Squawk Box Europe Express

Wall Street enjoys a second consecutive day in the green, boosted by better-than-expected data and strong earnings from Nike and FedEx. Ukrainian President Volodomyr Zelenskyy addresses the U.S. Congress during his first trip abroad since the Russian invasion, saying that next year will be a turning point in the conflict against Russia. FTX founder Sam Bankman-Fried has been extradited to the U.S....

U.S. markets break a four-day losing streak but indices are still set to post their worst year since 2008. The BoJ’s yield curve tweak pushes the yen to its strongest in more than 4 months. Ukrainian President Volodomyr Zelenskyy has announced his first foreign trip since the start of the conflict. He is due to meet President Joe Biden and address the U.S. Congress later today. U.S. sportswear gia...

In a surprise move the BoJ loosens its yield curve control band causing the yen to pop and the Nikkei to sell off in what is seen to be a hint that the central bank is tightening monetary policy. In the U.S. hopes of a Santa rally fade as Wall Street posts its fourth consecutive session in the red as recession concerns show no signs of abating. Meta shares slump following an EU ruling which show t...

Wall Street is in the red and Asian markets follow suit after a week of hawkish messaging from the world’s largest central banks. We hear from BNP Paribas chairman Jean Lemierre who says that rate hikes are the price to pay need to rein in inflation. New Twitter owner Elon Musk surveys users whether he should step down as CEO of the social media platform. Former FTX CEO Sam Bankman-Fried reverses...

Global equities see sharp sell-offs following this week’s rate hikes in the U.S. and Europe with warnings of more to come. All three major U.S. indices as well as the STOXX600 slump to their lowest level since November. Both the ECB and BoE push rates up by a further 50bps but say that rate increases will continue into 2023. In Brussels, EU leaders agree on more aid to Ukraine and how to respond t...

Federal Reserve Chairman Jerome Powell lifts rates by 50bps and signals that the hiking path will continue into 2023, with its terminal rate up above 5 per cent. Investors now await the ECB and BoE to follow the Fed’s moves amid faint hopes that inflation may have peaked. In China, industrial production growth slumps in November while retail is down by almost 6 per cent as the countries zero-Covid...

Founder and former FTX CEO Sam Bankman-Fried is denied bail in the Bahamas as he faces criminal charges over the collapse of the crypto exchange. Prosecutors have called it called it the largest embezzlement in U.S. history. Meanwhile rival exchange Binance have denied fears of contagion in the sector despite, according to crypto analytics firm Nansen, seeing $3bn of withdrawals within 24 hours. U...

Sam Bankman-Fried is arrested in the Bahamas and faces extradition to the United States, with prosecutors expected to charge the former poster boy of the Crypto industry with wire and securities fraud. U.S. equities kick off a crucial week of central bank decisions and economic data on a high, with investors hoping for a softer inflation print stateside today that could set the tone going into 202...

U.S. markets post their worst weekly performance since September, ahead of a busy week - with U.S. CPI data and a slew of central bank rate decisions in focus. Hong Kong's Hang Seng leads losses in Asia, with tech and property stocks under pressure. Crude climbs after Russia's Vladimir Putin threatens to turn off the taps to Europe, while a cold snap hits the continent and puts its energy security...

Prices at China's factory gates fall for the second straight month, and consumer inflation slows on weak demand, while Asian stocks take heart from Beijing's easing of Covid curbs. The S&P snaps a five-day losing streak and part of the yield curve sees its deepest inversion since 2001, as investors eye producer price data for clues into the Fed's rate hiking path. U.S. regulators sue to block...

ECB staff discuss strike action after rejecting a below-inflation pay offer, as the central bank's own survey shows price pressures are set to rise next year. Hong Kong's Hang Seng jumps on local media reports authorities are considering a further easing of Covid measures, with tech stocks leading the charge. China's president Xi Jinping starts his three-day visit to Saudi Arabia in a bid to boost...

China relaxes Covid measures, removing the need for negative test results before travel and allowing home quarantine. U.S. equities slide, with the S&P 500 posting its fourth straight day of losses while JP Morgan CEO Jamie Dimon tells CNBC falling consumer wealth could spark a downturn. NBC News projects Raphael Warnock will win a crucial run-off race in Georgia, giving the Democrats an ourig...

