World Markets Live - September 28 - CNBC Live Events
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CNBC Live Events

World Markets Live - September 28

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

  • NBC's Peter Alexander reports on Trump's tax reform

  • The Republican Party has unveiled plans for an overhaul of the U.S. tax system. The framework calls for lower corporate and personal tax rates. Democrats were quick to attack the plan, saying it mostly helps the wealthy and will inflate the deficit.
     
     
    One of the proposals was for a one-off low tax rate for companies repatriating profits from overseas, which would lead to a temporary phase of dollar buying. This pushed the dollar index up.
     
     
  • These are the top headlines today:
     
    President Trump hails his 'once in a generation' tax reform plan, despite criticism it lacks detail and could benefit the wealthy.
     
    Britain's Civil Aviation Authority says it will take action against Ryanair for misleading passengers, as the airline extends flight cancellations into next year.
     
    Italian shipbuilder Fincantieri takes a majority stake in France's STX, after Emmanuel Macron and Paolo Gentiloni reach a compromise to save the deal.
     
    Wolfgang Schaeuble steps down as German finance minister, opening the way for Chancellor Merkel to offer the post to a coalition ally.
  • Top democrats Bernie Sanders and Chuck Schumer both attacked Trump's tax proposals as "morally repugnant", expensive and unfunded.
     
     
     
  • For more coverage of the GOP's tax reform plans, stay tuned to CNBC throughout the day. House Speaker Paul Ryan joins our colleagues on U.S. Squawk Box at 14:30 CET.
     
     
  • Wolfgang Schaeuble will step down as Germany's Finance Minister to become Speaker of the Bundestag. German Chancellor Angela Merkel is in coalition talks with leaders of the business-friendly FDP, who have pushed to have one of their members run the finance ministry.
     
    In eight years in the post, Schaeuble was a leading voice for austerity through the euro crisis.
     
     
  • Playboy founder Hugh Hefner has died at the age of 91. Hefner passed away at his mansion from natural causes, his company said. NBC's Erika Edwards takes a look back at his life.

  • BOE policy maker Andy Haldane has said he sees encouraging signs of pay growth. Speaking to Sky News, the central bank's chief economist said he was part of the MPC majority who, at their meeting earlier this month, said that winding down stimulus might be warranted in coming months. Haldane said that any normalisation of rates would be "a good news story".
     
     
    Meanwhile, the Bank of England today marks 20 years of independence. To celebrate the anniversary the central bank is holding a two-day event featuring speeches by the likes of Stanley Fischer and Christine Lagarde, as well as a conversation between Governor Mark Carney and his ECB counterpart Mario Draghi.
  • The British Civil Aviation Authority will expedite action against Ryanair after the low-cost carrier announced additional flight cancellations that are likely to impact around 400-thousand customers.

    Ryanair also dropped its planned bid for the troubled carrier Alitalia as it seeks to focus on resolving its own staffing issues. Ryanair has reaffirmed its full-year profit forecast and said it has a plan in place to prevent further cancellations. 
     
  • H&M reports Q3 profit after financial items came to 5.016 billion Swedish crowns, beating estimates but down from 6.3 billion the year before. Gross margin in Q3 was 51.4 percent, down from 54 percent.
     
    The company says its growing online sale did not fully compensate for reduced footfall to stores in many of its markets. It says sales slowed towards the end of September.
  • Lloyd's of London reports a first-half investment return of 1.5 percent, down from 1.8 percent in June  2016. Lloyd's reports pre-tax profits of £1.22 billion, down from £1.46 billion the year before. 
     
    The company says that despite pressure on pricing from excess capital and low interest rates, development of new products has seen an increase in volumes.
  • European markets are called to open higher this morning as investors are bolstered by the Republican tax reform proposals. 
     
     
  • Jeremy Corbyn, the leader of the UK's opposition Labour Party, used his conference speech to attack what he described as the 'failed dogma of neoliberalism'.
     
    He told his supporters that a Labour government would play a more active role in the UK economy, by re-nationalising key utilities and intervening in the British housing market. Jeremy Corbyn also stressed that his party has learnt from the June general election and is now ready for government.  
     
