Tesla share surge in extended trade after the EV maker posted a better-than-expected earnings beat in Q3. CEO Elon Musk says the company’s sales targets of 20-30 per cent are achievable next year. The U.S. Treasury yield hits a three-month high and the dollar rallies as jitters over fiscal spending and the U.S. election surface. IMF First Deputy MD Gita Gopinath tells CNBC the macro environment is beginning to stabilise. South Korean semi-conductor supplier SK Hynix notches a record quarterly profit and shrugs off fears of an A.I. supply glut. French luxury giant Kering slashes its FY operating profit outlook by half after sales at Gucci continue to slump. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The IMF hikes its U.S. forecast for 2024 but Germany weighs on the European outlook. The IMF’s Director of the Monetary and Capital Markets department, Tobias Adrian tells CNBC there are reasons for optimism. The S&P 500 suffers its first back-to-back session loss since September as investor attention turns to the dollar. Markets are now increasingly pricing in the outcome of a Trump victory in the U.S. election next month. Speaking to CNBC, IIF CEO Tim Adams believes the fight against inflation could be compromised as a result. French cosmetics giant L’Oréal misses Q3 sales targets as consumer demand in China wanes but the company pins its hopes on the market and on further stimulus from Beijing. Asian markets warmly welcome new listings Tokyo Metro – Japan’s largest in 6 years, while China Resources Beverages also gains on its debut in Hong Kong. And in banking news, Deutsche Bank notches a €2.3bn Q3 profit beat, thanks partly to the release of Postbank-related litigation provisions.    See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

A late rally from Big Tech stocks pushes the Nasdaq to the brink of a fresh record high as earnings season begins in earnest. German computing giant SAP hikes its FY guidance following a top and bottom-line Q3 beat on the back of strong cloud revenues. Maersk raises its FY outlook for the fourth time this year. In autos news, monthly new car sales decline as demand for plug-in hybrid wanes, dropping more than 20 per cent across all major markets. Hyundai Motor India stock plunges 5 per cent as the retail sector response to the Bombay Sensex listing – the country’s largest ever IPO - is muted.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The PBOC cuts its benchmark lending rate to provide more support for the economy. The Shenzhen Composite moves higher as a result. In the U.S., Wall Street posts its longest streak of weekly gains so far this year on the back of lower rates and earnings optimism. Fitch confirms Italy’s credit rating and boosts its outlook to ‘positive’ in a sign the euro zone’s third largest economy is on the right track. And overnight in Lebanon, Israel targets Hezbollah-linked banks.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Asian markets remain sanguine on China’s slowest GDP growth in more than a year as the PBOC’s raft of stimulus measures kick in. Bridgewater Associates founder Ray Dalio tells our colleagues in Singapore that the central bank’s support needs to be more focused. We hear from IMF managing director Kristalina Georgieva who says that while governments need to head off high levels of debt, she is optimistic about reining in inflation. The ECB delivers a back-to-back rate cut for the first time in 13 years. The move is due to weak economic data and slow progress in tackling inflation within the euro zone with ECB president Christine Lagarde indicating more cuts will be needed. Netflix posts its most successful quarter ever, beating expectations and adding 5 million new customers. In Gaza, Israeli troops kill Hamas leader and the October 7th attacks mastermind Yahya Sinwar. Prime Minister Benjamin Netanyahu has hailed his death as ‘the beginning of the end’ for the conflict.   See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Chinese developer stocks sink despite the housing ministry briefing outlining further measures to help prop up the troubled property sector. We are live in Brdo, Slovenia where the ECB’s governing council is holding its annual external meeting ahead of its widely expected second consecutive rate cut later today. Stateside the Dow hits a fresh record high thanks to Morgan Stanley reporting quarterly beats on both the top and bottom lines. CEO Ted Pick tells our U.S. colleagues that he no longer expects a slew of companies to come to market. Swiss robotics company ABB hikes its margin guidance despite failing to hit Q3 profit and revenue forecastsSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Dutch chip maker ASML suffers its worst sell-off since 1998 after it slashed its sales outlook in an earnings release it published accidentally. Chip stocks see heavy losses globally as a result. French luxury giant LVMH posts its first quarterly loss since the Covid pandemic, missing expectations with the group warning Chinese consumer confidence has hit an all-time low. Adidas increases its FY outlook for the third time this year as bumper sales of its retro sneaker models helped it to a Q3 earnings beat. In China, equities endure choppy trade as the housing ministry announces it will give another public update briefing on the country’s beleaguered property sector tomorrow.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Crude prices tumble following reports that Israel will back off targeting Iranian oil or nuclear infrastructure. Opec has also slashed its demand forecast. On Wall Street, the S&P 500 records its 46th record close of 2024, helped along by tech giant Nvidia hitting a new all-time high which places it on the verge of overtaking Apple as the world’s most valuable company. We are live at the Paris Motor Show where European car makers pledge to take on Chinese competition. Xpeng CEO Brian Gu tells CNBC the company is looking beyond European Union EV import tariffs. In London, UK Prime Minister Keir Starmer vows to cut red tape to ramp up investment in the country. BNY CEO Robin Vince tells this channel a steady, pro-growth and consistent approach is key for investors.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Chinese consumer inflation disappoints for September while deflation deepens in the manufacturing sector. Chinese markets see a volatile session following Saturday’s finance ministry press conference. Finance minister Lan Fo’an says there is ample room for more stimulus measures but stopped short of giving specific details. In the U.S., JPMorgan beats quarterly earnings expectations while Wells Fargo also posts a solid beat on the bottom line. The UK attempts to diffuse a row over investment in the country with DP World on the eve of a international summit on London as the government announces a reported £50bn round of new investments. We are also live at the Paris Motor Show where the beleaguered European sector is reeling from profit warnings, falling demand and pressure from Chinese automakers. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

U.S. inflation data comes in higher than expected with the 10-year Treasury yield held above 4 per cent. Atlanta Fed President Raphael Bostic has proposed a pause in the cutting cycle at next month’s Fed meeting. Tesla CEO Elon Musk unveils the company’s long-awaited ‘Cybercab’ with a prospective production date in 2026 but early market indications are potentially sceptical. In China, there is further trouble for the markets with the Shenzhen Composite tumbling by more than 15 per cent for the week ahead of tomorrow’s finance ministry press conference. And the new French government launches its 2025 budget, which includes €60bn of tax hikes and spending cuts, in a bid to slash the country’s ballooning deficit.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

FOMC minutes show greater splits over last month’s jumbo 50bps rate cut than initially thought but sanguine U.S. equities shrug off news about September’s Fed decision. In Asia, Chinese stocks extend gains amid heavy trading volumes as the PBOC’s 500bn yuan stimulus measures come into effect. Germany downgrades its growth forecasts, now guiding for a second year of recession. Economy Minister Robert Habeck claims the government is seeing progress in tackling both the country’s structural problems and global challenges. Airbus deliveries are down 9 per cent in September but the plane maker believes it will achieve FY targets in the final quarter. And in the U.S., up to 2 million people are without power after Hurricane Milton smashes into Florida’s central Gulf Coast and barrels inland, now downgraded to a Cat 2 storm.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Chinese equities come crashing back to Earth, snapping a 10-day winning streak following the PBOC’s recent stimulus measures as economic realities sober up markets. Stateside, the DoJ is considering a break-up of Google following August’s landmark monopoly ruling. French Prime Minister Michel Barnier’s fledgling government survives a parliamentary vote of no-confidence as he prepares to launch his budget plans to cabinet tomorrow. And in Florida, Hurricane Milton has once again been upgraded to a Category 5 storm with authorities urging Gulf Coast residents to leave the region. President Biden has warned evacuation is now a matter of life and death.   See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The Chinese blue-chip CSI 300 Index pares gains of more than 10 per cent following the week-long National Day Holiday. An official CCP economic conference subsequently fails to wow investors. The World Bank issues a 4.3 per cent growth forecast for the world’s second-largest economy as turmoil in the Chinese property market persists. Tech giant Samsung issues a rare apology for offering Q3 profit guidance which was well below analyst expectations. The chip maker said it had struggled against higher supply from rival Chinese companies. We are live at Hon Hai Tech Day in Taipei, Taiwan where Foxconn chairman Young Liu tells CNBC that the A.I. investment boom is still very much in the process of evolving.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The Hang Seng stands out among strong Asia equities, hitting a two-and-a-half-year high following Friday’s bumper U.S. jobs data. Confidence is growing that the U.S. is set for a soft landing. Crude prices have enjoyed their best weekly gains in almost two years on the back of last week’s Middle East tensions. Supply disruptions are in focus on the one-year anniversary of the Israel-Hamas conflict. Taiwanese semi-conductor giant FoxConn notches record Q3 revenue after seeing a 20 per cent demand surge for A.I. servers. Miner Rio Tinto eyes lithium producer Arcadium as it looks to grow the metal’s lucrative long-term revenue stream. And in gaming news, France’s Ubisoft sees shares soar by more than 30 per cent amid reports of potential buyout talks by Chinese tech giant Tencent.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Crude prices spike once again as U.S. President Joe Biden appears to say that Israeli retaliatory strikes on Iranian oil facilities may be under discussion. Wall Street looks set to snap a three-week winning streak with investors eyeing today’s key non-farm payroll data. OpenAI reveals it has secured a $4bn revolving credit line following the closure of yesterday’s funding round which leaves the company valued at more than $150bn. CFO Sarah Friar tells our colleagues Stateside that financing the A.I. revolution will need significant investment. The U.S. ports strike has been suspended as dockworkers return to the negotiating table after reaching a potential pay deal. And in retail news, the Chinese fast-fashion brand Shein is reportedly to hold ‘roadshows’ ahead of a potential IPO in London.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Crude prices continue upwards as Israel ramps up strikes on Hezbollah in Beirut and considers retaliatory measures following Iran’s missile attack on Tuesday. OpenAI manages to raise $6.6bn in a new round of fund-raising which has increased its valuation to $157bn. The U.S. private sector continues to surprise with non-farm payroll growth topping expectations as traders reduce their rate cut expectations ahead of tomorrow’s employment data print. The yen slides further against the greenback after its largest single-day fall in more than 2 years. New Prime Minister Shigeru Ishiba believes that the country is not ready for further rate hikes which has lifted Japanese equities. And in autos news, Tesla posts its first quarter of annual growth this year but falls short on delivery expectations.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Crude prices spike after Iran launches close to 200 missiles at Israel in retaliation for the killing of Hezbollah Hassan Nasrallah. In New York, Vice-Presidential candidates JD Vance and Tim Walz go head-to-head in what is likely the last debate of the presidential race. The pair clashed on immigration, foreign affairs and economic policy. The Nasdaq drags Wall Street down with stocks beginning Q4 in the red. JOLTs numbers show an unexpected rise in August jobs openings. In Asia, the Hang Seng returns from a one-day holiday in the green. Beijing’s recent stimulus measures push property stocks almost 15 per cent higher. And in retail news, Nike withdraws its FY forecast and postpones its investor day, causing its shares to tank almost 6 per cent in extended trade.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The Dow and the S&P 500 notch new records while the Nasdaq enjoys its fourth consecutive quarter in the green. Federal Reserve Chairman Jerome Powell says the central bank does not have pre-set projections for rate cuts. In Japan, equities recover some ground ahead of new Prime Minister Shigeru Ishiba unveiling his new cabinet. Stateside, up to 50,000 longshoremen begin their first strike in almost half a decade across a number of East Coast and Gulf of Mexico ports in a move that some analysts estimate will cost the American economy up to $5bn a day. Israeli special forces begin targeted ground operations in southern Lebanon aimed at destroying Hezbollah positions and infrastructure. ECB President Christine Lagarde says she is broadly in favour of cross-border banking mergers as Unicredit continues to woo German lender Commerzbank.    See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Chinese equities surge, building on their best week since 2008, after manufacturing data comes in better than expected, despite the sector shrinking for the fifth straight month. Japanese stocks plummet, however, and yields move higher on a stronger yen as the markets digest the impact of incoming Prime Minister Shigeru Ishiba. In auto news, Volkswagen issues a second profit warning in 3 months as it continues talks with unions over potential plant closures. UniCredit CEO Andrea Orcel and incoming Commerzbank CEO Bettina Orlopp have reportedly set out plans for the German lender in a virtual meeting as speculation of a potential takeover bid persists. Israel kills Hezbollah leader Hassan Nasrallah in an airstrike on a south Beirut suburb.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The PBOC’s rate cuts come into effect with trillions of yuan worth of further stimulus measures potentially due next week. Beijing’s stimulus blitz causes Chinese equities to soar with markets on track to notching their best week since 2008. Commerzbank and Unicredit sit down for negotiations for the first time since the Italian lender aggressively increased its stake. Commerzbank shares are at their highest level in more than a decade on the back of upgraded targets. We are live in Tokyo where voting is underway to decide the next leader of the ruling LDP party.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Micron shares are up after the memory chip maker smashes Q1 revenue forecasts. Its bumper outlook pushes tech stocks up in Asia, helping along a regional rebound. Spanish lender BBVA’s head says European banks risk falling behind their U.S. peers if governments block M&A activity. We speak to the BNP Paribas CFO Lars Machenil who urges consolidation among Continental banks. We also hear from OECD chief economist Alvaro Pereira who says that the global economy is showing signs of stabilising but that governments should remain focused on fiscal discipline.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Commerzbank promotes CFO Bettina Orlopp to CEO as the German lender faces takeover advances by Italy’s Unicredit. Chinese equities see an extended rally following the PBOC’s decision to slash the medium-term lending rate as a part of a string of stimulus measures by the central bank. The move boosts the yuan to a 16-month high. On Wall Street, the Dow and S&P 500 record new record highs, shrugging off disappointing recent consumer confidence data. Israeli airstrikes kill a senior Hezbollah commander as well as hundreds of civilians. The Israeli President Isaac Herzog tells CNBC his country will ‘do whatever it takes’ to protect its citizens and cities.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Asian equities hit a two-and-a-half-year high following stimulus measures from Beijing. The PBOC cuts the seven-day reverse repo and the RRR in a bid to shore of up the country’s floundering property sector. Our CNBC TV 18 colleagues sit down with JP Morgan Chase CEO Jamie Dimon who says markets should remain cautious despite last week’s historical rate cut by the Fed. On Wall Street, the Dow and the S&P 500 notch new records as the Fed cut relief rally continues this week. German Chancellor Olaf Scholz slams Unicredit after the Italian lender increases its stake in Commerzbank to a potential 21 per cent. And we are live at the Labour Party conference in Liverpool where chancellor of the exchequer Rachel Reeves defends the government’s public finance decisions and says her budget next month will provide ambition rather than austerity.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

