Markets Live - September 13

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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    Skanska Chief Executive Johan Karlstrom will step down in April 2018 after a decade at the helm of the Swedish construction company that built the bridge linking Sweden and Denmark and the Gherkin in London.

    Skanska, whose biggest market is the United States, said on Wednesday it had initiated the work of appointing a new CEO and aimed to name Karlstrom's successor by the end of this year.

    Karlstrom, 61, said he would also resign from the Skanska board at its April annual shareholder meeting but would work as a senior adviser until the end of January 2019, the resignation date stipulated in his contract.

    There are many important issues that engage me, in society and in this business, but I have no current plans to take on a new operational role, he told Reuters.
  • Euro zone government bond yields were close to the highs hit on Tuesday after Austria said it would sell 3.5 billion euros of 100-year debt and other borrowers in the bloc lined up bond sales.

    Bond yields tend to rise when there is a lot of supply in the pipeline and this week is particularly crowded as government and government-backed borrowers rush to access the market before the next European Central Bank meeting.
     
     
     
  • The FTSE 100 in the United Kingdom is valiantly attempting to gain back its losses from the early morning trade.
     
     
    The correlation between sterling and UK listed equities is the clear driver. The pound weakened after wage growth data proved even more subdued than expected.
     
    Wages in the three months to July rose a reported 2.1 percent from a year earlier. When inflation is taken into account, that means U.K. consumers are effectively poorer.
     
     
     
  • The Swiss National Bank will make its latest interest rate decision tomorrow.
     
    The SNB held its deposit interest rate at a record low of -0.75 percent on June 15th, 2017 as widely expected, aiming to stabilize the inflation and support growth.
     
    Policymakers have continually repeated that the Swiss franc remains overvalued and that a negative rate and forex interventions are intended to rein the currency.
     

    Interest rates in Switzerland reached an all time high of 3.50 percent in June of 2000 and a record low of -0.75 percent in January of 2015.
  • The U.S. Producer Price Index number for August has come in at +0.2 percent higher from a month earlier. The core figure, which strips out food and energy components rose by +0.1 percent.
     
    The figures fall shy of estimates by a poll of Wall Street Journal economists who had +0.3 percent for the headline and the core number at +0.2 percent.
     
    The Producer Price Index measures the average changes in prices received by domestic producers for their output.
     
    It is one of the oldest continuous systems of statistical data published by the U.S. Bureau of Labor Statistics.
     
    U.S. Treasury yields fell slightly on the miss.
  • Emboldened by the recent debt deal with Democrats and a largely positive analysis of the White House response to the threat of massive hurricanes, the White House is pressing hard on tax reform.
     
    The last U.S. leader to successfully attack the tax system was Reagan, but Trump seems confident.
  • Apple's big reveal isn't impressing investors as concerns rise about when the much-hyped X iPhone will actually hit the stores.
     
    The stock is off more than one percent.
     
    Print taken at 2:52 p.m. London time.
     
    The $1000 phone dominated the Apple event and has had some applause for its new innovations. 
     
    However, Apple stock has opened lower amid disappointment the company would not begin taking orders for its eagerly awaited iPhone X model until October.
  •  

    Apple iPhone X delay could make next earnings 'substantially' lower than market thinks, analyst says

    CNBCThe iPhone X, which ships in November, could cause people to hold out before purchasing any iPhones, analysts said.
  • U.S. stock index futures point to a slightly weaker open
     
    Print taken at 2:12 p.m. London time
     
    This after Wall Street closed at record highs in the previous session.
     
    On Tuesday the S&P 500 rose 0.3 percent to close at 2,496.48, achieving intra-day and closing records.
     
    The Dow Jones Industrial Average finished at 22,118.86, also managing to deliver a record close.
     
    The Nasdaq Composite closed 0.3 percent higher at 6,454.28, again a record closing high.
     
  • Which way the dollar?
     
    Lukman Otunuga, Research Analyst at FXTM says tomorrow's U.S. inflation report is key in the short term.
     
    Thursday’s CPI report is a big deal, especially when considering how concerns over stubbornly low inflation rates remain one of the key culprits weighing heavily on US rate hike expectations.
     
    Price action suggests that dollar bears still remain in control, as investors become increasingly skeptical over the Federal Reserve’s ability to raise interest rates again before the end of the year.
     
    A soft inflation figure on Thursday that falls below market estimates is likely to dent the prospect of higher US rates, consequently punishing the vulnerable Dollar further.
     
    Print taken at 2:27 p.m. London time.
     
