Squawk Box Europe Express

In the U.S. Kamala Harris officially accepts the Democratic presidential nomination at the DNC in Chicago. She took aim at ‘unserious’ Republican rival Donald Trump during her historical address. U.S. Treasury yields are up and equities in the red as investors await Fed Chair Jerome Powell’s big Jackson Hole speech this afternoon with policy makers considering a rate cut in September. Meanwhile in...

Dovish FOMC minutes and a shock revision to the jobless numbers reinforce expectations that the Federal Reserve will slash rates next month. The S&P 500 bounces back to record its highest level in 5 weeks ahead of Fed Chair Jerome Powell’s highly anticipated speech at the Jackson Hole Symposium tomorrow. Retail giant Target’s shares are 11 per cent higher after the company beat expectations as...

The S&P 500 and Nasdaq both break an eight-day winning streak with the recent recovery stalling ahead of Fed Chair Jerome Powell’s widely anticipated speech at the Jackson Hole Symposium later this week. In Chicago, the DNC officially votes on the the presidential nomination of Kamala Harris and her running mate Tim Walz with former president Barack Obama endorsing the current vice-president....

The Democratic National Convention opens in Chicago with an emotional President Joe Biden speaking of leadership and legacy and urging support for the party’s presidential nominee, Kamala Harris. The S&P 500 notches a rare eighth consecutive day in the green with the momentum edging Wall Street towards new record highs. A new labour report reveals cracks ahead of Fed Chair Jerome Powell’s high...

Wall Street enjoys its best week since winter 2023 and European equities also notch their best week in 3 months. Goldman Sachs pares back its odd of a U.S. recession to just 20 per cent after a run of positive data ahead of the Fed’s annual economic summit in Jackson Hole, Wyoming later this week. U.S. Vice-President Kamal Harris presents her economic policies to voters in the wake of criticism of...

The S&P 500 manages to claw back all its losses this month thanks to positive U.S. consumer and jobless data which calms investors about the health of the country’s economy. Japan’s Nikkei follows suit to record its best trading week in four years. Alibaba shares are up despite the e-commerce giant missing Q2 expectations while quarterly profits at JD.Com almost double. And the WHO declares a...

The S&P 500 enjoys a fifth consecutive day coming in higher on the back of U.S. CPI dipping to below 3 per cent for the first time since 2021. Investors Michael Burry and David Tepper move towards Chinese tech as several top hedge funds move away from Magnificent Seven stocks. Japanese Q2 GDP beats expectations, growing more than 3 per cent and nudging the Nikkei higher. This sets up the BoJ f...

Swiss banking giant UBS posts a second-quarter beat on both the top and bottom line with a net profit of $1.1bn. The lender’s global wealth management arm also notched $27bn of net new assets. Japanese PM Fumio Kishida has stepped down and will not contest next month’s election. U.S. stocks rally after softer-than-expected PPI numbers raise hopes the Fed will cut by 50 basis points next month. The...

Japanese stocks are up 3 per cent after the public holiday weekend as a less volatile yen helps to allay market jitters. GOP presidential nominee Donald Trump sits down with X owner Elon Musk for a wide-ranging conversation on the social media platform with topics such as immigration and the economy in focus. In energy news, crude prices fall back following a 4 per cent surge as tensions in the Mi...

U.S. stocks fall just short of a complete recovery following what was the most volatile trading week of the year so far. Asian markets start the news week in the green. Ukrainian president Volodomyr Zelenskyy has for the first confirmed his country’s incursion into Russia’s Kursk region. The advance is the largest into Russia since the start of the war. New polling from the NYT shows Democratic pr...

Better-than-expected jobless data boosts the S&P 500 to its best session in almost 2 years, allaying recent recession fears. However, Asian equities falter late in the session with markets failing to claw back ground lost during Monday’s historic sell-off. July’s consumer prices in China come in hotter than anticipated, helping to push Beijing authorities to prop up spending. And Republic...

Siemens net income surges by almost 50 per cent in Q3 and the firm confirms its FY guidance despite some orders slowing. Japan’s Nikkei 225 pares losses as Wall Street ends back in the red. JPMorgan estimates the U.S. economy has a 1 in 3 chance of falling into recession this year but CEO Jamie Dimon tells our colleagues Stateside things remain OK – for now. We hear from Infineon CEO Jochen Hanebe...

