Squawk Box Europe Express

Coronavirus counter-measures...Pressure on stocks ease slightly as central banks take more action. The U.S. Federal Reserve extended its swap lines to another nine central banks in a bid to mitigate the effects of the Coronavirus outbreak. President Trump also says that the government could take stakes in troubled corporates – something not seen since the automotive industry was bailed out. I...

Extraordinary times…ECB President Christine Lagarde launches a €750bn rescue package to counter the Coronavirus pandemic while the BOJ sets out a ¥1tn JGB purchase plan. The stimulus, however, fails to lift market sentiment with Asian stocks falling while U.S. futures fail to hold on to brief gains after the Dow falls through the 20,000-point mark. In an exclusive interview with CNBC, legenda...

A short-lived rebound … the major U.S. averages rally by more than 5 per cent on the back of stimulus hopes but U.S. futures fall and Asian stocks turn lower. President Trump’s administration promises a massive $1tn rescue package in light of the global Coronavirus crisis, including tax breaks and cash handouts. A CNBC source learns that U.S. Treasury Secretary Steven Mnuchin has warned senators t...

The worst day since Black Monday…the Dow suffers a 3,000-point sell-off in its third-biggest loss ever, and the most dismal day since 1987. The market’s volatility gauge - the VIX - swings to a record high as President Trump warns the U.S. economy could fall into recession. The U.S. also says the outbreak could drag into August. U.S. airlines have said they will require a $50bn bailout which could...

Big bazooka…the U.S. Federal Reserve launches a round of emergency measures, cutting interest rates by 100 points to zero, initiating a $700Bn QE programme, which includes treasuries and mortgage-backed-securities purchases. It also injects additional dollars in a coordinated action with other central banks around the world. Chairman Jerome Powell says liquidity is the top priority in light of the...

The worst session since Black Monday in 1987. The Dow sheds another 10% as the Fed's $1.5 tn cash injection fails to stem the declines. But US futures turn cautiously higher and Asian stocks come off session lows. In Europe, ECB President Christine Lagarde tells CNBC exclusively that fiscal policy should be the first front in the fight against the outbreak. Lagarde also rejects President Trump's b...

A Transatlantic Travel Ban. President Trump bans travel between the U.S. and Europe and blames the Continent for 'seeding' virus hotspots in the States, sending US futures sharply lower. It’s the end of an 11 year bull run as the Dow pushes into bear market territory. This as the World Health Organization officially declares coronavirus a pandemic. Asian stocks follow suit, with the Nikkei fa...

In a special edition of the Squawk Podcast, we bring you two parts of our 3 hour programme.   Part 1: A whipsaw session as US stocks swing from a 900 point rally, to the brink of bear market, and back again, while Asian equities take a leg down amid unanswered questions over US stimulus. US Futures also trade lower after President Trump pitches a zero percent payroll tax rate, but his te...

Rebounding from a historic rout. U.S. markets come close to entering bear market territory after the Dow sinks 2,000 points as virus fears and an oil price war knock 5 trillion dollars from stocks. But crude prices bounce back from the worst day in almost 3 decades and US futures rise as President Trump teases potential stimulus including a payroll tax cut, ahead of meetings with congressiona...

Oil price war. Crude prices crash 30 percent in the worst day since the Gulf War, as Saudi Arabia floods energy markets, looking to punish Russia for obstructing OPEC-Plus output cuts. Asian stock markets plunge with the Nikkei hitting a 14-month low and Australia's benchmark index posting its worst fall since the financial crisis, while US futures trade limit down, pointing to another rough...

A week of swings… The Dow suffers another near-1,000 point drop, as Coronavirus fears take hold again while Asian equities move deeper into the red. The yield on the U.S. 10-year treasury falls to another record low, nearing 0.8 per cent. Bond king Jeffrey Gundlach tells CNBC the outbreak has put a fork in the economy and could tip the U.S. into recession. Oil prices slide despite OPEC's deci...

On the up… Chinese stocks hit a two-week high after the Dow surges more than a thousand points boosted by healthcare stocks and Joe Biden's strengthened bid in the Democratic presidential race. The U.S. House of Representatives passes an $8bn emergency funding bill to combat COVID-19, while the IMF sets aside a $50bn aid package, as managing director Kristalina Georgieva warns global gro...

Emergency action: the Federal Reserve surprises markets with the biggest rate cut since 2008, but fails to lift sentiment. The Dow plunges nearly 800 points, while Asian stocks lack direction. But the emergency measure, designed to tackle the impact of the virus outbreak, sends the U.S. 10-year treasury yield below 1 per cent for the first time ever. The WHO warns the death rate of Coronaviru...

