Squawk Box Europe Express

Chinese manufacturing activity beats expectations for December, in spite of continuing Covid restrictions. U.S. markets are set to end 2021 strongly with Wall Street eyeing its best three-year run since the late 1990s. The WHO warns of a ‘tsunami’ of global Covid cases as the Omicron variant peaks in at least 20 countries. And Presidents Biden and Putin hold talks about de-escalating tensions over...

The S&P 500 hits a 70th record high this year, with U.S. markets set to finish a volatile year on a high. NIAID director Anthony Fauci tells CNBC that the Omicron variant surge is likely to peak in the U.S. by the end of January. In China, troubled property giant Evergrande reportedly misses another bond payment, causing shares to slide. In IPO news, Chinese AI firm Sensetime sees a stell...

It’s a mixed scene in U.S. markets as the S&P 500 dips from a new intra-day record while the Dow posts its fifth straight positive session. New studies suggest that Omicron will displace the Delta variant of Covid as global cases top one million for a second day. In Hong Kong, police raid the offices of Stand News – one of the territory’s few remaining pro-democracy newspapers – for alleged “s...

The S&P closes at a record high as the rebound continues from the Omicron-induced sell-off, ahead of what’s expected to be thin trade in a reduced festive session here in Europe. A major U.K. study indicates Omicron is up to 70% less likely to send patients to hospital – but the Health Secretary says it’s too soon to know the next steps, as COVID cases hit record levels. Russia and the U.S. wi...

U.S. equities rally for a second day, propelling Asian stocks higher as investors continue to look past COVID risks and count down to Christmas. In the U.K., COVID cases top 100,000 for the first time – as Wales and Northern Ireland set out new rules to tackle the Omicron-infused surge. The World Health Organisation warns “no country can boost its way out of the pandemic,” with Director-General Te...

Wall Street rebounds, breaking a three-day losing streak as investors set aside Omicron concerns – with airlines and energy companies leading the charge. It’s another volatile 24 hours for Turkey’s lira, but the currency holds on to gains as the President outlines plans to safeguard against price swings. In the U.S., President Joe Biden unveils his strategy for tackling the Omicron variant, and ca...

Its covid across the board today as the UK Prime Minister, Boris Johnson, holds off from tightening covid restrictions despite mounting pressure. There were more than 90,000 confirmed cases of covid in the UK on Monday with cases doubling every week. German federal and state leaders will meet today to discuss tougher covid restrictions as hospitals bear the strain of rising cases and emergency sta...

The Netherlands becomes the first country in Europe to impose strict lockdown measures as the omicron variant spreads across the world. In London, the city mayor, Sadiq Khan, declares a major incident due to rising cases in the capital while the health secretary calls for more caution over Christmas. This comes as the UK sees around 22,000 new cases over the weekend. Meanwhile, the resignation of...

Sterling rallies as the Bank of England hikes rates for the first time in 3 years, raising its benchmark rate to 0.25% in anticipation of inflation hitting 6% by April. Meanwhile, the ECB is set to exit its Pandemic Emergency Purchase Programme in March in order to stave off surging levels of inflation. The ECB also plans to raise its Asset Purchasing Programme from $20 billion to $40 billion in t...

The Federal Reserve slows the pace of its monthly bond purchases and signals three rate hikes next year. The FED says it will taper its bond purchasing programme by 30 billion dollars per month, putting it on pace to end its pandemic status by March. It intends to raise rates as many as 8 times by 2024 while keeping its fund rate at record lows. Meanwhile, the Bank of England’s Monetary Policy Com...

Producer prices in the U.S see the sharpest rise on record and has unsettled Wall Street before today’s FED decision. The U.S hikes the government debt ceiling to $31.4 trillion thus avoiding an historic default. Meanwhile, American investors will be banned from investing in another eight Chinese companies, including the world’s largest manufacturer of commercial drones, DJI. Chinese industrial ou...

As China records its first case of the omicron Covid variant, Beijing comes under pressure to reconsider its zero-tolerance approach to covid transmission. Tech and travel stocks lead the losses on Wall Street while omicron unnerves investors in Asian equities. The UK health secretary, Sajid Javid says the omicron variant could account for 44% of cases in London and is expected to be the dominant...

The UK announces the rollout of third doses of the Covid vaccine to all over 18s by the end of the month as Prime Minister Boris Johnson warns of a ‘tidal wave’ of the omicron Covid variant around the corner. In the US, scores of people are thought to have been killed as a cluster of tornadoes rampages through 6 states. Meanwhile, inflation in the U.S reaches its highest level since 1982. And, a c...