China surprises by slashing its key short-term repo rate and announcing a rare economic press conference which triggers speculation of further stimulus measures from Beijing. In France a new government drawn together by Prime Minister Michel Barnier is under threat from a vote of no confidence over his ministerial choices. Apollo Global Management is reportedly eyeing a $5bn investment in Intel while Qualcomm reaches out with a friendly take-over bid. And Rupert Murdoch’s REA Group ups its takeover offer for UK property firm Rightmove following last week’s initial rejection.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Wall Street notches its best day in six weeks with tech stocks leading the way as the markets celebrate this week’s 50bps Fed rate cut. In China the PBOC bucks expectations of a further rate cut and the BoJ stays put as well while hiking its forecast on domestic consumption. Mercedes slashes its profit outlook once again as Chinese sales fall. And in France, new prime minister Michel Barnier puts the finishing touches on his cabinet in a bid to end months of political deadlock following inconclusive elections in July.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The Federal Reserve announces its eagerly awaited first rate cut of 50 basis points since the outset of the Covid pandemic with policy makers predicting one further cut this year. The market reaction was mixed with Wall Street closing lower, despite the Dow and S&P 500 initially scaling fresh all-time highs. Equities in Asia saw strong gains following the news from the Fed. Our colleagues in Asia speak to Bridgewater Capital’s Ray Dalio who warns that soaring debt levels Stateside will still prove challenging for the central bank. We are live in Brittany, north-west France, where Spanish green energy giant Iberdrola opens a €2.4bn offshore wind farm. Chairman Ignacio Galan tells CNBC grid expansion is crucial. Investors await today’s Bank of England rate decision with a potential expansion of quantitative tightening expected.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

In anticipation of the Fed’s milestone meeting, the S&P 500 hits a new record with retail data indicating the U.S. consumer and economy are more resilient than expected. DoubleLine Capital chief Jeffrey Gundlach tells CNBC’s Scott Wapner at the Future Proof wealth management festival he is calling for a 50bps cut. Hezbollah points the finger at Israel after thousands of its pagers explode across Lebanon simultaneously, killing at least 9 and maiming more than 2,700. In pharma news, U.S. authorities expand approval of a Novartis breast cancer drug which would open access to patients at the earlier stages of the disease. Commerzbank is reportedly considering replacing CEO Manfred Knof with a new chief with a mandate to rebuff a Unicredit takeover. And in the UK, investors are increasing bets the Bank of England will cut rates this week, strengthening sterling.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The greenback falls and the Dow hits a record high with investors increasingly betting on a 50bps interest rate cut from the Fed later this week. In Japan, the Nikkei is in the red as the yen strengthens past ¥140 /USD, while a CNBC survey shows a split over the timing of the BoJ’s next rate hike. Struggling chip maker Intel sees shares soar in after-hours trading following its announcement about cutting costs and reining in spending. Meanwhile, Microsoft props up its shares by boosting its dividend and launching a $60bn buyback scheme as it reaps the benefits of its early push into AI.    See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Chinese data indicates a slowdown in industrial activity and property prices with pressure now increasing on Beijing authorities to increase spending and stimulate demand. The S&P 500 and Nasdaq notch their best week so far this year with bets rising that the Federal Reserve could slash rates by 50bps later this week. We speak to RBI governor Shaktikanta Das who says India can maintain its economic growth of 8 per cent but inflation and rates concern still linger. GOP presidential candidate Donald Trump is safe after what the FBI has described as an attempt on his life at his Mar-A-Lago golf course.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The S&P 500 sees a 4-day win streak after wholesale prices come out in line with expectations, shaking off a tough start to September. No surprise as the ECB delivers its second rate reduction this year, but flags slowing growth as trades pare back bets on an October cut. Donald Trump rules out the possibility of another presidential debate, as the Harris campaign says it has raised almost $50 million in the 24 hours since Tuesday night’s face-off. Boeing workers decide to go on strike for the first time since 2008, as 96% of employees vote to walk out. A state-backed UAE firm reportedly enters talks to invest in OpenAI, as the ChatGPT maker unveils new models it says are capable for more human-like reasoning.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Asian chipmakers climb higher following a tech-led rebound on Wall Street, as Nvidia CEO Jensen Huang attempts to reassure investors over its delayed Blackwell chip production. U.S. inflation falls in August while core CPI surprises to the upside, with Goldman Sachs CEO David Solomon telling CNBC exclusively that he still believes in a soft-landing. OpenAi is reportedly in talks over a fresh fundraising round, which would see the Chat GPT maker valued at $150 billion. Over in Europe, the ECB lines up its second rate cut of the cycle as markets bet on another 25 basis point move lower, with UBS CEO Sergio Ermotti reinforcing that view in an exclusive interview with CNBC.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Kamala Harris and Donald Trump face off in the first and possibly last presidential debate, clashing over immigration, abortion, and the economy. Big bank shares take a bruising after JP Morgan claims its earnings expectations are too optimistic, with CEO Jamie Dimon warning of stagflation risks. Today’s U.S. inflation print has investors searching for clues on the Fed’s next move, with Bank of America CEO Brian Moynihan telling CNBC that the rate environment will remain restrictive. Auto shares slump as BMW and Continental stocks hit 2-year lows, while Volkswagen prepares for possible job cuts next year. Amazon Web Services announces an £8 billion investment in the UK, the latest in a string of recent expansion moves to Europe.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Apple’s new iPhone 16 launch fails to send stocks higher, as investors and customers must wait for full AI features. Meanwhile, rival Huawei secures more than 3 million pre-orders for its new tri-fold phone. U.S. equities rebound from its worst week of the year, as soft-landing hopes boosts the S&P 500 to its biggest daily jump in three weeks. Also in China, export data exceeds forecasts, while imports declined near the flatline amid low domestic demand. In the U.S., Kamala Harris and Donald Trump get ready to face off in their first presidential debate, as polls show a neck-to-neck Presidential race. Global dividends hit a fresh record in the second quarter, as more firms are either raising payouts or maintaining them, according to Janus Henderson.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The S&P 500 posts its worst week since 2023, as traders reprice their Fed cut predictions following a mixed jobs report. Dutch far-right politician Geert Wilders tells CNBC that “Europe is a monster”, as his party tries to navigate its future relationship with the EU. Asian equities reel from soft landing jitters as Chinese consumer inflation numbers come weaker than expected. In France, more than a hundred thousand people take to the street to protest the appointment of Prime Minister Michel Barnier, while Paris asks the EU for more time to confirm its debt plans. And in tech, Apple is set to unveil its newest iPhone, betting on Ai to drive demand and fight off competition from China, as Huawei plans its own launch later today.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

U.S. employment data sends mixed signals as global equities tread water ahead of a crucial nonfarm jobs report. Markets are split between a 25 and 50 basis point cut at the Fed’s next meeting - Nobel Laureate Joseph Stiglitz tells CNBC that he is voting bigger. OPEC-plus producers delay plans to ramp up oil production by at least two months, as crude prices slump to their lowest level this year. Elsewhere, President Macron appoints veteran conservative Michel Barnier as France’s new Prime Minister after a nearly 60-day stalemate. Volvo CEO Jim Rowan tells CNBC that the EV transition is taking longer than expected, as the carmaker scraps plans to go fully electric by 2030.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The S&P 500 notches back-to-back sessions in the red while mega-cap tech stocks claw back recent losses in what has been a volatile start to September on Wall Street. Qualcomm launches a new AI PC processor, challenging Intel and AMD. CEO Cristiano Amon tells CNBC the X Elite series is a threat to incumbents in the sector. Iconic UK fashion house Burberry is relegated out of the FTSE 100 after 15 years on the exchange. Daimler Truck promotes Karin Rådström to CEO, replacing Martin Daum at the helm from October.   See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Chip giant Nvidia sees shares tumble by almost 10 per cent, wiping out close to $300bn of its market cap – the largest single-day fall in value of any American company on record. As a result, Wall Street notches its worst day since the tech rout seen in early August. The sell-off spreads across to Asia where Japan’s Nikkei leads losses. Semi-conductor firms TSMC, SoftBank, Samsung and SK Hynix are all in the red. In the U.S. factory activity contracts as the ISM comes in at 47.2. We hear from former Cleveland Federal Reserve President Loretta Mester who says the markets need to examine the rate projections beyond the September Fed meeting. BofA joins an ever-expanding list of American banks which doubt China’s 5 per cent GDP growth target. The private Caixin survey shows a slowdown in services growth. And in oil news, crude prices extend losses after falling more than 4 per cent yesterday with investors banking on greater supplies coming out of Libya.   See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Volkswagen is considering factory closures and job cuts throughout Germany for the first time ever in the face of fierce competition from Asian rivals. Brazil’s supreme court backs a ban on social media platform X and the country’s telecoms regulator considers sanctions against Elon Musk’s satellite internet provider Starlink as a row over free speech deepens. President Joe Biden has accused Israeli Prime Minister Benjamin Netanyahu of inadequate efforts to secure a ceasefire with Hamas while the UK suspends certain arms exports to the country. And in France, the political crisis nears its second month after President Macron fails to pick a new prime minister ahead of a key budget deadline.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

We are live in Dresden, Germany where the AfD has claimed victory in the state of Thuringia and placed a close second behind the CDU in Saxony. Chinese manufacturing data shows the steepest decline in factory growth in six months, pushing Chinese equities into the red. In Israel, tens of thousands take to the streets to protest the lack of a ceasefire deal in Gaza, following the murder of six Israeli hostages in the territory. Brazil’s supreme court orders social media platform X to be shut down as CEO Elon Musk refuses to comply with the country’s censorship regulation.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Disappointment over Nvidia’s profits slashes the chip titan’s market cap by more than $200bn but the Dow continues in the green to post its 25th record session of the year. U.S. GDP and jobless numbers come in better than expected to ease market jitters and help reinforce hopes of a rate cut next month. U.S. Vice President Kamala Harris gives her first interview since securing the Democratic Party nomination to CNN. And in tech news, Apple and Nvidia are reportedly ready to fund OpenAI which would value the ChatGPT maker at more than $100bn.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Nvidia shares fall in extended trade despite the A.I. chip giant posting a quarterly beat. Other Wall Street and Asian chip makers have been affected after hours but Nvidia CEO Jensen Huang remains bullish. CNBC learns that artificial intelligence start-up in talks for a new round of funding that could see it valued at more than $100bn. And Warren Buffet’s Berkshire Hathaway becomes the first company outside the tech sector to be valued at $1tn.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The Dow notches its 24th record high so far this year with Wall Street in the green ahead of highly anticipated earnings from chip titan Nvidia later today. Bio-solutions company Novonesis hikes its FY guidance following a 10 per cent sales increase in the second quarter. GOP presidential candidate Donald Trump faces a fresh indictment from the Special Counsel over attempts to overturn the 2020 election result. And in tech news, Super Micro Computer sees its shares plunge following allegations by Hindenburg Research the server maker had manipulated its accounts.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The Dow hits a fresh record high, splitting from the Nasdaq and S&P 500 which both plunge into the red on weakness in chip production. CNBC hears from former Dallas Fed President Robert Kaplan who says he is expecting a 25 basis point cut from the central bank. Industrial profits in China grow at the fastest pace in 5 months, driven by the high-tech manufacturing sectors. Miner BHP beats earnings expectations and says it will be doubling down on its copper-related projects following its failed bid for rival Anglo American. CEO Mike Henry tells CNBC that Beijing’s support could also benefit steel for the company. In France, President Emmanuel Macron rejects working with the left-wing NFP alliance choice for PM. And in entertainment news, Paramount is set to be snapped up by Skydance after media tycoon Edgar Bronfman Jr. drops his bid to buy the company.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Rate easing optimism pushes Wall Street to its second week in the green as Fed Chair Jerome Powell sets the scene for a September cut, with traders still pondering the possibility of a potential 50 basis point move. However Bank of England Governor Andrew Bailey and ECB Chief Economist Philip Lane are more cautious on the outlook. U.S. Vice President Kamala Harris’ presidential campaign says it has raised $540 million in little more than a month, as Republican vice-presidential candidate JD Vance endorses trade tariffs. In the Middle East, Israel declares a 48-hour state of emergency as fears grow of escalation between it and Hezbollah - in the biggest round of strikes between the two since 2006.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