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    And stocks edge lower as predicted:
     
     
  • Click on an arrow to see the Nasdaq's worst performers at as 2:37 p.m. London time
  • Two big names are battling to be the biggest loser on the Dow. Click or tap an arrow to see who is the top drag on the index.
     
     
  • Here are the best and worst on the S&P 500 after about 20 minutes of trade.
     
  • Global oil demand is set to accelerate faster than anticipated this year, according to the International Energy Agency (IEA), which has revised up its 2017 growth estimates.

    Strong second-quarter demand has buoyed oil markets, which have been struggling to rebalance as a supply glut has weighed heavily on prices, the IEA said in its September report released today.

    Demand grew by 2.3 million barrels per day (mb/d), or 2.4 percent, in the second quarter of 2017, prompting the Paris-based organization to increase its growth estimate for the year to 1.6 mb/d, or 1.7 percent. For 2018, the IEA is predicting growth of 1.4 mb/d, or 1.4 percent.
     
    Oil prices have risen through the day following the report's release.
     
    Print taken at 3:08 p.m. London time.
     
    For more on this story click below.
  • House Speaker Paul Ryan says tax reform outline reflects a consensus among tax writers in Congress and the White House. He says he is confident Trump will push for conservative tax reform.
     
    Ryan said House, Senate and White House will be starting from "same page" on tax reform. The outline is expected to be released the week of September 25 and will be an outline of tax writing committee consensus on tax reform. That's according to Reuters.
  • IHS Markit says approximately 9 percent of U.S. refining capacity is still offline due to Hurricane disruption.
     
    • IHS Markit estimates that 13 of the 20 affected refineries are at or near normal operating rates. Five of the other seven are actively in the process of restarting or ramping up runs.
       
    • The amount of capacity offline is still significant. Including the impact of refineries that are partially operational, IHS Markit estimates that around 1.7 million b/d of distillation capacity (9 percent of U.S. total) is offline as of September 12. This is down from around 4.8 million b/d (27 percent of U.S. total) at the peak of the flooding.
       
    • Because of the amount of refining capacity that remains offline (and perhaps Irma-related market jitters), gasoline prices have been slow to decline. It has now been nearly two weeks since the peak of Gulf Coast flooding and the NYMEX RBOB spot price remains about 20 percent above its pre-Harvey levels.
       
    • Looking forward, gasoline prices may decline sharply in the coming week due to the arrival of European product cargoes and Hurricane Irma affecting demand.
  • European markets looking like this with less than an hour to go of trade.   
     
     
    Meanwhile Oil prices have held earlier gains as U.S. government data showe crude stocks rose sharply last week as refinery output continued to fall in the wake of Hurricane Harvey.

    U.S. commercial crude inventories rose by 5.9 million barrels in the week through Sept. 8, compared with analysts' estimates for a rise of 3.2 million barrels. Total U.S. stocks stood at 468.2 million barrels.
  • This does look like something people would use.
     

    Ikea and Apple team up on augmented reality home design app

    CNBCIkea announces "Ikea Place," an augmented reality app that lets consumers design rooms in their homes by virtually test driving furniture, Curbed reports.
  • Bitcoin has fallen below $4,000 on Wednesday with negative comments from JPMorgan's Jamie Dimon and the threat of a Chinese regulatory crackdown, unnerving investors.

    This print taken at 4:03 p.m. London time.
     
     
    Investors have been jittery in the past few days mainly due to numerous media reports suggesting that Chinese authorities are looking to shut down some bitcoin exchanges. These are platforms where bitcoin is traded.
     
    Additionally, JPMorgan Chase CEO Jamie Dimon called the cryptocurrency a "fraud" on Tuesday:
    It's just not a real thing, eventually it will be closed
    It should be noted that JPMorgan is working with the blockchain-based financial system Ethereum, a Bitcoin rival.
  • The U.S. Air Force has awarded Boeing a contract to begin modifying two 747-8 jetliners that will be the next presidential aircraft.

    The contract, which will be under $ 600 million, includes a mission communication system, electrical power upgrades, a medical facility and a self-defense system.
     
    Airforce One taxis on the runway at the Ninoy Aquino International Airport in 2015.
     
  • And here is how European markets have closed fo the day.
     
     
  • And that is where we will leave the blog for this Wednesday.
     
    Tomorrow, we have the Bank of England rate decision at 12:00 pm London time.
     
    Prior to that we have the Swiss National Bank rate decision at 7:30 a.m.
     
    Stateside we will look for the US Core Inflation Rate which may well affect the Federal Reserve's thinking next week.
     
    Also look out for this if in the U.K. A new £10 polymer banknote featuring Jane Austen enters circulation.
     
     
    Until then, have a nice evening.
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