Squawk Box Europe Express

Asian markets are mixed today as regional manufacturing data is sub-par. Japanese and South Korean growth is moderating but privately owned Chinese factories are still ramping up production. In energy news, Brent breaks the $70-a-barrel marker on a surge in demand optimism ahead of the Opec+ meeting later today. Members are expected to gradually ease supply restrictions. G7 countries could be clos...

Chinese services activity rises as holiday spending grows but factory activity slows. Asian markets trade broadly lower on the back of Chinese manufacturing data. Meanwhile, Bridgewater Associates founder Ray Dalio tells CNBC in an exclusive interview that the yuan will continue to grow as a dominant global currency, if Beijing pushes in that direction. This week, U.S. non-farm payrolls are in foc...

President Biden prepares to unveil his first budget. He is reportedly set to ask Congress for as much as $6 trillion in a bid to sustain the recovery. Oil prices nudge higher on the back of strong US economic data - with the Fed's preferred gauge of inflation due later today - and ahead of an OPEC+ meeting next week. But, Dallas Fed President Robert Kaplan thinks an imbalance in housing and labour...

A win for activist investors and a potential win for climate change as hedge fund Engine No. 1 marks a surprise victory, securing at least two seats on the Exxon Mobil board - promising to push the company beyond oil and more towards ESG goals. Meanwhile, Shell is ordered to slash greenhouse emissions by 45-percent by the end of the decade in a landmark legal case that could have huge ramification...

Fed officials move to soothe market concerns ahead of key inflation data this week. San Francisco Fed President Mary Daly tells CNBC to look beyond the short-term metrics. The S&P 500 erases gains to end the day in the red as the market rally stalls, dragged down by weakness in the energy sector. The White House and the Kremlin announce Presidents Biden and Putin will hold face-to-face talks i...

Fallout from the forced grounding of a Ryanair flight in Minsk continues, with the EU planning fresh sanctions against Belarus and President Biden indicating he will follow suit. Western nations have nearly unanimously slammed the arrest and interrogation of journalist Raman Pratasevich. A senior advisor to the country's exiled opposition leader tells CNBC the Belarusian KGB 'will not let him go e...

Belarus orders the interception of a RyanAir jet flying over the country, forcing it to land in Minsk and detaining a dissident journalist on board, sparking international condemnation. EU commission president Ursula Von Der Leyen calls the move 'outrageous and illegal,' calling for action as the European Council meeting kicks off today. Asia equities start the week mixed, after the Dow posts its...

Wall Street snaps a three-day losing streak as big tech bounces back, while initial jobless claims hit a fresh pandemic-era low. The outlook is slightly less upbeat for crypto holders. The US Treasury looks to tighten regulation of digital currencies by forcing trades over 10 thousand dollars to be reported to the IRS. But milk alternatives get a boost as Oatly shares soar 19-percent on its stock...

A volatile session on Wall Street sees major markets close in the red. There are wild swings in the crypto market, as Bitcoin plunges some 30 per cent before prominent bulls jump in to support the price. April Fed minutes reveal that central bank governors are considering adjusting QE if the economy continues to improve. ECB Vice President Luis De Guindos tells CNBC the European Central Bank is al...

Global markets follow Wall Street into the red after telco and tech stocks wipe out U.S. gains ahead of Fed minutes being published today. U.S. retail giants, however, beat forecasts. Walmart and Macy’s hike guidance and Home Depot hits record Q1 sales. European car registrations are due out today, while President Biden outlines plans to pump $174bn into American-made EVs, vowing to rival China in...

Media deals take the spotlight overnight on both sides of the Atlantic. AT&T and Discovery shares close in the red and rub off on other media stocks as investors inspect how the new mega-merger will affect the streaming landscape. Amazon is also reportedly looking to acquire MGM film studios for $9bn. Meanwhile in France, broadcasters TF1 and M6 Groupe enter into merger discussions. Berkshire...

The UK begins the third phase of reopening with international travel restrictions lifting and the hospitality industry resuming indoor service. But Health Secretary Matt Hancock warns that the country must remain vigilant against the emergence of new variants. AT&T is in talks with Discovery to create a $150bn media giant with a streaming service to rival the likes of Netflix and Disney+. Chin...

Wall Street rebounds after three straight days of losses with the Dow enjoying its best session since March but stocks are set to stay in negative territory for the week. Disney posts better-than-expected Q1 results on strong theme park revenues but a slowdown in streaming subscriptions weighs on the share price as economies emerge from lockdowns. Alibaba suffers its first quarterly loss since it...