In the U.S. Kamala Harris officially accepts the Democratic presidential nomination at the DNC in Chicago. She took aim at ‘unserious’ Republican rival Donald Trump during her historical address. U.S. Treasury yields are up and equities in the red as investors await Fed Chair Jerome Powell’s big Jackson Hole speech this afternoon with policy makers considering a rate cut in September. Meanwhile in Japan, inflation moves higher as BoJ governor Kazuo Ueda signals rates will be raised again should data stay on track. And Nestlé CEO Mark Schneider steps down from the helm of the world’s largest food and beverage producer following poor recent performance. The company is due to install insider Lauren Freixe as soon as next month.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Dovish FOMC minutes and a shock revision to the jobless numbers reinforce expectations that the Federal Reserve will slash rates next month. The S&P 500 bounces back to record its highest level in 5 weeks ahead of Fed Chair Jerome Powell’s highly anticipated speech at the Jackson Hole Symposium tomorrow. Retail giant Target’s shares are 11 per cent higher after the company beat expectations as U.S. consumers continue to experience price pressures. Minnesota governor Tim Walz officially accepts the Democrat nomination for vice-president on the third day of the DNC in Chicago.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The S&P 500 and Nasdaq both break an eight-day winning streak with the recent recovery stalling ahead of Fed Chair Jerome Powell’s widely anticipated speech at the Jackson Hole Symposium later this week. In Chicago, the DNC officially votes on the the presidential nomination of Kamala Harris and her running mate Tim Walz with former president Barack Obama endorsing the current vice-president. The EU adjusts its planned tariffs on Chinese EVs with Tesla catching the biggest break – now facing duties of only 9 per cent compared to the anticipated 20.8 per cent. In Germany, Taiwanese chip maker TSMC breaks ground on its first plant in Europe. Meanwhile shares in Chinese e-retail giant JD.Com plunge following Walmart’s confirmation it will sell its stake in the company. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The Democratic National Convention opens in Chicago with an emotional President Joe Biden speaking of leadership and legacy and urging support for the party’s presidential nominee, Kamala Harris. The S&P 500 notches a rare eighth consecutive day in the green with the momentum edging Wall Street towards new record highs. A new labour report reveals cracks ahead of Fed Chair Jerome Powell’s highly anticipated speech at the Jackson Hole Symposium later this week. However, Goldman Sachs’ chief economist Jan Hatzius believes slowdown fears in the U.S. are exaggerated. And in the Middle East, U.S. Secretary of State Antony Blinken says Israel has accepted a ‘bridging proposal’ in ceasefire talks. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Wall Street enjoys its best week since winter 2023 and European equities also notch their best week in 3 months. Goldman Sachs pares back its odd of a U.S. recession to just 20 per cent after a run of positive data ahead of the Fed’s annual economic summit in Jackson Hole, Wyoming later this week. U.S. Vice-President Kamal Harris presents her economic policies to voters in the wake of criticism of her plans to ban price-gouging nationally. U.S. Secretary of State Antony Blinken flies into Tel Aviv as Washington renews efforts to broker a ceasefire agreement between Israel and Hamas. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The S&P 500 manages to claw back all its losses this month thanks to positive U.S. consumer and jobless data which calms investors about the health of the country’s economy. Japan’s Nikkei follows suit to record its best trading week in four years. Alibaba shares are up despite the e-commerce giant missing Q2 expectations while quarterly profits at JD.Com almost double. And the WHO declares a global public health emergency over the Mpox virus – the second time in two years.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The S&P 500 enjoys a fifth consecutive day coming in higher on the back of U.S. CPI dipping to below 3 per cent for the first time since 2021. Investors Michael Burry and David Tepper move towards Chinese tech as several top hedge funds move away from Magnificent Seven stocks. Japanese Q2 GDP beats expectations, growing more than 3 per cent and nudging the Nikkei higher. This sets up the BoJ for another rate hike. Meanwhile, Chinese manufacturing numbers come in soft, prompting calls for more stimulus measures from Beijing. Retail sales, however, came in positive.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Swiss banking giant UBS posts a second-quarter beat on both the top and bottom line with a net profit of $1.1bn. The lender’s global wealth management arm also notched $27bn of net new assets. Japanese PM Fumio Kishida has stepped down and will not contest next month’s election. U.S. stocks rally after softer-than-expected PPI numbers raise hopes the Fed will cut by 50 basis points next month. The U.S. CPI print will be released later today. And in tech news, the DoJ is reportedly seeking to break up Google after a court judges that the company has an illegal online search monopoly.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Japanese stocks are up 3 per cent after the public holiday weekend as a less volatile yen helps to allay market jitters. GOP presidential nominee Donald Trump sits down with X owner Elon Musk for a wide-ranging conversation on the social media platform with topics such as immigration and the economy in focus. In energy news, crude prices fall back following a 4 per cent surge as tensions in the Middle East ramp up. Israel has put its military on high alert following threats from Iran. And Danish jewellery maker Pandora shrugs off weakness throughout the luxury sector to hike its growth guidance for the second time this year.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

U.S. stocks fall just short of a complete recovery following what was the most volatile trading week of the year so far. Asian markets start the news week in the green. Ukrainian president Volodomyr Zelenskyy has for the first confirmed his country’s incursion into Russia’s Kursk region. The advance is the largest into Russia since the start of the war. New polling from the NYT shows Democratic presidential nominee Kamala Harris pulling ahead of GOP rival Donald Trump in 3 key swing states. Harris, however, says she is not eyeing the polls. As the Paris Olympics draw to a close, French president Emmanuel Macron tells our NBC colleagues politicians would do well to take inspiration from Olympic athletes.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Better-than-expected jobless data boosts the S&P 500 to its best session in almost 2 years, allaying recent recession fears. However, Asian equities falter late in the session with markets failing to claw back ground lost during Monday’s historic sell-off. July’s consumer prices in China come in hotter than anticipated, helping to push Beijing authorities to prop up spending. And Republican presidential nominee Donald Trump has said he should have sway within the Fed if re-elected. He has also agreed to debate Democrat nominee Kamala Harris in September.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Siemens net income surges by almost 50 per cent in Q3 and the firm confirms its FY guidance despite some orders slowing. Japan’s Nikkei 225 pares losses as Wall Street ends back in the red. JPMorgan estimates the U.S. economy has a 1 in 3 chance of falling into recession this year but CEO Jamie Dimon tells our colleagues Stateside things remain OK – for now. We hear from Infineon CEO Jochen Hanebeck who tells CNBC that the race for building the next generation of A.I. data centres is now on as the German chip giant opens a new facility in north-west Malaysia. And in media news, Warner Bros. Discovery shares slide in extended trade off the back of a $9bn write-down. Disney feels similar weakness despite the firm’s combined streaming profit coming into the black for the first time.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Wall Street is back in the green after a three-day losing streak and the rebound continues across Asia as the BoJ’s deputy governor waters down talk of any further rate hikes in the near future. Democratic presidential nominee Kamala Harris selects Minnesota governor Tim Walz as her running mate in a bid to secure support in crucial Rust Belt states. In China, exports unexpectedly fell to a three-month low however imports were up, growing at their fastest pace since April. We are live in Copenhagen where Europe’s largest company, Novo Nordisk will report earnings. Analysts predict a further increase in guidance from the Danish pharma giant.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Japanese stocks bounce back with the Nikkei on track for its best session since 2008. U.S. futures are also set to gain following a near-wipeout on Wall Street after the Dow fell by 1,000 points. Kamala Harris is officially named the Democrat nominee for president and is due to announce her VP pick. Tim Walz of Minnesota and Josh Shapiro of Pennsylvania are the last candidates standing. Google loses a momentous anti-trust case after a U.S. federal judge deems the company to have an illegal online search monopoly.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Japan’s Nikkei 225 sees further selling, plunging the index into bear market territory while the South Korean KOSPI is on track for its worst session since the Covid pandemic. The Nasdaq suffers its worst 3-week run since September 2022 as non-farm payroll data disappoints. Berkshire Hathaway dumps close to half of its Apple shares to boost its coffers to a record $270bn. In the Middle East, Israel readies itself for possible retaliation from Iran following the suspected assassinations of Hamas leader Ismail Haniyeh in Tehran and a senior Hezbollah commander in Beirut.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Global stocks stumble: the Nikkei tracks toward its worst day in more than four years, after a rough session on Wall Street sees equities close firmly in the red. Amazon sinks on the back of a first revenue miss in nearly two years - while Apple post a 5% sales boost, even as China revenues dip. Intel shares plunge as the chipmaker reports worse than expected results and weak guidance - and says it will cut 15k jobs as part of a $10 billion cost reduction plan. And the Bank of England cuts rates for the first time since 2020, voting 5-4 in favour, with Governor Andrew Bailey pledging caution ahead.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The S&P 500 sees its best day since February and the 10-year treasury yield touches its lowest level since March, as Fed Chair Jerome Powell lines up the first rate cut of the cycle. Meta shares climb in extended trade after a beat on the top and bottom lines, while issuing an upbeat outlook. Qualcomm shares dip despite topping forecasts, while Arm plunges as the chip designer warns of weakness in some markets. And, the Bank of England weighs up whether to cut rates for the first time since 2020, with the decision seen on a knife-edge.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The Bank of Japan hikes rates for only the second time since 2007, and unveils an aggressive plan to cut monthly bond buying in half. Microsoft falls in extended trade as the tech giant posts its first miss on cloud revenue growth since October 2022. HSBC second quarter net profit drops, but it announces a 3 billion dollar buyback. And L’Oréal misses second quarter sales estimates, posting its slowest quarterly growth in more than two years amid soft demand in China. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Standard Chartered announces its largest ever share buyback as it posts a 5-percent rise in first half pre-tax profit. Asian equities come under pressure, as the Bank of Japan begins its two day meeting with a rate hike on the table, while the Fed kicks off its own meeting later today. Arm shares drop more than 5 percent as HSBC warns of short-term earnings downside on a weaker-than-expected AI outlook. And, Tesla shares drive higher after Morgan Stanley names the EV-maker as its "top pick" in the U.S. auto sector.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Asian equities bounce, shaking off a down week Stateside, as investors look to a trio of central bank decisions and a slew of earnings. China's factories see robust profit gains in June, offering a ray of hope to authorities as they grapple with a slowing economy. U.K. Chancellor Rachel Reeves is set to unveil a review of public finances today, with key infrastructure projects potentially on the line - as she tells CNBC more money will be available to invest in public services. And Republican presidential nominee Donald Trump tells a crypto conference, never sell your bitcoin.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The S&P 500 and the Nasdaq are set to end their second consecutive week in the red as investors continue to move away from the major tech stocks. U.S. GDP data surprises to the upside in Q2, with the economy growing close to 3 per cent and business investment reaching its fastest pace in almost a year. In luxury news, French designer Hermes bucks the downturn in the sector, posting a 13 per cent sales surge in the second quarter. Ray-Ban maker Essilor Luxottica sees revenue jump by 5 per cent in Q2 despite slowing growth in North America. The company confirms that Facebook parent Meta may take a stake in the company.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The S&P 500 and the Nasdaq post their worst session since 2022 as tech stocks continue to slide. Asian equities suffer as a result. Lacklustre demand for luxury goods in China impacts Kering’s quarterly sales with further declines expected in H2. French autos giant Renault notches record H1 numbers on the back of strong EV sales and cost-cutting measures. The firm has backed its FY guidance. However, Ford has posted its biggest earnings miss in 2 years with guidance further disappointing investors.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Alphabet sees its shares slide as YouTube ad revenue comes in soft. Tesla stock is also down as the EV maker notches its fourth earnings miss in a row. CEO Elon Musk, however, remains bullish about the company’s self-driving USP. Luxury giant LVMH misses topline quarterly forecasts as Chinese consumers pare back spending . The French group is the latest victim of a larger slowdown within the sector. In banking news, German lender Deutsche Bank posts a narrow Q2 beat on the topline, coming after its second quarter of double-digit growth in commissions and fee income. Spanish bank Santander hikes its FY revenue guidance following a 20 per cent increase in quarterly net profit. And in France, the euro group’s largest bank, BNP Paribas, tops expectations on strong quarterly results in its corporate and institutional banking units. We hear from CFO Lars Machenil who tells CNBC his bank’s guidance is not dependent on ECB rate cuts.    See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