     
  • Bank of Japan Governor Kuroda says the current economic expansion is well-balance and highly sustainable. He says's Japan's economic expansion is broadening to regional areas of the country.
  • European markets are now open for trade. They are mixed at the start on Thursday's session.
     
     
     
     
  • Here's how the individual European markets are looking.
     
     
     
  • Here's a roundup of the latest corporate news:
     
    Telecom Italia will name Amos Genish as its new CEO. That's according to sources quoted by Reuters. The choice may suggest that French media group Vivendi is strengthening its influence over Telecom Italia. Both companies did not comment on the story. Genish was previously chief convergence officer at Vivendi before he joined Telecom Italia as general manager of operations. 
     
    Fiat Chrysler is set to engage in settlement talks with representatives of vehicle owners suing the carmaker over excess diesel emissions. The negotiations will be in Washington in mid-October. This comes after the U.S. Justice Department sued Fiat Chrysler in May for using software that led to excess emissions in more than one hundred thousand diesel vehicles. 
     
    H&M has warned of slowing sales in September. This as the fashion retailer posted a 20 percent fall in pretax profit for the third quarter, but still topped analyst expectations. H&M said online sales growth didn't fully compensate for reduced footfall in stores during the June to August period, but it plans to continue its expansion of both online and physical stores.
     
  • Here's a further summary of the top live blog, CNBC, business news, real time events today:
     
    TUI has re-confirmed its full-year targets. Europe's largest tour operator said it still predicts underlying earnings to grow by at least 10 percent, boosted by a strong performance in its hotels and resorts business. Despite the healthy outlook, TUI says that the hurricane season had affected its Caribbean operations.
     
    Ryanair has announced additional flight cancellations that are likely to impact around 400,000 customers.The low cost carrier also dropped its planned bid for the troubled airline Alitalia as it seeks to focus on resolving its own staffing issues. Ryanair yesterday reaffirmed its full-year profit forecast and said it has a plan in place to prevent further cancellations.
     
    Rocket Internet narrowed losses in the first half to 27 million euros, from 617 million a year ago. The Berlin-based incubator says it remains confident that 3 of its start-ups will turn a profit by the end of the year, though that target could be missed by 3 to 6 months. Meanwhile Rocket has halved its stake in Delivery Hero, selling 13 percent to Naspers for 660 million euros.
  • These are the top headlines following the market open:
     
    President Trump hails his 'once in a generation' tax reform plan, despite criticism it lacks detail and could benefit the wealthy.
     
    Red is the new black. Shares in H&M drop, as profits fall 20 percent. The Swedish fashion group says it had to slash prices to sell off summer stock.
     
    Britain's Civil Aviation Authority says it will take action against Ryanair for misleading passengers, as the airline extends flight cancellations into next year.
     
    Magazine founder and the Playboy of the modern world, Hugh Hefner has died at his famous LA mansion, at the age of 91.
     
     
     
  • French and Italian officials have struck a deal on Fincantieri's take-over of STX. The Italian shipbuilding firm will take operational control of France's STX under a shared ownership structure.
     
    Speaking alongside Italian prime minister Paolo Gentiloni, French President Emmanuel Macron described the deal as a "win-win".
     
     
    Meanwhile, Macron has unveiled his government's first budget. His plans look to strengthen France's influence within the EU by shrinking the size of the state and freeing up a sluggish French economy for growth.
     
    The 2018 budget cuts spending to programmes protected by the state, including housing and government-sponsored jobs plans. Wealth and capital taxes have also been cut, as Macron looks to ease the tax burden on workers and businesses. 
  • Swedish retail sales rose 2.8 percent year on year in August, but were down 0.1 percent month on month, matching forecasts.
  • Tech, banking and construction sectors are making the most gains on the Stoxx 600 today, while retail and utilities are struggling.
     
    Swedish clothing company H&M is at the bottom of the Stoxx 600 due to its weak earnings results today.
     
     
     
  • Thanks for reading. We shall close the blog there. Join us tomorrow morning for the final edition of World Markets Live.
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