Inflation is expected to rise 6.7 percent in the U.S, pushing the FED to act faster. Meanwhile, tech stocks lead the losses in the Asia and U.S markets. The U.S is expected to blacklist the Chinese AI firm, Sensetime, while also recording the lowest jobless claims in 52 years. Daimler prepares to list in Frankfurt this morning and aims for 60% of their production to be of electric vehicles. See Pr...

U.S. pharma giant Pfizer says that its Covid vaccine provides cover for the Omicron variant but that a third and fourth dose would work best. In the UK, Prime Minister Boris Johnson announces ‘Plan B’ to slow the spread of the new variant with work-from-home guidance in England, masks and vaccine certification for some venues. Chinese consumer inflation surges at its fastest pace in over a year du...

U.S. markets surge with the Nasdaq enjoying its best session since March, and Asian equities also climb on diminishing fears of the Omicron variant. U.S. President Joe Biden holds a two-hour video call with his Russian counterpart Vladimir Putin, warning him of potential economic sanctions should he invade Ukraine. Evergrande’s shares hit a record low as the developer reportedly misses an offshore...

Surging costs, supply chain disruption and a strong yuan combine to slow China’s November export growth. Troubled Chinese property giant Evergrande appears on the verge of bankruptcy with some foreign bondholders reportedly not receiving payments. We hear from IMF Managing Director, Kristalina Georgieva, who says that the fund may downgrade eurozone growth forecasts due to the Omicron variant rest...

  Equity markets shrug off a disappointing November jobs report and renewed Covid concerns, while early research out of South Africa shows Omicron hospitalisations have not increased. As European nations broaden restrictions to fight the pandemic, protests erupt in Brussels, the Netherlands and in Catalonia. In France, Les Républicains party selects Valérie Pécresse to contest the presidency...

The Dow surges by more than 600 points following the Omicron sell-off, however futures are down ahead of the November U.S. jobs report. Opec+ countries say that they will consider cutting supply ahead of schedule should a new pandemic surge hit demand. The announcement comes after a 400k bpd increase was promised last month. Chinese ride-hailing firm Didi is to delist from the NYSE and move to Hon...

In another turbulent trading session, Wall Street swings sharply lower on the news that the first case of the Omicron variant in the U.S. had been discovered in California. Oil prices surge with investors anticipating a decision to slow down supply from OPEC+ members as the new Covid variant is predicted to take its toll on demand. In Turkey, finance minister Lutfi Elvan resigns and is replaced by...

U.S. Federal Reserve Chairman Jerome Powell says it is time to retire the expression ‘transitory inflation’, insisting it has been more persistent than first thought. He also adopted a hawkish tone about tapering. Oil prices claw back some of Tuesday’s losses ahead of two days of OPEC output strategy talks. Swiss lender UBS names Sarah Youngwood as its new CFO following the departure of Kirt Gardn...

The CEO of vaccine maker Moderna, Stephane Bancel, casts doubt over the efficacy of existing jabs against Omicron, prompting U.S. futures and the Nikkei to turn red. Oil also dips on the news, but U.S. energy envoy Amos Hochstein tells CNBC in an exclusive interview that the Biden administration is ready to release more special petroleum reserves if need be. As more countries weigh their meas...

Countries around the world respond to the discovery of the Omicron Covid variant by imposing new restrictions. Asian equities dipped after Friday’s sell-off, but Wall Street looks set to claw back some of its heavy losses. In the UK, Prime Minister Boris Johnson reintroduces some restrictions to slow the spread of Omicron and Health Secretary Sajid Javid says societies must learn to live with Covi...

Stocks sell off, and US futures plunge as the WHO calls an emergency meeting over a new covid variant discovered in southern Africa, and the EU renews vaccination calls. Travel bans return – as nations ban flights from the region. South Africa's Foreign Ministry says the UK's move to put six southern African nations back on the red list is rushed, and it's seeking a reversal. Crude prices also hea...

Germany’s new coalition is unveiled with the SPD’s Olaf Scholz set to be Chancellor. The Greens receive the foreign and economy ministries while the FDP is set to run the finance ministry. The coalition says it will consider vaccination mandates while Italy tightens restrictions on the unvaccinated. According to November’s FOMC minutes, Fed members are considering rate hikes should price pressures...