U.S. Vice-President Kamala Harris strengthens her position as the frontrunner for the Democratic nomination, gaining the backing of a majority of pledged delegates. U.S. stocks rally with mega-caps clawing back some recent losses ahead of key earnings today. CNBC learns that cloud security firm Wiz has spurned Google’s $23bn takeover bid and may instead focus on listing. SAP posts a 25 per cent jump in Q2 cloud revenue, bringing the firm’s backlog to $14.8bn. And in auto news, Porsche cuts its FY sales guidance due to faltering Chinese demand and possible impairment charges linked to supply shortages.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

U.S. President Joe Biden drops out of the 2024 race for the White House and endorses Vice-President Kamala Harris for the Democratic nomination. Harris gains some early backing since yesterday’s announcement but key Congressional figures and former President Barack Obama stop short of endorsing her candidacy. In China, the PBOC surprises markets by cutting rates, increasing support for the country’s flagging economy. In aviation news, Boeing forecasts the global passenger and freight fleet will double in the next 20 years. This, as near-term production and delivery delays dog the U.S. plane maker ahead of this year’s Farnborough Air Show.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Wall Street is split, with the Nasdaq recording its worst session since December 2022 while the rotation away from tech stocks continues, helping the Dow to close above the 41,000-point mark for the first time. President Biden pulls out of an event in Nevada after testing positive for Covid while at the RNC in Milwaukee, Ohio Senator JD Vance invokes the words of JFK during his formal acceptance of the GOP vice-presidential nomination. We are live in Frankfurt where it remains all but certain the ECB will keep rates steady, with the possibility of one more cut later this year. Swedish-Swiss robotics giant ABB posts record Q2 operational margins and hikes its FY guidance as net profit comes in at more than $1bn. We are also live at Blenheim Palace, Oxfordshire where new UK Prime Minister Keir Starmer is set to welcome European leaders at the EPC conference in a bid to reset relations between the UK and the Continent.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Semi-conductor earnings are in focus with ASML earnings due while shares in TSMC slump after GOP presidential nominee Donald Trump says he would demand Taiwan pays for American protection against China. The Dow rallies more than 700 points to close at a new record high on new optimism over Fed rate cuts. HSBC appoints Georges Elhedery as its new group CEO. He is due to take up the position in September. And Adidas notches a Q2 earnings beat and hikes its full-year guidance after strong sales of its retro trainer range.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Donald Trump selects Ohio senator JD Vance as his running mate for November’s presidential election, just two days after the weekend assassination attempt in Pennsylvania. U.S. President Joe Biden defends his mental acuity in an NBC interview while warning that the threat from his opponent is too serious to ignore. German clothing brand Hugo Boss slashes its sales forecast for the second time this year, adding to Burberry and Swatch’s warnings for the luxury sector. And the impasse deepens in France among the victorious far-left faction with talks over naming a new prime minister breaking down.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Former U.S. President Donald Trump survives an assassination attempt while speaking at a campaign rally in Butler, Pennsylvania ahead of his formal presidential nomination at the GOP convention in Milwaukee. President Joe Biden makes a televised address to the nation condemning the shooting, asking Americans to ‘cool down’ political rhetoric. In China, Q2 GDP falls short of expectations slowing to 4.7 per cent amid lingering consumer demand weakness. Google parent Alphabet is reportedly in advanced talks to swoop for cyber security firm Wiz for approximately $23bn, which would be its largest ever acquisition.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

President Biden remains defiant in the face of top Democrats’ calls to step down from the presidential nomination following his latest string of gaffes during last night’s NATO press conference. The S&P 500 and the Nasdaq are both down from recent record highs as the U.S. inflation print for June comes in as the weakest monthly reading in 4 years. Tesla shares nosedive following reports that its robo-taxi rollout has hit another delay due to prototype building. In Japan, the yen sees a sudden surge overnight fueling speculation an intervention by the BoJ could be imminent. The Nikkei 225 falls from record levels. And we are live at Apple’s central London store where the Vision Pro mixed reality headset goes on sale in more countries beyond the U.S. and Asia.   See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The S&P 500 records its longest streak in the green, closing above 5,600 for the first time ahead of today’s U.S. CPI data print. In Washington, NATO leaders are set to announce new aid measures for Ukraine while criticising China over its alleged support for Russia’s war in the country. Samsung unveils a range of new products at its Galaxy Unpacked event in Paris with upgraded A.I. models dominating its line-up. And actor George Clooney adds his voice to the growing chorus calling for President Joe Biden to step out of the electoral race. Former House Speaker Nancy Pelosi has warned that any decision to be taken by Biden must be quick.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Fed Chair Jerome Powell testifies on Capitol Hill, giving one of his strongest signals yet that a rate cut may be imminent. Powell said that holding rates too high for too long may jeopardise the health of the U.S. economy. As a result, the S&P 500 and Nasdaq hit new record highs but markets are down in Asia as China’s June inflation data disappoints. We are live in Washington D.C. where gathering NATO leaders have pledged a series of air defence systems to support Ukraine and mull what a potential second Trump presidency could mean for the future of the alliance. And in South Korea, Samsung is hit with an indefinite all-out strike by its 30,000-strong labour union which is demanding better wages and benefits following the company’s recent stellar sales and profits.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The French political impasse deepens as the leftist bloc insists it will head the next government. This, while President Emmanuel Macron rejects Prime Minister Gabriel Attal’s resignation. The S&P 500 and Nasdaq both close at record highs while in Asia, the Nikkei rallies by more than 2 per cent as investors anticipate Fed Chair Jerome Powell’s Congress testimony later this week. U.S. President Joe Biden has doubled down, insisting he will remain in the presidential race while donors and senior Democrats publicly express concerns over his mental acuity and general health. Markets are now pricing in a second term in office for former U.S. President Donald Trump. In energy news, crude dips as rigs in the Gulf of Mexico are impacted by Hurricane Beryl with widespread power cuts reported along the Texan coast.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

France’s left-wing coalition scores a shock victory in the country’s parliamentary elections, holding off Marine Le Pen’s Rassemblement National who finished third. The country now faces a hung parliament with no clear indication of who will lead the government. Prime Minister Gabriel Attal has said he will resign later today. We are live in Paris for the latest. The euro and bond futures both fall as investors begin to assess the repercussions of last night’s poll, concerned with higher deficits and spending. U.S. unemployment figures are down to 4 per cent for the first time in 3 years but last month’s jobs figure comes in stronger than expected.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Sir Keir Starmer’s Labour Party wins a landslide election in the UK, securing the largest majority for any political party since 1997. The Conservatives are on track to lose 218 seats - a historic low for the party. The Liberal Democrats claw back former Tory seats while Reform UK notch 15 per cent of the national vote. We are live outside the House of Commons and Downing Street for the latest. Sterling trade is cautious but the FTSE moves slightly higher as investors digest the results of the UK election.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The S&P 500 and the Nasdaq hit fresh records while the ADP report shows new jobs slowing for a third consecutive month. New polls indicate a hung parliament in France with the Rassemblement National falling just short of an absolute majority ahead of Sunday’s second round vote. Former U.S. president Donald Trump increases his lead over incumbent President Joe Biden as a growing number of senior Democrats urge him to withdraw from the race following last Thursday’s head-to-head debate. And here in the UK, millions of voters head to the ballot box for the country’s general election.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Federal Reserve Chair Jerome Powell hails the U.S. central bank’s work to rein in inflation but also echoes ECB President Christine Lagarde, telling CNBC he requires more data before moving to cut rates. Markets remain sanguine with the S&P 500 breaching the 5,500-point mark for the first time as investors take heart from Powell’s positive remarks. In autos news, Tesla shares are up after a Q2 delivery beat despite the total full-year figure coming in low. In France, parties form a republican front in a bid to quell a National Rally majority in this Sunday’s second-round parliamentary election. And in the UK, Prime Minister Rishi Sunak warns against a Labour super-majority ahead of tomorrow’s general election.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

We are live at the ECB’s annual forum in Sintra, Portugal, where ECB President Christine Lagarde plays down suggestions of a soft landing in the euro zone as price pressures linger. In the U.S., the Supreme Court historically rules that immunity extends to ex-presidents over official acts which would see a delay to former President Donald Trump’s Washington trial for attempting to overturn the results of the 2020 election. Wall Street begins July in the green with Treasury yields rising as investors mull the return of Trump to the White House. In France, the French leftist and centrist blocs face a deadline to merge against the Rassemblement National, urging third-placed candidates to withdraw. And in the UK, party leaders make their last-minute pitches to voters ahead of this Thursday’s general election.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Marine Le Pen’s Rassemblement National wins the first round of the French parliamentary election, gaining 34 per cent of the vote with President Macron’s centrist bloc coming third behind the left-wing New Popular Front coalition . We are live in Paris for the latest. Investors take stock of the result with the French-German 10-year bond spread widening to its farthest point since 2012. The UK election race enters its final stages this week with the opposition Labour Party poised to win a landslide after 14 years of Conservative rule. In the U.S. President Joe Biden is adamant he will continue as Democratic nominee, resisting calls to withdraw from the race following last Thursday’s car-crash debate performance. And in aviation news, Boeing scores a near-$5bn deal to supply Spirit AeroSystems with competitor Airbus set to receive compensation pay under the terms of the agreement.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

President Joe Biden begins the first presidential debate in Atlanta on the back foot, struggling to counter attacks from former President Donald Trump. In Brussels EU leaders renominate Ursula Von Der Leyen for a second term as European Commission President. Estonian PM Kaja Kallas and Portuguese PM Antonio Costa get the nod for foreign policy chief and EU council president respectively despite opposition from Italy and Hungary. The yen against the dollar is trading at its weakest level in almost 40 years as Japan names a new currency chief. And in retail news, Nike issues a large sales warning, with shares plunging 12 per cent in extended trade.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Prime Minister Rishi Sunak and Labour leader Sir Keir Starmer go head-to-head, trading tax accusations in the final televised debate ahead of next month’s UK general election. The yen has fallen to a new 38-year low against the greenback, triggering speculation the BoJ will intervene and raise interest rates in July. The Nasdaq is in the green, helped by Amazon breaching $2tn in market cap for the first time ever. Chip maker Micron sees revenues soar by 80 per cent but Q4 guidance fails to impress investors. Shares fall almost 8 per cent lower after yesterday’s close.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The leaders of France’s three main political blocs participate in a TV debate with Prime Minister Gabriel Attal and National Rally’s Jordan Bardella accusing one another over unrealistic budgetary plans. In Brussels, European Commission President Ursula Von Der Leyen looks set to win another term as negotiators have reportedly struck a deal ahead of the formal summit. Volkswagen pushes EV start-up Rivian shares 50 per cent higher in extended trade following its $5bn investment announcement in the firm. Chip maker Nvidia claws back recent losses to close yesterday’s session almost 7 per cent higher.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Nvidia’s record-breaking rally comes to an end with the stock price plunging 7 per cent. The fall erases $550bn from the A.I. semiconductor’s market cap since last week’s peak. At the so-called ‘summer Davos’ WEF meeting in Dalian, Chinese premier Li Qiang says he believes China can hit its growth targets this year, playing down trade conflicts with the EU. In aviation news, Airbus cuts its guidance and slows production of its best-selling A320 Neo craft as supply chain issues continue to hinder the plane maker. And fast fashion firm Shein is reportedly filing to go public on the LSE rather than on Wall Street, which would be the City’s biggest listing in more than a decade.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

European Union and Chinese officials are to hold talks about the bloc’s planned tariffs on Chinese EVs. Asian markets are mixed after a soft end to the week on Wall Street in the longest stretch of low volatility since the GFC. In France, President Emmanuel Macron’s centrist Ensemble alliance loses more ground in the polls, trailing Marine Le Pen’s National Rally ahead of next weekend’s electoral first round. Former U.S. President Donald Trump holds a rally in Philadelphia while Joe Biden prepares for this week’s presidential debate.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

We hear exclusively from IMF managing director Kristalina Georgieva who says Europe is on the right economic path but must take advantage of the single market or fall behind. The Nasdaq breaks its longest winning streak of the year as Nvidia shares pare back. However Wall Street is on course for a positive end to the week with energy stocks leading gains. The BoE signals it may cut interest rates in August after keeping them steady yesterday with a finely balanced decision. And in the Netherlands, Prime Minister Mark Rutte is on course to become the new NATO secretary-general after his only remaining rival, Romanian president Klaus Iohannis, withdraws from the race. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The BoE and Norges Bank are expected to hold rates steady today while the SNB looks set to make a second consecutive cut today. UK Prime Minister Rishi Sunak suffers another blow to his chances of re-election with one poll predicting the Tories are on track for its lowest ever seat total next month. In Brussels, Italian Prime Minister Giorgia Meloni’s ECR party overtakes Macron’s Renew bloc to become the third-largest party in the European Parliament. In autos news, Chinese automakers reportedly urge Beijing lawmakers to hike duties on ICE imports in retaliation for tariffs placed on EVs.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The world’s most valuable company Nvidia overtakes Microsoft in terms of market cap following a 170 per cent rally this year. Treasury yields fall following lower-than-expected retail sales numbers bolster hopes of a Fed rate cut later this year. Luxury trainer maker Golden Goose shelves plans to list on the Milan stock exchange blaming a deterioration of market conditions following the recent European elections. And in the UK, inflation looks set to return back to target – the last print before next month’s general election.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Europe's competition chief Margrethe Vestager will soon be ending her mandate in Brussels, after ten years of taking on Big Tech and others. In an exclusive conversation with Squawk Box Europe's Silvia Amaro, she addressed some of the ongoing investigations into Microsoft and Apple and offered a sobering perspective on Europe's place in the world.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