The Dow slumps nearly 500 points, after stronger than expected services data stokes fears the Federal Reserve may continue hiking rates until it triggers a recession. Tesla shares reverse even as the carmaker denies reports its planning to slash its Model-Y production at its Shanghai factory, after reporting record Chinese sales in November. Beijing officials continue to ease Covid restrictions am...

Shares in Greater China jump as cities across the mainland continue to ease Covid restrictions, raising hopes Beijing will soon end its zero-covid policy. Russia pledges to fight a G7-imposed price cap on its oil, set to come into force today, while OPEC and its allies agree to hold output steady amid weakening global demand. Wall Street posts back-to-back weekly gains for the first time since Oct...

Asian markets retreat and U.S. equities give back some gains, with investors eyeing today's Non-Farm Payrolls report - while Fed Governor Michelle Bowman echoes Jerome Powell's message that tightening may slow but last longer. EU ministers edge closer to a deal to cap Russian crude oil prices, tentatively agreeing on a 60 dollar per barrel ceiling just days ahead of a de facto deadline. President...

U.S. Federal Reserve Chairman Jerome Powell hints at a slowdown in interest rate rises. A 50bps move is expected in December, sending U.S. equities into the green. The tech sector leads gains in Hong Kong as Asian markets track Wall Street. A private sector survey in China shows manufacturing activity shrinking for a fourth consecutive month. Sam Bankman-Fried has denied he committed fraud at his...

Chinese manufacturing activity shrinks for a second consecutive month as strict zero-Covid restrictions and dropping global demand weigh. Opec+ nations reportedly prepare to make deeper supply cuts, pushing prices higher as the EU’s ban on the majority of Russian crude imports is due to be enforced. U.S. equities dip for the third straight day ahead of a key speech from Federal Reserve Chairman Je...

Chinese equities rebound after Wall Street slides, with the Hang Seng leading the charge, as new Covid cases decline in the country for the first time in over a week. Crude prices rebound, in spite of more hawkishness from the Fed's James Bullard, ahead of a key meeting of oil producers later this week with a major policy adjustment reportedly on the table. Blockfi files for bankruptcy, leaving at...

Protests erupt across China, some even calling openly for Xi Jinping to go – as frustration mounts over strict Covid controls. Profits at China's industrial firms slide, weighed down by Covid restrictions and falling factory-gate prices, as authorities unleash waves of new stimulus to spur demand. Oil prices plunge - hitting their lowest level since 2021, and Asian equities also slide, as uncertai...

Covid cases in China hit fresh record highs as new local infections top 30,000, weighing on investor sentiment in the region. The ECB stresses further rate rises are needed to prevent inflation from becoming entrenched, with Board Member Isabel Schnabel signaling the central bank is not yet planning to slow the pace of hikes. EU states remain deadlocked over a price cap on Russian oil, while energ...

Wall Street is in the green ahead of the Thanksgiving holiday period as the Federal Reserve hints that it may soon wind down the pace of rate hikes. In China, authorities tighten Covid restrictions again as cases reach a new record high. The PBOC has suggested a potential RRR cut in a bid to support the economy. EU nations are at loggerheads over both the proposed G7 Russian oil exports price cap...

Credit Suisse warns of a CHF1.5bn loss in the fourth quarter. The lender will be asking shareholders to vote on its restructuring and capital-raising plans. U.S. markets are up ahead of the Thanksgiving holiday with investors eyeing Fed minutes later today. The EU proposes a €275/MWh gas price cap in a bid to stem soaring costs across the bloc this winter. However, Greek energy minister Kostas Skr...

Beijing orders closures of numerous public facilities as Covid infections in the capital hit a record high. Cases also continue to surge in Guangzhou and Chongqing. The dollar and Treasury yield dip as Cleveland Federal Reserve President Loretta Mester tells this channel that inflation needs to slow further before she is ready to stop raising rates. Crude rallies after hitting a ten-month low as S...

Chinese authorities locks down the largest districts in Beijing and Guangzhou following the country’s first Covid deaths in six months. Former Disney CEO Bob Iger returns to the role to replace Bob Chapek as the entertainment giant attempts to regain momentum following a torrid quarter. Investors turn their focus on retail earnings and upcoming Black Friday sales for signs of resilience from the U...

U.S. equities dip slightly for a second day while bond yields rise after St Louis Federal Reserve President James Bullard argues that rate rises have had a minimal effect at curbing inflation. However, Bullard believes that 2023 will finally see disinflation. There are hopes of reopening in China with Alibaba shares up to a six-week high in Hong Kong. This, despite the company missing sales foreca...