Wall Street is back in the green after a three-day losing streak and the rebound continues across Asia as the BoJ’s deputy governor waters down talk of any further rate hikes in the near future. Democratic presidential nominee Kamala Harris selects Minnesota governor Tim Walz as her running mate in a bid to secure support in crucial Rust Belt states. In China, exports unexpectedly fell to a three-...

Japanese stocks bounce back with the Nikkei on track for its best session since 2008. U.S. futures are also set to gain following a near-wipeout on Wall Street after the Dow fell by 1,000 points. Kamala Harris is officially named the Democrat nominee for president and is due to announce her VP pick. Tim Walz of Minnesota and Josh Shapiro of Pennsylvania are the last candidates standing. Google los...

Japan’s Nikkei 225 sees further selling, plunging the index into bear market territory while the South Korean KOSPI is on track for its worst session since the Covid pandemic. The Nasdaq suffers its worst 3-week run since September 2022 as non-farm payroll data disappoints. Berkshire Hathaway dumps close to half of its Apple shares to boost its coffers to a record $270bn. In the Middle East, Israe...

Global stocks stumble: the Nikkei tracks toward its worst day in more than four years, after a rough session on Wall Street sees equities close firmly in the red. Amazon sinks on the back of a first revenue miss in nearly two years - while Apple post a 5% sales boost, even as China revenues dip. Intel shares plunge as the chipmaker reports worse than expected results and weak guidance - and says i...

The S&P 500 sees its best day since February and the 10-year treasury yield touches its lowest level since March, as Fed Chair Jerome Powell lines up the first rate cut of the cycle. Meta shares climb in extended trade after a beat on the top and bottom lines, while issuing an upbeat outlook. Qualcomm shares dip despite topping forecasts, while Arm plunges as the chip designer warns of weaknes...

The Bank of Japan hikes rates for only the second time since 2007, and unveils an aggressive plan to cut monthly bond buying in half. Microsoft falls in extended trade as the tech giant posts its first miss on cloud revenue growth since October 2022. HSBC second quarter net profit drops, but it announces a 3 billion dollar buyback. And L’Oréal misses second quarter sales estimates, posting its slo...

Standard Chartered announces its largest ever share buyback as it posts a 5-percent rise in first half pre-tax profit. Asian equities come under pressure, as the Bank of Japan begins its two day meeting with a rate hike on the table, while the Fed kicks off its own meeting later today. Arm shares drop more than 5 percent as HSBC warns of short-term earnings downside on a weaker-than-expected AI ou...

Asian equities bounce, shaking off a down week Stateside, as investors look to a trio of central bank decisions and a slew of earnings. China's factories see robust profit gains in June, offering a ray of hope to authorities as they grapple with a slowing economy. U.K. Chancellor Rachel Reeves is set to unveil a review of public finances today, with key infrastructure projects potentially on the l...

The S&P 500 and the Nasdaq are set to end their second consecutive week in the red as investors continue to move away from the major tech stocks. U.S. GDP data surprises to the upside in Q2, with the economy growing close to 3 per cent and business investment reaching its fastest pace in almost a year. In luxury news, French designer Hermes bucks the downturn in the sector, posting a 13 per ce...

The S&P 500 and the Nasdaq post their worst session since 2022 as tech stocks continue to slide. Asian equities suffer as a result. Lacklustre demand for luxury goods in China impacts Kering’s quarterly sales with further declines expected in H2. French autos giant Renault notches record H1 numbers on the back of strong EV sales and cost-cutting measures. The firm has backed its FY guidance. H...

Alphabet sees its shares slide as YouTube ad revenue comes in soft. Tesla stock is also down as the EV maker notches its fourth earnings miss in a row. CEO Elon Musk, however, remains bullish about the company’s self-driving USP. Luxury giant LVMH misses topline quarterly forecasts as Chinese consumers pare back spending . The French group is the latest victim of a larger slowdown within the secto...

U.S. Vice-President Kamala Harris strengthens her position as the frontrunner for the Democratic nomination, gaining the backing of a majority of pledged delegates. U.S. stocks rally with mega-caps clawing back some recent losses ahead of key earnings today. CNBC learns that cloud security firm Wiz has spurned Google’s $23bn takeover bid and may instead focus on listing. SAP posts a 25 per cent ju...

U.S. President Joe Biden drops out of the 2024 race for the White House and endorses Vice-President Kamala Harris for the Democratic nomination. Harris gains some early backing since yesterday’s announcement but key Congressional figures and former President Barack Obama stop short of endorsing her candidacy. In China, the PBOC surprises markets by cutting rates, increasing support for the country...