We are live in Brussels where the European Commission top job is up for grabs. The EPP is demanding the presidency is split into two terms of two-and-a-half years. Wall Street enjoys a mega-cap rally with the S&P 500 notching a 30th record close this year. In aviation news, Boeing CEO Dave Calhoun prepares to face lawmakers on Capitol Hill over the plane maker’s recent safety record troubles. And Israeli Prime Minister Benjamin Netanyahu dissolves his war cabinet as discontent grows over the ongoing war in Gaza.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Chinese retail sales deliver but concerns remain over the property sector which drag on fixed asset investment. Minneapolis Fed Chairman Neel Kashkari signals a rate cut may happen in December as he calls for more evidence inflation is falling. Israeli Prime Minister Benjamin Netanyahu condemns his generals’ decision to allow for tactical pauses in fighting to permit daily aid to Gaza. Paris sees protests against Marine Le Pen’s National Rally party which has taken an early lead in polls ahead of next month’s snap election.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

G7 nations agree on a $50bn aid package to Ukraine, using frozen Russian assets to underwrite the deal. We are live in Bari for the latest where EU Council President Charles Michel tells CNBC that Russia must pay up for its invasion of the country. In Asia, the yen slides as the BoJ keeps rates on hold but signals that quantitative tightening is on the way. Tesla shareholders approve CEO Elon Musk’s $56bn pay package for the second time to make it the largest public company compensation in history. In the UK, the Labour Party unveils its election manifesto with pledges on the economy at its core. A new YouGov poll puts Reform in second place ahead of the incumbent Conservative Party.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The Federal Reserve leaves interest rates on hold at a record 20-year high and indicates it will make only one cut this year. Chairman Jerome Powell says the fight against inflation continues. Equity markets react to cooling inflation. The S&P 500 hits a fresh new high while Apple temporarily overtakes Microsoft as the world’s most valuable company. French President Emmanuel Macron holds a briefing to explain his decision to hold July’s snap election. Meanwhile, the EU is set to slap Chinese EVs with tariffs of up to 38 per cent. Trade Commissioner Valdis Dombrovskis tells CNBC the bloc deserves a level playing field. And we are live in Bari, Italy ahead of the G7 summit where the U.S. are to broaden sanctions against Russia with leaders aiming at using interest from frozen assets.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Disappointing Chinese consumer activity keeps a lid on consumer prices in the world’s second-largest economy while manufacturing activity fell for the 20th consecutive month. The EU is set to more than double tariffs on Chinese-made EVs, risking further confrontation. Apple posts its best daily performance since 2002 as investors turn bullish over its A.I. push while in the UK, the Conservative Party launch their election manifesto with financial security being a key tenet of the plan.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

European equities are lower as they digest the weekend’s EU election results. However, the S&P 500 and the Nasdaq hit new record highs ahead of this week’s Fed meeting. In France, right-wing parties hold emergency coalition talks following President Emmanuel Macron’s snap election decision following his party’s poor result on Sunday. In tech news, Apple launches long-awaited A.I. features, announcing a partnership with OpenAI which would allow Siri to connect with Chat GPT. And in the UK, Prime Minister Rishi Sunak unveils his Conservative Party manifesto with a pledge to cut taxes. The opposition Labour Party has slammed the proposals as “the most expensive panic attack in history.”See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

A shock in France: President Emmanuel Macron takes a gamble, calling a snap parliamentary election after his party suffers a humiliating defeat in EU elections. The Centre holds but the Far-Right sees record support, unsettling the bloc's mainstream establishment. Germany's ruling coalition suffers its worst ever result as the rise of the right raises questions over the government's stability. And, Italian Prime Minister Giorgia Meloni comes out on top - solidifying her mandate and positioning herself as one of the most powerful figures in the European Union. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Chinese exports surge more than 7-and-a-half percent in May, but slower import growth points to signs of weakness in domestic demand. The ECB cuts rates for the first time since 2019, but persistent price pressures have markets pricing in just one more cut this year - while President Christine Lagarde refuses to commit to further easing. Exit polls in the Netherlands show the Labour-Green Left coalition in the lead - securing eight seats in Brussels, while Geert Wilders' anti-immigration PVV makes strong gains, just one seat behind. And Gamestop shares surge in extended trade after a near 50-percent pop in the session, as 'Roaring Kitty' schedules a YouTube livestream later on Friday.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The ECB is set to cut interest rates for the first time in nearly 5 years. We are live at the ECB head of today’s decision. Former ECB board member Peter Praet tells CNBC that markets are still adjusting to the central bank’s looser policy. The tech giant Nvidia’s market cap breaches the $3tn mark, overtaking Apple to take second position as the world’s most valuable public company behind Microsoft. The Nasdaq hits new highs as U.S. services activity gathers momentum. However, private jobs creation contracts in May, further fuelling speculation of a September rate cut. And in Normandy, world leaders gather to commemorate the 80th anniversary of D-Day.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

U.S. jobs numbers come in at their lowest level since February 2021. Wall Street remains in a holding pattern as investors await Friday’s non-farm payroll data. Indian equities steady after yesterday’s market cap loss of $371bn due to Prime Minister Narendra Modi failing to win a clear majority for his third term in office. U.S. tech giant Intel announces its latest generation of A.I. semiconductors, seeking to regain market share. CEO Pat Gelsinger tells CNBC foundry profitability is key. Tesla CEO Elon Musk confirms a CNBC report that he redirected thousands of Tesla-bound Nvidia chips to X and X-AI as he had no place to send them.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Indian prime minister Narendra Modi looks set to secure a third term in office with a narrower-than-expected parliamentary majority. We are live in New Delhi as the vote count continues. On Wall Street the Dow falls 100 points on the first trading day of June as U.S. manufacturing numbers indicate the economy is contracting. Gamestop shares rally following renewed social media activity by the investor known as Roaring Kitty. CNBC learns that Paramount and Skydance agree to merger terms after months of negotiations. Shipping giant Maersk hikes its guidance for the second time in just over a month as Red Sea tensions and soaring demand push freight rates higher.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The Nasdaq posts its best month of the year so far while the Dow enjoyed its best day since November on Friday as the Fed’s preferred inflation gauge hits expectations. Nvidia CEO Jensen Huang unveils the company’s next set of A.I. chips. Rival AMD hits back with its own range of A.I. processors. In India, Narendra Modi looks set to win a third term in a landslide election while in South Africa, the ruling ANC loses its majority for the first time. Speaking at the Singapore Security Summit, Ukrainian President Volodomyr Zelenskyy claims that Russia is using China to disrupt peace plans. Chair of NATO’s Military Committee Rob Bauer tells CNBC Beijing is holding a hypocritical stance towards Kyiv. And in IPO news, online fashion giant Shein prepares to list in London as early as this week with a valuation close to £50bn.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Donald Trump becomes the first U.S. president to be convicted of a crime, found to be guilty on all 34 charges against him in his ‘hush money’ trial in New York. Salesforce numbers help drag the Dow down by more than 300 points, putting it on track for its worst week in more than a year. Conversely, the Nasdaq is enjoying its best month since November. Chinese manufacturing data surprisingly contracts, causing further headaches for Beijing policy makers. And ahead of next week’s European parliamentary elections, Hungarian prime minister Viktor Orban backs France’s Marine Le Pen call to join forces with Italian prime minister Giorgia Meloni and for a right-wing super group within the bloc. We hear from Saxony minister-president, Michael Kretschmer, who says mainstream parties need to face up to voter grievances. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The S&P 500 snaps a three-day streak in the green while the Nasdaq suffers its worst day in May with higher Treasury yields impacting Wall Street trade. Salesforce shares hit their worst level since 2008’s GFC as the company posts its first quarterly revenue miss in 18 years. CEO Marc Benioff remains sanguine about the numbers. We speak to Nestlé CEO MarK Schneider exclusively who dismisses fears over weight loss drugs threatening the food and drink industry. Activist investor Nelson Peltz has reportedly sold his entire Disney stake just weeks after losing his bid to gain two seats on the firm’s board. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The Nasdaq hits 17,000 for the first time off the back of a strong performance by Nvidia. The Dow, however, falls 200 points, weighted down by health stocks. The IMF readjusts its outlook for China, now believing the country will in fact achieve its 5 per cent growth target for 2024 following a stronger-than-expected Q1. In the Middle East, Israeli tanks advance into the centre of Rafah as international condemnation over Sunday’s deadly IDF airstrike on a refugee camp in the city continues to grow. And in South African polls have opened in what is seen as the most competitive election since the end of apartheid in 1994. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

U.S. futures are up following the long Memorial Day weekend as investors speculate about the next inflation print. Israel launches an investigation into an airstrike that killed dozens of Gazan civilians in Rafah. Prime Minister Benjamin Netanyahu says the ‘tragic’ incident was caused by a technical failure. French President Emmanuel Macron has made a speech denouncing authoritarian regimes during a state visit to Germany ahead of next month’s European Parliament elections. In the UK, Labour leader Sir Keir Starmer receives a boost from business as 120 of the sector’s leaders throw their support behind his party while Lord Mayor of London Michael Mainelli tells CNBC the UK requires a business-friendly approach to immigration.   See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Nvidia powers the Nasdaq to a fresh record high, and its fifth straight positive week but the Dow tails off, closing down more than 2 percent for the week. Chinese industrial profits bounce back to growth in April, providing a boost to policymakers as they try to reignite the world's second largest economy. G7 finance ministers hit out at China's trade policies, while edging closer to a deal that would see a fresh loan to Ukraine using seized Russian assets. And French President Emmanuel Macron kicks off a rare state visit to Germany, urging voters to reject the far right in European parliamentary elections.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

We are live in Paris at Vivatech where Tesla CEO Elon Musk slams President Joe Biden’s China EV tariffs, telling CNBC his company is very competitive in the country without them. French President Emmanuel Macron tells our U.S. colleagues exclusively that Europe is lagging behind the U.S. in the field of A.I. and that France should be leading the field in innovation. Nvidia shares pop on Wall Street but it’s not enough to reverse a losing session off the back of strong jobs and manufacturing data Stateside. On this side of the Atlantic, UK retail numbers disappoint, potentially heaping pressure on European equities. And speaking at the G-7 on the shores of Lake Maggiore, Italy, U.S. Treasury Secretary Janet Yellen calls for greater cooperation among the member countries in the face of Chinese overcapacity.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Tech giant Nvidia smashes Q1 expectations with record AI chips sales. The share prices soars beyond the $1,000 mark in extended trade. The Federal Reserve minutes reveal continuing concerns over lingering inflation which has impacted Wall Street. We hear from JP Morgan CEO Jamie Dimon in Shanghai who says the sticky inflation could still yield a hard landing. Miner Anglo American rejects BHP’s improved offer for a third time but also extends merger talks for a further week. UK Prime Minister announces the country will go to the polls on Thursday 4th July.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Microsoft holds its developer conference where CEO Satya Nadella hails the tech giant’s new A.I. software. However, Amazon says its decision to hold out and wait for Nvidia’s more powerful offering was a mutual decision between the two companies. Wall Street predicts Nvidia earnings could triple amid particularly choppy trade. U.S. equities once again hit fresh new highs on rate cut timing speculation. Our colleagues Stateside hear from Christopher Waller who urges patience and says he requires ‘several more months’ of favourable inflation data. And in the UK, headline CPI is due to fall close to the BoE’s 2 per cent target. Governor Andrew Bailey signals a rate cut is appearing on the horizon.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The Nasdaq hits a new high on the back of a stellar Nvidia performance, with investors predicting an out-sized impact from the chip titan’s earnings. JP Morgan CEO Jamie Dimon suggests he will quite the post within the next five years. He ruled out any additional buybacks at the lender whose stock remains at elevated levels. U.S. President Joe Biden slammed the ICC after prosecutors at The Hague threatened arrest warrants for Israeli Prime Minister Benjamin Netanyahu and three Hamas leaders for alleged war crimes. And we are live in Cambridge at the AstraZeneca Investor Day where the Swedish-British pharma giant is to unveil its medium-term strategy.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Iranian state television has confirmed President Ebrahim Raisi and Foreign Minister Hossein Amir-Abdollahian have died in a helicopter crash in the mountainous north-west of the country. Global equities rally on renewed interest rate optimism with Asian stocks hitting a two-year high, following last week’s Dow close above the 40,000-point level. Taiwanese President Lai Ching-te is sworn into office and calls for peace on both sides of the Taiwan Strait.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Chinese manufacturing figures beat expectations but retail and house price figures disappoint, exposing the country’s two-speed economic recovery. U.S. stocks rally with the Dow breaching the 40,000-mark briefly before falling back towards the close. ECB board member Isabel Schnabel plays down the chance of back-to-back rate cuts. The central bank’s vice-president Luis De Guindos tells CNBC the forecast beyond June is murkier. And in Hong Kong, shares in HSBC tumble on reports that its largest shareholder, Ping An Insurance, is considering reducing its stake in the lender.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

