Squawk Box Europe Express

The Bank of England snaps up £4.4 billion in Gilts in its biggest daily move so far, as the emergency programme enters its final 48 hours. U.K. Prime Minister Liz Truss says she will stick to her plans to not cut public spending. ECB hawks Robert Holzmann and Pierre Wunsch tell CNBC they expect rates to keep rising despite fears of a looming recession, with the benchmark rate possibly topping 3%....

Sterling see-saws after a report the Bank of England is preparing to extend its emergency bond-buying programme, despite Governor Andrew Bailey's message to markets that funds have just three more days to rebalance their positions. The International Monetary Fund slashes its global outlook and warns the world is on the brink of a 'painful' recession. Chinese authorities ramp up covid testing acros...

JPMorgan CEO Jamie Dimon speaks exclusively to CNBC, saying U.S. stocks could double their losses on the year and defending the U.S. Government’s new restrictions on tech exports to China. A slump in semiconductor stocks sends the Nasdaq to a two-year low while selling continues in Asia, as chip giants in Taiwan, Japan and South Korea react to new US action against China. President Biden vows to d...

Global markets under pressure, as the Dow slumps after U.S. jobs data points to tightness in the labour market, while investors look ahead to a crucial week for data and earnings. Fresh data flashes warning signs for the Chinese economy, as the services sector contracts for the first time in four months, while the chip sector drags stocks lower after the US announces fresh restrictions. Russian Pr...

Credit Suisse sets aside CHF3bn to launch a public tender off with the aim of buying back its debt securities. The IMF warns of an upcoming global growth downgrade. Managing Director Kristalina Georgieva tells CNBC that “multiple shocks” are to blame and that drastic central bank moves are required to rein in inflation. The Dow is down but Wall Street is still set for a large weekly gain ahead of...

Opec + members slash output by 2m bpd, pushing up oil prices to a three-week high. The cartel’s secretary-general, Haitham Al-Ghais, tells CNBC the cut was not a political decision. The U.S., however, accuses Opec of siding with Russia and ‘shortsightedness’ for the reduction in production. The Biden administration immediately orders more oil to be released from its SPR. Ratings agency Fitch is th...

Opec+ members are reportedly considering a 2m bpd output cut ahead of its first in-person meeting in more than 2 years. Softer economic data inspires hopes of less drastic Fed tightening moves, which helps the S&P 500 log its best two-day gain in more than two years. Elon Musk agrees to purchase Twitter for the original $44bn sale price and will likely avoid the deal being dragged through the...

UK Chancellor Kwasi Kwarteng is reportedly set to bring his medium-term fiscal plan forward following yesterday’s U-turn on cutting the top rate of tax. Asian markets are in the green, extending the global rally. The Dow will look to build on its 760-point rally. Ukrainian forces continue to claw back more territory in the south and east of the country following Moscow’s annexation of four re...

The pound slides as the S&P puts the UK on notice for a downgrade as the Conservative Party conference begins in Birmingham. Prime Minister Liz Truss admits her tax cut plans could have benefited from better communication. The Dow falls by 500 points to close below the 29,000 mark in what was the worst September for the index for 20 years. Ukrainian forces recapture the eastern city of Lyman a...

The S&P 500 slumps to a new low for this year, weighed down by Apple’s broad declines. U.S. markets are set for the third consecutive negative quarter. However, Morgan Stanley CEO James Gorman tells our U.S. colleagues that he sees no signs of panic from investors. UK PM Liz Truss and Chancellor Kwasi Kwarteng are to have and emergency meeting with the OBR but Downing Street insists its mini-b...

The Bank of England scrambles to restore market calm with a £65bn bond-buying programme. We are live for the latest from Threadneedle Street. Last Friday’s controversial UK ‘mini-budget’ also makes waves at CNBC’s Delivering Alpha conference with founder and CEO of Citadel, Ken Griffin, voicing his concern about the potential fallout for investor confidence. The 10-year Treasury yield falls by its...

The IMF slams the UK’s government’s budget plans cuts and say they will serve to impact the BoE’s rate hikes. The central bank’s Huw Pill says a strong monetary response will be needed to tackle soaring inflation. The S&P 500 sinks further into bear market territory. Asia equities fall to their lowest ever level in two and a half years. Stateside, Minneapolis Fed Chair Neel Kashkari says the c...