U.S. markets are reeling from inflation hitting a near 13-year high. Nearly all sectors tumble into the red with the Dow reporting its single-worst session since the beginning of the year. The Nasdaq posts the biggest declines, with Apple losses leading the way. Meanwhile, Tesla CEO Elon Musk announces the electric car maker will no longer accept Bitcoin as payment due to environmental concer...

A wild rollercoaster Wall Street session sparks inflation fears, pushing stocks lower across Asian markets. The Nasdaq ends up on the flatline while the Dow records its worst day since February, tumbling 500 points. St. Louis Fed Chairman James Bullard becomes the latest central banker forecasting higher inflation. Bullard tells CNBC that talk of tapering is premature while the effects of the pand...

Inflation fears weigh on Asian markets and U.S. futures amid accelerated rotation out of high-growth tech stocks. Tesla shares have slumped more than 6 per cent. In Japan, Softbank and Tokyo Electron lead a steep decline in the Nikkei. China’s April manufacturing prices rise at the fastest pace in more than three years but consumer prices remain weak on the back of price rise fears related to the...

A major U.S. fuel pipeline suffers a cyber attack, shutting down facilities serving up to 50 million people. NBC News sources learn Russian criminal groups may be responsible for the ransomware hacking on Colonial Pipeline. The U.S. government has issued an emergency declaration following the incident, with oil prices moving higher. In broader markets, Wall Street hits new highs on Friday des...

The Dow hits an all-time high – jumping 300 points - as U.S. jobless claims beat expectations. Markets now turn to the Non-farm Payrolls due today. Central banks are in focus as the Federal Reserve believes that asset prices in stock markets are over-valued and pose a threat to the financial system. Meanwhile, the Bank of England hikes the UK GDP outlook for 2021 by 7.25 per cent. BoE Governor And...

Strong U.S. earnings help push the Dow to a new record but tech stocks suffer as Federal Reserve Vice-chairman Richard Clarida says talk of tapering is still some time off. Pharma shares also tumble after the White House backs a patent waiver for Covid vaccines. Meanwhile, Sino-Australian relations deteriorate further after China suspends all activities associated with the Strategic Economic Dialo...

U.S. Treasury Secretary Janet Yellen sends jitters through the markets, saying interest rates may have to rise eventually, but later admits that any hikes are neither predicted nor recommended. Tech stocks plunge following Yellen’s comments. The Nasdaq reacts by posting its worst day since March while Apple shares fall 3 per cent. In corporate news, U.S. ride-hailing app Lyft beats Q1 expectations...

The Tri-State area moves to join Florida and Texas in reopening most businesses to full capacity following months of lockdown. The Dow and S&P surge on the news with retail stocks gaining strongly. President Biden aims to garner support for his recovery plan after GOP lawmakers call the plan an “economy and jobs killer”. Meanwhile, Biden’s Secretary of State Antony Blinken meets UK Foreign Min...

U.S. futures are up ahead of the first May trading day. Investors ready themselves for a new week of earnings and Treasury Secretary Janet Yellen says price pressures are not a concern following President Biden’s proposed $4.1tn stimulus package. Legendary investor Warren Buffett, however, warns that inflation is a risk as the ‘red hot’ U.S. economy recovery gathers pace. Meanwhile, the Covid pand...

Amazon sees another $100bn quarter as it continues to prosper from lockdowns around the world. Sales surged 44 per cent and the online retail giant expects strong revenue ahead even as virus restrictions ease. But it’s not all good news for the tech giants. Twitter misses Q1 expectations with falling growth in active users, despite revenues rising. Shares nosedive by double digits in extended...

President Biden touts progress on the U.S. vaccine rollout and a resurgent economy during his first joint address to Congress. He unveiled a new $1.8tn spending plan and urged lawmakers to raise corporate tax and levy the ultra-wealthy to foot the bill. Treasuries and stocks falter after Federal Reserve chairman Jerome Powell holds rates steady. Powell said the recovery remained uneven in places a...

It’s another busy day of earnings on both sides of the Atlantic. Google’s parent company Alphabet posts its biggest earnings beat since it went public. The media giant has launched a $50bn share buyback. Microsoft shares are down despite its strongest Q1 revenue for three years on the back of booming cloud services and PC sales during global lockdowns. In Europe, Santander records a net profit of...