All three major U.S. indices rally to fresh highs as inflation Stateside comes in softer than expected. Core prices make their smallest gains in three years. Berkshire Hathaway reveals insurance and security giant Chubb is the mystery bet in its May 13F filings, causing shares to surge in extended trade. Israeli Prime Minister Benjamin Netanyahu tells CNBC exclusively he is standing firm on the Rafah offensive despite disagreements with the U.S. Chinese President Xi Jinping hosts Russian President Vladimir Putin in Beijing with both sides seeking to strengthen strategic ties.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

U.S. producer prices come in hotter than expected ahead of today’s CPI data. Federal Reserve Chairman Jerome Powell says that rates will have to remain elevated for longer. Magnificent 7 stocks help push the Nasdaq to a new record high. Alphabet CEO Sundar Pichai tells CNBC colleagues Stateside that A.I. still has a lot of momentum for the company. U.S. President Joe Biden slaps China with $18bn of new tariffs, targeting EVs, solar cells and steel. We hear exclusively from the U.S. ambassador to the European Union, Mark Gitenstein, who says Biden is sending a clear message to Beijing. And Swiss eyecare group Alcon posts a record profit for the first quarter with CEO David Endicott telling CNBC the company maintains a robust pipeline.   See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The Dow’s eight-day winning streak is over as inflation concerns persist and U.S. producer price data is released later today. This ahead of tomorrow’s key CPI print. The meme stock craze is revived from a single post on social media with GameStop short positions reportedly losing close to $1bn in yesterday’s session. In commodities news, AngloAmerican shares fall more than 2 per cent in London after the miner turns down an improved $34bn takeover bid from rival BHP. OpenAI unveils both a new A.I. model as well as a desktop version of ChatGPT as it seeks to secure its position as market leader in generative artificial intelligence.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The Dow posts its best week of the year – its eighth straight session in the green ahead of this week’s U.S. inflation data release. In China, consumer inflation is on the up but credit demand shrinks for the first time since 2017. Russian President Vladimir Putin reshuffles his cabinet, ousting defence minister Sergei Shoigu and installing a civilian economist in his place. Israel orders residents of Rafah to evacuate the city as the Gaza death toll reaches 35,000. U.S. Secretary of State Antony Blinken tells NBC News that Washington requires more clarity on an exit and post-war strategy from Israel.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The Dow surges by more than 300 points, climbing for seven consecutive sessions. Softer than expected jobless claims data is once again fueling speculation of rate cuts later this year. In London, the BoE keeps the interest rate steady in a 7-2 split of the MPC. Markets have no upped their bets of a cut in June. BoE Governor Andrew Bailey tells CNBC the central bank’s judgments will not be swayed by the upcoming UK general election. Chinese EV maker Zeekr prices its New York listing at the top of its range. The IPO could be the biggest listing of a Chinese company Stateside in almost three years. Israeli PM Benjamin Netanyahu defies President Biden’s warnings not to invade Rafah and says the country will fight on alone if necessary.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Chinese trade data beats expectations in April to show signs of stabilisation as demand improves both home and abroad. British chip designer ARM sees shares tumble almost 9 per cent in after-hours trade following gloomy revenue guidance which has fueled concerns of a slowdown in A.I. demand. President Joe Biden warns Israel the U.S. will pause weapons deliveries if the IDF invades Rafah. Markets are split ahead of the BoE rate decision later today over a potential rate cut forecast for June.   See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Theme park concerns weigh on Disney shares which tumble 10 per cent despite streaming service Hulu posting its first quarterly profit since launching in 2019. Social media platform Reddit sees its shares pop up by more than 15 per cent in extended trade, helped along by stronger-than-expected ad revenues as it posts its first results since going public. Chinese social media giant TikTok sues the U.S. government, saying that a potential ban of the app in America would violate the First Amendment. Former U.S. Treasury Secretary Steven Mnuchin tells our colleagues Stateside that he remains purchasing or investing in the business. Global debt soars by up to $1.3tn to a fresh record high of $315tn in Q1.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

UBS posts a $1.8bn beat in Q1 on both the top and bottom lines. The Swiss lender says its integration of Credit Suisse is on track. In Spain, Banco Sabadell rejects rival BBVA’s €12bn takeover bid for significantly undervaluing the bank as well as its growth potential. Chinese president Xi is hosted by French president Emmanuel Macron in Paris but sticks to a familiar diplomatic line, meeting in talks with Macron and European Commission President Ursula Von Der Leyen. And in the Middle East, Hamas agree to a ceasefire, but Israel rejects the deal which it says falls short of its demands, with the IDF targeting eastern Rafah.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Berkshire Hathaway’s cash pile balloons to $189bn. Warren Buffett uses the company’s AGM in Omaha, Nebraska to signal how it should be run once he passes. Wall Street closes the week in the green following a weaker-than-expected jobs print. This raised hopes that the Federal Reserve may consider cutting interest rates soon. Chinese President Xi Jinping arrives in Paris on the first leg of his European tour. His host, President Emmanuel Macron is to press him on trade relations and Ukraine support. And in the UK, Prime Minister Rishi Sunak admits to the challenges facing the Tory party following a bruising third-place finish in last week’s local elections. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Apple launches the largest share buyback in U.S. corporate history after beating Q1 expectations, despite a 10 per cent fall in iPhone sales. U.S. markets have rallied strongly ahead of today’s jobs report with investors anticipating signals about the Fed’s next policy moves. In the UK, local and mayoral election vote-counting is under way. We are live in Blackpool where Labour has regained the Red Wall constituency of Blackpool South, a significant blow to Rishi Sunak and the Conservative Party. And in mining news, Glencore launches its own bid for Anglo American which may trigger a bidding war following last week’s approach by rival BHP.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The Federal Reserve leaves rates unchanged with its fight against inflation faltering. Chairman Jerome Powell has signalled any return to rate hikes would be ‘unlikely’. Asia-focused bank Standard Chartered beats expectations to post a 5.5 per cent increase in Q1 pre-tax profit, benefiting from higher trading income. Qualcomm shares are up in extended trade as Chinese demand fuels an earnings beat. Meanwhile, Apple is expecting a double-digit decline in China sales when it reports later today. And in currency news, the yen soars to its strongest level in a fortnight before paring gains back, prompting further speculation the BoJ will intervene.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

U.S. stocks see out April in the red – their worst monthly performance in seven months with tech earnings leading the losses. Amazon posts a Q1 beat on the back of solid cloud growth and A.I. demand. However, guidance is softer than expected and CEO Andy Jassy warns of higher capex to come. Tesla CEO Elon Musk shuts down his supercharger team, costing two executive positions and hundreds of job losses as the EV maker struggles with waning demand and competition from China. A surprise fall in same-store sales at Starbucks prompts the coffee chain giant to slash its outlook. Shares have slumped to a 21-month low as a result. And Spanish luxury beauty giant Puig aims for the top of the price range ahead of its near €14bn IPO – the largest in Spain in almost a decade.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

HSBC CEO Noel Quinn is to retire after a 5-year tenure at the UK lender which is eyeing a further $3bn in buybacks following a Q1 beat. Santander is buoyed by its European retail banking sector, posting an 11 per cent rise in Q1 net profit. It has also confirmed its full-year targets. Wall Street is on track to break a five-month winning streak despite an upbeat session yesterday. Tesla shares saw their best performance in three years. We speak to IMF managing director Kristalina Georgieva who says she is concerned about global central bank divergence as Europe is making quicker progress in the fight against inflation than the U.S.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Tesla CEO Elon Musk makes a surprise visit to China, meeting with Premier Li Qiang. Beijing has moved to cut back on certain restrictions on Tesla vehicles made in the country. Rate cut expectations have been further dampened after another sticky inflation print out of the U.S. However equities Stateside still finished last week in the green, enjoying their best week since November. The yen/dollar trade remains volatile, briefly dropping below the key psychological level of 160. U.S. Secretary of State Antony Blinken travels to Riyadh while a Hamas delegation prepares for ceasefire talks in Cairo. We hear from Egyptian foreign minister Sameh Shoukry who urges both sides to meet to end the conflict. And in banking news, Deutsche Bank warns that long-term litigation costs may leave a €1.3bn hole in its bottom line.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

New data out of the U.S. shows the economy growing at its slowest pace in almost two years, causing equities to tumble and Treasury yields to spike. Tech earnings Stateside beat expectations in extended trade. Google owner Alphabet announces its first dividend with CEO Sundar Pichai hailing the company’s next wave of A.I. innovation and adoption. In Japan, the BoJ holds rates steady pushing the yen to a new 34-year low. Traders are now concerned whether policy makers will choose to intervene. Airbus confirms its guidance and backs its higher delivery goals as it boosts production of its A350 to extend its lead over troubled rival Boeing. And in Sydney, BHP shares struggle following reports that mining competitor Anglo American is unimpressed by yesterday’s takeover offer.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Meta posts an earnings beat but shares tumble in extended trade as CEO Mark Zuckerberg sparks further concerns over excessive spending plans for A.I. Deutsche Bank sees Q1 pre-tax profits rise by 10 per cent as credit loss provisions shrink. There are also earnings from BNP Paribas with the French lender looking to increase cost-cutting. In commodities news BHP has made a bid for rival Anglo American in what could be a mega-merger for the world’s largest listed miner. And Spanish Prime Minister Pedro Sanchez steps away from public duties and threatens resignation after a court launches an investigation into his wife’s business dealings.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Tesla shares surprisingly hold up despite the EV maker missing massively on both the top and bottom lines. Elon Musk has hinted to investors that more affordable options are in the pipeline. The S&P 500 posts its best day since February with investors shrugging off rate concerns. We hear from Oaktree Capital’s Howard Marks who says the days of easy capital are unlikely to return. Luxury giant Kering posts double-digit Q1 sales declines and warns that profits could fall by up to 45 per cent in H1. On Capitol Hill, the U.S. Senate votes overwhelmingly to pass a $95bn aid package to Ukraine, Israel and Taiwan. And we are live in Rotterdam at the WEC where RWE CEO Markus Krebber tells CNBC that green transition costs could soar due to capital and geo-political risks.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The S&P 500 see its six-day losing streak come to an end and Nvidia enjoys its best trading day in more than a month with Mag 7 earnings in focus. Tesla shares fall a further 3 per cent – its seventh straight loss – with investors concerned for what could be the EV maker’s worst earnings in seven years. SAP posts a 24 per cent surge in quarterly cloud revenue and targets greater growth through A.I. services. And we are live in Rotterdam at the World Energy Congress where the Dutch Deputy PM tells CNBC that Brussels can do far more to accelerate the energy transition.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The Nasdaq suffers its worst trading week since 2022 as the tech rally pauses with Nvidia shares falling 10 per cent. The sharp decline in demand for EVs and stiff Chinese competition again forces Tesla to slash prices in several markets. After months of delay, U.S. House lawmakers finally approve $60bn of aid to Ukraine. President Volodomyr Zelenskyy has called for the rapid transfer of arms to his country. Tik Tok is in focus Stateside after House lawmakers approve a bill which will force owner ByteDance to either sell the video-sharing platform or face a ban in the country. The bill now passes to the Senate. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Israel retaliates against Iran, reportedly carrying out a limited operation against the country. Iranian state TV said missiles were deployed to down drones over the central city of Isfahan. Asian equities are in the red as a result with oil rising and the dollar catches a bid as investors go risk-off. At the IMF/World Bank Spring Meetings in Washington, we hear exclusively from German finance minister Christian Lindner who says the EU and the U.S. must cooperate closely in the face of trade competition from China. We hear from top ECB policy makers who are increasingly converging on the month of June as the likely beginning of rate cuts, barring any particularly bad news along the way. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