We are live at Threadneedle Street as sterling claws back some of yesterday’s record losses versus the dollar. The BoE and the Treasury have moved to calm jittery investors amid a brutal gilt sell-off. In the U.S., the Dow enters bear market territory while the S&P 500 posts its lowest close this year. Chatham House senior advisor Jim O’Neill says that assets are following messaging from the F...

We are live in Rome where the centre-right coalition have won a clear majority with 43 per cent of the vote. Fratelli d’Italia leader Giorgia Meloni is now set to be Italy’s next prime minister. The opposition Democratic Party has conceded defeat with the fractured centre-left bloc struggling in the polls. In forex news, sterling falls to its lowest level against the dollar since 1971 as investors...

Wall Street is in the red for a third consecutive day while European equities hit an 18-month low amid a slew of central bank tightening measures. Italy’s political parties hold their last rallies ahead of Sunday’s snap election. Brothers of Italy leader Giorgia Meloni says her party is ready to govern. The BoE is split with the UK government with one voting member questioning policy in tackling i...

The U.S. Federal Reserve increases interest rates by 75bps for the third consecutive month. The rate is now at its highest level since early 2008. Chairman Jerome Powell warns that the there will be more rate moves to come to tackle inflation. U.S. equities are down and the 2-year Treasury yield has hit 4 per cent for the first time in 15 years. The BoJ, however, holds rates at record low levels....

U.S. markets continue their sell-off with 2- and 10-year Treasury yields reaching new highs ahead of another large Fed rate hike. Hedge fund manager Leon Cooperman slams U.S. Fed chair Jerome Powell for “irresponsible fiscal monetary policy”. JP Morgan CEO Jamie Dimon gives a stormy economic forecast ahead of Congress appearances by bosses of the seven largest U.S. banks. Russian President Vladimi...

U.S. markets are braced for the Fed’s policy meeting starting today, breaking a two-day losing streak and pushing the 10-year Treasury yield to an 11-year high. The PBC keeps rates steady with the BoJ expected to do the same despite inflation reaching an 8-year high. Germany is expected to ink a gas deal with Qatar as it pivots away from Russian energy. However Bilfinger CEO Thomas Schulz tells th...

We are live at Windsor Castle and in London where world leaders have arrived for the funeral of Queen Elizabeth II. The S&P 500 and the Nasdaq suffer their worst week since June ahead of the Fed’s next meeting. In Europe, ECB officials warn of further rate hikes. In IPO news, Volkswagen aims for a partial valuation of Porsche of up to €75bn. And the EU could withhold €7.5bn of funding from Hun...

U.S. retail sales climb, and jobless claims fall ahead of next week's Fed meeting. This, as the market rally falters, with major U.S. indices on track for their fourth negative week in five, while Man Group CEO Luke Ellis tells CNBC he expects further pain to come as the Fed tightens policy and Fedex CEO Raj Subramaniam warns of a global recession. Chinese consumer confidence shows signs of resili...

U.S. producer prices fall for a second straight month as easing energy costs offer some respite, while the IMF's Kristalina Georgieva calls on central bankers to be stubborn in their fight against inflation. A shutdown deadline looms large, as President Biden mediates crunch talks to avoid a national railway strike that could throw U.S. supply chains into deeper disarray, potentially costing the e...

Wall Street plunges in its worst sell-off in more than two years, with the Dow diving 1200 points, while the two-year Treasury yield rockets to levels not seen since 2007, all after a hotter-than-expected U.S. CPI print of 8.3%, raising expectations the Fed could look to hike rates by 100 basis points at its next meeting. In other news, Germany's cabinet prepares to approve an expanded state suppo...

US CPI expectations ease according to a key Fed survey ahead of today's August print, with inflation expected to slow to eight percent. Swiss lender UBS hikes its annual dividend by ten percent and announces share buybacks will top five billion dollars this year, as fellow bank Goldman Sachs plans to cut hundreds of jobs this month according to a CNBC source, looking to rein in expenses amid a col...

Queen Elizabeth's coffin lies in rest in Edinburgh, after a six-hour journey from Balmoral Castle, with her funeral set to take place on Monday September 19. King Charles III is formally proclaimed sovereign, with the new monarch set to start a tour of the UK in Scotland, for a service marking the passing of his mother. Ukrainian forces reclaim large stretches of territory in the northeast of the...

The UK begins a period of mourning after Her Majesty Queen Elizabeth the Second dies aged 96, ending the reign of the world's longest serving monarch. His Majesty, King Charles the Third ascends to the throne, and says the loss of his mother will be felt deeply. Condolences pour in from around the globe as world leaders praise her dignity and dedication, calling her passing a great loss to the int...