Bouncing back…Wall Street closes a turbulent day sharply higher, as the major indices roar back from last week’s sell-off. The Dow posts its biggest point gain ever, fuelled by a rally in Apple shares. Chinese stocks mostly follow suit, but the Nikkei fails to build on the rally. The ECB is the latest central bank to pledge support to mitigate the economic impact of Coronavirus, saying it is ready...

China contracts…PMI numbers show factory activity nosedives in February but local stock markets are up, in anticipation of stimulus from the PBOC. We are live in Riyadh where we speak exclusively to the WHO director-general, Tedros Adhanom Ghebreyesus. He tells this channel that while the window for containing Coronavirus globally is narrowing, markets shouldn’t panic. Despite the outbreak death t...

Worst week…the Dow Jones plunges by more than 1,000 points into correction territory as Coronavirus fears rise. Global stocks look set to post their deepest losses since the 2008 financial crisis. Asian equities nosedive in Friday’s session and U.S. futures point lower once again, while the market’s volatility gauge, the VIX, is on track to make its second-biggest weekly jump in history. The outbr...

The Nikkei leads the Asian sell-off after the Dow fails to hold onto gains amid rising Coronavirus fears. American health authorities confirm a first potential ‘community-spread’ case in northern California and the number of fresh Coronavirus cases reported outside China tops those reported in the country for the first time. President Trump plays down fears of a global pandemic and puts...

Pandemic panic. The Dow Jones suffers its worst two-day points loss in history with $1.7tn wiped off U.S. stocks. Fears of a global Coronavirus outbreak balloon with new cases reported in previously unaffected European countries and U.S. authorities warn a pandemic is likely, telling Americans to prepare for a possible 'community spread' of the infection. Investors head for safe havens a...

Bouncing back from a Wall Street sell-off. The Dow Jones nosedives by more than 1,000 points or 3.5 per cent – it’s worst single-day fall in two years – as fears of a global Coronavirus pandemic grow. The Nikkei follows suit but U.S. futures point to a rebound Stateside after American biotech firm Moderna sends the first batch of its Coronavirus vaccine to U.S. government researchers. The rap...

Italy on lockdown… almost a dozen cities across Lombardy and Veneto are quarantined by authorities in a bid to quell the largest outbreak of Coronavirus seen outside Asia. The virus dominates discussions at the G20 in Riyadh, Saudi Arabia, with U.S. Treasury Secretary Steven Mnuchin exclusively telling this channel that the economic impact of the virus will not be apparent for another month. Meanw...

Fears remain… Wall Street closes in the red on global coronavirus concerns but Chinese shares are higher as Beijing insists that its key manufacturing provinces are rapidly coming back online. Federal Reserve vice-chairman Richard Clarida claims the U.S. economy looks to be in good enough shape to ride out the outbreak but says the central bank is continuing to monitor the situation. EU leaders ha...

All change at UBS… Sergio Ermotti steps down as CEO to be replaced by ING boss Ralph Hamers in November. In the U.S., the S&P 500 and Nasdaq hit record highs and Chinese stocks follow suit to the upside. The Coronavirus crisis prompts the PBOC to cut its benchmark lending rate to help mitigate the economic impact of the outbreak. The White House’s acting chief of staff, Mick Mulvaney, voices c...

Asia rebounding: equities across the continent trade higher as China reports a slowdown in the increase of Coronavirus cases, and Japanese exports fall less than expected. In the U.S., Apple closes almost 2 per cent lower after its revenue warning, dragging on the Dow Jones, but the Nasdaq ekes out another record close. The outbreak is already causing havoc for Jaguar Land Rover with the auto make...

A shock warning… Apple says it will fail to meet quarterly revenue guidance, as the coronavirus outbreak disrupts iPhone sales and weighs on demand. Asian Apple suppliers sell off, dragging on the broader equity markets. HSBC says 35,000 jobs will be lost over the next 3 years amid the lender's strategy overhaul. The bank's shares see red in Hong Kong after full-year profit misses expectation...

More cases confirmed: China reports more than two thousand new cases of coronavirus, pushing the death toll to over 1,700. In response, Hubei province bans all vehicle traffic while France reports the first death outside Asia. Chinese stocks jump as the PBOC cuts its medium-term lending rate by 10 basis points, in an effort to curb the economic impact of the virus. Elsewhere in Asia, recession fea...