As ECB policy makers increasingly appear to agree on a June rate cut, Bundesbank President Joachim Nagel tells CNBC that caveats still remain. In the U.S., a Boeing whistleblower testifies in the Senate, blasting his former employer over safety negligence and calling for the grounding of the Dreamliner. UBS is eyeing further lay-offs with cuts likely to fall in banking, markets and wealth management divisions. ABB hikes its full-year guidance after a Q1 beat on a stronger-than-expected order book.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Federal Reserve Chairman Jerome Powell has said that inflation is likely to delay rate cuts this year and says recent data has not provided the central bank with enough confidence to move. However, ECB President Christine Lagarde tells our colleagues Stateside that cuts are due soon, barring any major shocks. The IMF raises global forecasts for growth and hikes its U.S. outlook. The group’s First Deputy MD tells CNBC that the Fed’s prudence is justified. And a lack of demand from Chinese consumers weigh on French luxury giant LVMH’s Q1 sales.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Chinese GDP data comes in better than expected for the first quarter by a wide margin but monthly figures are softer, painting a mixed picture for the world’s second-largest economy. In the U.S., the major indices are in the red while yields spike. The greenback also hits a five-month high as very strong retail sales numbers dampens rate cut expectations even further. In Asia there are 2 per cent declines across equities. Investors are braced for potential policy intervention in Japan to shore up the yen. In autos news, Tesla is set to cut 10 per cent of its workforce as the EV maker struggles with waning consumer interest in the sector.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Israel is mulling its options after Iran’s first ever attack on Israeli territory over the weekend, using more than 300 missiles and drones. G-7 nations and the UN Security Council condemn the attack, seeking to diffuse tensions and avert any regional escalation. German Chancellor Olaf Scholz lands in Chongqing, China with a delegation of CEOs looking to shore up economic relations with Berlin’s biggest trading partner. Samsung overtakes Apple to become the largest smart phone maker after iPhone sales falter in the first quarter. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

U.S. producer prices come in soft, rising just 0.2 per cent and alleviate some jitters about persistent inflation. The Nasdaq posts a new fresh high with Apple leading the way. The iPhone maker enjoys its best day in nearly a year while Amazon hits a new record high. Shares at Morgan Stanley plunge after reports that the bank’s wealth management arm is under investigation by multiple regulators. German industrial titan ThyssenKrupp warns it may cut steel production by up to 20 per cent with job cuts also looming at a key plant.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

U.S. equities sell off and futures dip as traders scale back expectations for a June rate cut on the back of hotter-than-expected inflation - now eyeing a first move in September. Chinese deflationary pressures point to the potential for more government stimulus, as CPI cools more than expected, and producer prices slide. The Swiss government strengthens its rules for the country's banking sector as it looks to prevent another collapse of banks that are “too big to fail”. And, the ECB gets set for its latest rate decision, with investors eyeing signs of divergence from the Fed.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Fitch downgrades its outlook on China to negative from stable, citing increasing risks to the country's public finances. Global equities oscillate as investors brace for today's key U.S. inflation print, looking for clues on the Fed's next move. The FAA also launches an investigation into Boeing's whistleblower claims, piling more pressure on the plane maker as jet deliveries more than halve. And, Accor CEO Sébastien Bazin tells CNBC the Paris Olympics is an opportunity for France to refresh its image for an international audience.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

US Treasury yields hit four-month highs as traders look ahead to Wednesday’s inflation print, while JP Morgan CEO Jamie Dimon warns inflation may prove more stubborn than expected. A subsidy war is also heating up as the White House awards chip giant TSMC over $6 billion in grants, with Samsung reportedly set to get a similar deal. Meanwhile, Ether prices post their biggest jump in more than a month over speculation the cryptocurrency could see ETF applications approved soon. And, prices of gold hit another all-time high, the 15th record close this year.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The US jobs report beats expectations, sending equities higher and tempering expectations the Fed will start easing in June. Meanwhile, the UBS CEO Sergio Ermotti calls on Europe to create more competitive banks, telling CNBC at the Ambrosetti Forum the integration of Credit Suisse is a case study for the continent. US Treasury Secretary Janet Yellen threads the diplomatic needle as she urges China to rein in excess capacity, but China's commerce minister pushes back at accusations of overcapacity during a visit to Europe, rebutting claims the country's EV industry has benefited from unfair subsidies. And, Europe's largest travel group Tui gets set to ring the opening bell in Frankfurt, upgrading to the Prime Standard market after ditching its London listing.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The Dow sees its worst day in over a year and eyes its worst week in more than a year, as Minneapolis Fed President Neel Kashkari raises the possibility of no rate cuts this year. The U.S. jobs report comes into view with markets expecting payroll growth to slide to 200,000 in March. President Biden warns Israel's leader that America's continued support for its war with Hamas depends on the treatment of civilians in Gaza, calling the humanitarian situation "unacceptable". Elsewhere Bob Iger looks to move on from his boardroom battle with activist Nelson Peltz. And Samsung Electronics guides for a more than 10-fold increase in first quarter operating profit amid a rebound in global chip prices.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

In the U.S., ADP data comes in hot but the service sector sees input prices fall to a four-year low. Federal Reserve Chairman Jerome Powell says it is still too early to predict the path of inflation. Disney CEO Bob Iger fends off his boardroom challenge from activist investor Nelson Peltz, ending the multi-million dollar proxy giant. We hear from CEO of French dairy giant Danone Antoine Saint-Affrique who hails the company’s official partnership with the Paris Olympics as well as its support for the farming industry. Greenhorn Capital’s David Einhorn tells our colleagues Stateside that he has a stake in Belgian chemicals company Solvay which has a top 5 position within his portfolio.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

U.S. Treasury yields maintain a near fourth-month high while the S&P 500 suffers its worst session since early March as inflation fears persist. San Francisco Fed Chair Mary Daly says rate cuts this year are a ‘projection not a promise’. Taiwan is hit by a magnitude 7.4 earthquake, killing at least four and injuring dozens more in the eastern city of Hualien. Disney has reportedly secured enough votes to defeat activist investor Nelson Peltz’s challenge to its board. The results will be unveiled at the company’s AGM later today. Tesla shares slump, losing around $13bn in market cap valuation as deliveries decline for the first time in almost 4 years. And according to a poll conducted by Survey Monkey for CNBC, almost half of all adults around the world are stressed by their personal financial security with inflation the key concern.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

U.S. Treasury yields rise following better-than expected manufacturing data with odds of a June rate cut slightly slipping. In the UK shop price inflation falls below 2 per cent for the first time in two years, according to the British Retail Consortium. Iran accuses Israel of bombing its consulate in Syria with several senior Revolutionary Guard commanders killed. Tehran has vowed a “harsh” response. In Asia, Xiaomi shares are up boosting the Hang Seng after the tech giant enters the EV sector. This, as BYD sells 300k units in March.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Wall Street hits another record high ahead of crucial inflation data. But Federal Reserve Governor Christopher Waller says he still requires several more months of data to gather the confidence to move to cut interest rates. UBS takes a hit of more than $1bn to its 2023 net profit after cutting the negative goodwill from its rescue of Credit Suisse. The lender now admits it may not be able to realise all its expected gains. Outgoing Dutch Prime Minister Mark Rutte has sought to calm tensions following an important trade bilateral meeting in Beijing. Rutte told President Xi Jinping that chip restrictions with companies such as ASML, are not country-specific. In currency news, the yen is at nearly its lowest level against the dollar since 1990. Markets are carefully watching for any BoJ intervention following an emergency meeting in Tokyo.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Chinese President Xi Jinping meets with Western executives in Beijing as his country increases efforts to attract FDI at the Bo’ao Forum on Hainan island. However, China also takes up a dispute with the U.S. at the WTO, claiming its EV sector is discriminated against, despite BYD having overtaken Tesla in sales. The yen falls to a 34-year low against the greenback, prompting Japan’s finance minister to warn the government could take ‘decisive steps’ once more to stem the currency’s slide. In Baltimore, MD, the search and rescue efforts to find further victims of yesterday’s catastrophic collapse of the city’s Francis Ford Key bridge now go into recovery mode. President Biden has promised “to move heaven and Earth” to rebuild and reopen the bridge and Baltimore’s port. Shares of Trump Media surge up to 50 per cent after going public in New York which could provide the embattled former President with a vast war chest as election season heats up.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Boeing CEO Dave Calhoun is to step down at the end of the year as the plane maker scrambles to repair its safety reputation. This week’s upcoming U.S. inflation print pushes Wall Street lower after Fed officials unite to dampen expectations of an early rate cut. The UNSC passes a vote calling for an immediate ceasefire in Gaza and the release of all Israeli hostages with the U.S. notably abstaining. In tech news, Brussels begins its first investigation under the Digital Markets Act, with Meta, Apple and Alphabet targeted over potential anti-competitive market behaviour. And Adam Neumann has reportedly raised $500m to launch a WeWork comeback, attempting to buy the co-office space provider out of bankruptcy.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The Dow and the S&P 500 record their best week of the year so far as investors applaud signs that major central banks are on track to begin slashing interest rates. Russia observes a day of mourning and four suspects are charged following Friday’s Moscow concert hall massacre and fire. At least 137 are now known to have been killed. IMF Managing Director Kristalina Georgieva says the Chinese economy is facing ‘a fork in the road’ as policy makers and CEOs attend Beijing’s premiere business conference. German business morale ticks up slightly. We hear from the boss of KFW, Stefan Wintels, who says the German economy is once again regaining its confidence. And in autos news, Nissan is to launch its new business plan amid growing competition in the EV sector.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Wall Street hits record highs thanks to strong tech stocks but the rally fails to materialise elsewhere with the Hang Seng leading declines in Asia. Shares in social media company Reddit rise almost 50 per cent following its NYSE listing, giving it a market cap of almost $10bn. Airbus snags orders for 65 planes from two of Boeing’s key Asian clients but the plane maker’s CFO Thomas Toepfer tells CNBC he hopes the rival’s safety issues are resolved soon. Apple shares are down 4 per cent after the DoJ hits the company with a landmark anti-trust lawsuit, claiming it monopolises the smart phone market.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The U.S. Federal Reserve holds interest rates steady, as expected, and signals plans for multiple cuts before the end of the year. Wall Street rallies to new records, while the positive sentiment extends into Asia and the Nikkei notches its own high. Meanwhile the U.S. Department of Justice reportedly plans to sue Apple as soon as today, accusing it of blocking rivals from accessing iPhone hardware and software - just days after the EU issues its own antitrust fine. And, Reddit prices are at the top of the range as the social media platform prepares to IPO in New York.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

There's a fresh record for the S&P 500, while the Dow sees its best day in almost a month, as Wall Street counts down to the all-important Fed decision and an updated dot plot. U.S. Defense Secretary Lloyd Austin warns Ukraine's survival is in danger amid a funding impasse in Congress, as Poland's foreign minister calls on America to act. Elsewhere, Kering issues a profit warning, with the luxury giant saying an almost 20 percent plunge in Gucci sales will drag on group revenues. And Nvidia CEO Jensen Huang tells CNBC the company is just at the beginning of an 'AI computing ramp' that he expects to last years.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

An historic shift from the Bank of Japan - ending the world's last negative rates regime with its first hike in 17 years, while also abolishing its yield curve control policy. The Yen extends declines, hitting 150 against the dollar, while the Nikkei edges higher as investors embrace a new era for Japanese central bank policy. Polish President Andrzej Duda calls on NATO allies to ramp up defence spending, telling CNBC exclusively there is limited time to prepare for another potential Russian attack. And Nvidia turns up the AI heat, unveiling its highly anticipated "Blackwell" chip as it looks to extend its lead in artificial intelligence computing.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

U.S. producer prices have come in higher than predicted causing minor declines on Wall Street with Treasury yields pushing up too. The ECB chief economist Philip Lane tells CNBC that the central bank should take its time in deciding on rate cuts and earmarks June as a potential live meeting. Germany’s largest real estate company Vonovia posts a record full-year loss of €7bn with the CEO describing the fall in valuations as “the worst we have ever seen”. Former U.S. Treasury Secretary Steven Mnuchin tells our colleagues Stateside that he is creating an investor group to purchase the Chinese social media giant TikTok as legislation threatening the app’s American presence winds its way through Congress. We also hear from the CEO of Qatar Airways who says he is open to expanding his fleet through either Airbus or Boeing, stressing he has no safety concerns about the U.S. plane maker.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The S&P 500 record run in the green stalls after Apple and Nvidia post 1 per cent declines. Tesla faces numerous valuation cuts with Wells Fargo calling the EV maker “a growth company with no growth”. Share have tumbled more than 4 per cent. We hear from HSBC Group CFO, Georges Elhedery, who predicts a U.S. soft-landing in H2 and says a lower rate environment will not have an impact on his company’s revenue guidance. The ECB outlines plans to incentivise inter-bank lending and to reduce its presence in financial markets. And in Washington, the U.S. House of Representatives votes overwhelmingly in favour of banning the Chinese social media app Tik Tok. The bill will now pass through the Senate.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Inflation in the U.S. unexpectedly ticks higher in February, potentially lengthening the Fed’s path back to lower rates. However, U.S. and European equities hit new highs as investors stick with their June Fed rate cut predictions. In politics, President Joe Biden and former President Donald Trump have both won enough primary delegates to become their parties’ presumptive nominees in November’s presidential election, according to NBC News. In Japan, major companies commit to fully meet union demands for pay hikes, strengthening speculation the Bank of Japan could exit negative rates next week. Boeing suffers a plethora of quality control problems with its top clients complaining of delivery delays, cancelled flights as well as hiring freezes at the U.S. plane maker.    See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Former U.S. President slams both China and the EU, telling our colleagues Stateside that America is being taken advantage of economically. JPMorgan boss Jamie Dimon urges the Federal Reserve to act cautiously on rate cuts, arguing that a U.S. recession is still a possibility as President Biden unveils his budget for 2025, which proposes higher taxes, spending and debt. BoJ governor Kazuo Ueda has dampened optimism about the state of the Japanese economy ahead of a key meeting which could see the central bank raise rates out of negative territory for the first time since 2016 as the 10-year JGB reaches a three-month high. Chinese smartphone maker Xiaomi is to launch its first ever EV, helping to push shares up on the Hang Seng. GOP House leaders move against social media giant TikTok with a bill that could require its parent company ByteDance to either sell the platform or be liable to a fine in the U.S. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The Nikkei tumbles, posting its worst day in the more than a year on speculation the BoJ will finally raise rates, helping the yen while hurting exports. In China, sticker prices rise for the first time since lates summer but manufacturing price deflation continues to drag. New Delhi agrees to signs a $100bn free trade deal with the European EFTA bloc, ahead of a spring general election. And in energy news, Saudi Aramco sees FY profit fall by up to 25 per cent but its still manages to posts its second-highest net income ever while increasing its dividend. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

There’s a new record high for the S&P 500 index – its 16th this year. In a testimony to the Senate, U.S. Federal Reserve Chairman Jerome Powell said the central bank was gaining the confidence it needs to cut rates. In Frankfurt, the ECB keeps rates on hold but signals a mid-year cut with President Christine Lagarde calling for more data by June. President Biden lashes out at former President Donald Trump during his third State of the Union address. Biden called on Congress to stand up to Russia’s Vladimir Putin. Humanitarian assistance to Gaza and the southern border crisis were also featured high on the agenda. Danish drug maker Novo Nordisk overtakes Tesla in market cap valuation, unveiling new trial data as well as plans to sell WeGovy in China.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

U.S. Federal Reserve Chairman Jerome Powell reiterates to the House Financial Services Committee that the central bank is not yet ready to begin slashing interest rates. Powell said he required more data to be confident inflation would continue falling before dialling back on restrictive policy. Chinese trade numbers beat expectations for the first two months of 2024. Foreign Minster Wang Yi has hit out at ‘lengthening’ U.S. economic restrictions on his country. In Frankfurt, the ECB is expected to keep rates on hold for a fourth consecutive month while in the UK, Chancellor of the Exchequer Jeremy Hunt cuts National Insurance contributions by a further 2 per cent.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Former U.S. President Donald Trump dominates the GOP Super Tuesday races. NBC News projects he has won almost all of the 15 states voting in the primary contest. Wall Street stumbles for a second straight day with tech stocks weighing. The Dow is down ahead of Federal reserve Chairman Jerome Powell’s testimony on Capitol Hill. We are live in Westminster ahead of Chancellor Jeremy Hunt’s UK budget later today. Personal tax cuts set to top the agenda. And in IPO news, Swiss-American dermatology company Galderma plans to list in Zurich, aiming to raise $2.3bn. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

We are live in Beijing at China’s annual parliamentary session where the country has set a growth target of ‘around 5 per cent’ for 2024. Premier Li Qiang has sought to diffuse economic tensions but warned of a tricky path ahead. Tesla sees Chinese sales fall to the their lowest level since December 2022, with increased domestic competition as well as a slowdown in demand weighing on the EV maker. Brussels has slapped Apple with a €1.8bn fine for alleged abuse of its market position within the music-streaming space. And in the U.S., the Supreme Court has ruled that individual states cannot remove former President Donald Trump from the ballot for his alleged involvement in the January 6th 2021 storming of the U.S. Capitol. Delegates in 15 states are due to vote for presidential nominees this Super Tuesday.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

China hosts its annual legislative sessions with an aim to deepening economic reform. Beijing is grappling with the four issues of deflation, demographics, debt and de-risking. In Japan, the Nikkei 225 hits the 40,000-point level for the first time on the back of strong tech stock performance. Stateside, the Nasdaq, Dow and S&P 500 also hit fresh highs. Hamas delegates are in Egypt hoping to negotiate a Ramadan truce in Gaza. U.S. Vice-President Kamala Harris calls out Israel over the humanitarian situation in the territory. Saudi Arabia has decided to extend its voluntary oil supply cut until the end of Q2. Russia performs its own cuts as Opec+ nations attempt to steady the market.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The recent optimism around A.I. helps push the Nasdaq to its first record high in more than 2 years. The Dow and S&P 500 also mark their best start to the year since 2019. Consumer prices Stateside are their slowest rate of increase in six years, raising hopes of a June rate cut. In banking news, shares of NY Community Bancorp plunge by 20 per cent in extended trade on the news that the lender has removed its CEO due to internal control matters. Chinese manufacturing activity is down for a fifth-straight month ahead of next week’s annual legislative meetings where broader policy moves may be on the agenda.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

U.S. markets are set to notch their fourth monthly gain but investors turn wary on tech stocks ahead of today’s inflation data. There is a tentative deal on Capitol Hill as lawmakers scramble to avert a government shutdown. Long-serving Senate Republican leader Mitch McConnell has announced he will be stepping down from his position after the U.S. election this November. Chinese equities rebound sharply despite recent volatility with the Shanghai Composite is now on track for its best month since November 2022. In tech news, Apple has teased it will be making a major A.I.-related funding announcement later this year. And luxury Italian fashion house Moncler posts a 17 per cent revenue spike due to a strong performance in China.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Global markets toe the line ahead of key inflation data coming out of the U.S. The recent troubles experienced by Boeing have sent U.S. durable goods orders to their steepest monthly fall since April 2020. In U.S. politics, President Biden wins the Democratic primary in Michigan while former President Donald Trump easily notches his fifth state victory ahead of Super Tuesday. Following President Macron’s comments about potential NATO boots on the ground in Ukraine, Western leaders push back but speaking to CNBC, former Ukrainian president Petro Poroshenko urges unity and strength in the face of Putin’s aggression in his country. In tech news, Apple reportedly ditches plans for its EV to instead focus on its generative A.I. unit. We have continuing coverage from the Mobile World Congress in Barcelona where Honor enters the high-end smart phone space with its first foldable flip phone. Cisco CEO Chuck Robbins tells CNBC that A.I.’s impact will soon become very visible and transformative. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

JPMorgan Chase CEO Jamie Dimon has played down suggestions that the U.S. economy may still enjoy a soft landing, saying investor optimism is mis-placed. With A.I. dominating the agenda at the Mobile World Congress in Barcelona, we hear from Microsoft President Brad Smith who says the new technology is transformative and here to stay. In Japan, January inflation slowed which affected the BoJ’s 2 per cent target and supported the case for the central bank to end negative interest rates in the coming months. Chinese fast fashion company Shein has signalled it may list in London rather than on Wall Street following increased SEC concerns about the firm in the U.S. In Paris, French President Emmanuel Macron hosts Western leaders, pledging to support Ukraine and also not ruling out the possibility of European boots on the ground.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

We are live at the Mobile World Congress in Barcelona where A.I. is dominating the agenda. Deutsche Telekom CEO Tim Höttges tells CNBC that Europe is lagging in the digital world. Berkshire Hathaway posts a record 28 per cent jump in Q4 earnings bringing the company’s cash pile to $167bn but CEO Warren Buffett warns that a repeat performance in coming years is not guaranteed. Donald Trump comfortably defeats Nikki Haley in the GOP primary in her home state of South Carolina to cement his lead as the Republican presidential nominee frontrunner. Haley, however, has vowed to fight on. Russia’s invasion of Ukraine drags into a third year as a U.S. Congressional impasse continues to hold up military aid for the country.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Chip maker Nvidia adds $277bn to its market cap in one session, smashing the previous added value record high and prompting stock market highs across three continents. Asia-focused bank Standard Chartered posts an 18 per cent surge in FY pre-tax profit. It is due to offer a $1bn share buy-back and a large increase to its dividend. Reddit may list in New York in the next few weeks, becoming Wall Street’s first social media IPO since Pinterest in 2019. And the U.S. government is preparing 500 new sanctions against Moscow following the death of opposition activist Alexei Navalny in prison last week. President Joe Biden has met with his family on the eve of the second anniversary of Russia’s invasion of Ukraine.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Nvidia shares pop in after-hours trade after the chip giant posted a 265 per cent surge in Q4 revenue. CEO Jensen Huang tells CNBC that conditions are ideal to grow the company. As a result the chip sector rallies, pushing Japan’s Nikkei to levels not seen since 1989. The Fed urges caution in cutting rates too early. BofA CEO Brian Moynihan says the central bank should not repeat mistakes of the past. And in autos news, Mercedes-Benz is to launch a share buy-back worth $3bn ahead of results later this morning. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

HSBC shares dip in Hong Kong despite the lender posting a record FY profit. The result was marred by a write-down on its share of Chinese bank BOCOM. HSBC CEO Noel Quinn tells CNBC he is still upbeat on the country’s economy. Chinese indices claw back earlier losses after the market regulator said it would increase supervision while the Shanghai and Shenzhen bourses crack down on a key quant fund. Wall Street suffers a second day of losses after chip giant Nvidia records its worst session since October. The company’s earnings are due later today. And in retail news, French supermarket giant Carrefour announces a 55% dividend hike after seeing record cash flow of €1.6 bn.   See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The S&P 500 achieves a fresh record high for the eleventh time this year – this as U.S. consumer spending in January falls more than expected in what could be an early warning sign for the American economy. In Japan, the Nikkei moves close to levels not seen since 1989. Crypto exchange Coinbase sees shares surge more than 14 per cent in extended trade. CFO Alesia Haas told our colleagues Stateside that Bitcoin ETFs are behind the company’s first quarterly profit in 2 years. And we are live in Bavaria where U.S. Vice-President Kamala Harris ahead of the Munich Security Conference where she will work to assure European allies that Washington will honour its NATO commitments. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Renault enjoys a FY operating margin on revenue of more than €50bn and is set to hike its dividend. French aviation giant Airbus sees full-year results surging on the back of a record orderbook and is also due to propose a special dividend payout. On Wall Street, the S&P 500 is back up at the 5,000-point mark as chip maker Nvidia briefly overtook Alphabet on market cap value. Meanwhile Berkshire Hathaway pares back its Apple stock and ramps up investment in Chevron. The company has sought confidentiality from regulators to keep its stock purchases secret in its latest 13-F filings. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

U.S. inflation for January disappointed, coming in at more than 3 per cent on an annual basis dashing any hopes of an imminent Federal Reserve rate cut. The markets reacted with the Dow posting its worst session since last March and Treasury yields spiked. DoubleLine CEO Jeffrey Gundlach told our colleagues Stateside that markets had vastly overestimated this year’s rate path. Ride-hailing app Lyft sees shares soar by 60 per cent in extended trade but then paring back sharply after management admitted to an accidental extra ‘zero’ to its margin growth number. And in tech news, Nvidia overtakes Amazon in terms of market cap valuation on the back of the A.I. boom. The chip giant now has Alphabet in its sights which would make it the third-largest firm on Wall Street.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The Dow hits a new record ahead of today’s inflation report Stateside. The CPI growth has been seen below 3 per cent, which would be a first in three years. The CEO of Abu Dhabi’s SWF Mubadala, Khaldoon Al Mubarak, tells CNBC that the U.S. remains an attractive investment destination. ARM shares are up by almost 30 per cent, extending the post-earnings rally, which boosts one of its primary stakeholders Softbank in Japan. We also hear from Aston Martin Lagonda chairman Lawrence Stroll who dismissed suggestions that the sports car maker will require new funding to deliver its goals. And in political news, EU foreign chief, Josep Borrell, says that NATO cannot be an a la carte alliance, following former U.S. President Donald Trump’s funding comments while German Chancellor Olaf Scholz said he believed America would honour its commitments to the bloc.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Wall Street posts its fifth-straight week in the green with the S&P 500 breaching the 5,000-point mark for the first time. We hear exclusively from IMF managing director Kristalina Georgieva who warns about the need for China to introduce economic reforms and stabilise its property sector. NATO leaders baulk at comments made by former President Donald Trump saying he would not support allies who did not honour defence spending commitments in the face of an attack by Russia. Italian luxury fashion brand Tod’s has announced it will delist from the Milan stock exchange and go private in a deal with LVMH-backed PE group L-Catterton, valued at approximately €1.4bn.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The S&P 500 posts its ninth record session this year, briefly breaching the 5,000-point milestone. Similarly in Asia, the Nikkei hits 37k for the first time in 34 years before pulling back while Hong Kong equities are in the red at the start of the Lunar New Year. Disappointing sales for L’Oréal as northern Asian markets slump, with the French cosmetics posting a miss on sales and profits. In the U.S., President Biden dodges a Special Counsel report about his handling of classified documents and berates reporters for questioning his mental acuity.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

German engineering giant Siemens posts a 56 per cent rise in Q net income and boasts an order book of more than €22bn. CEO Roland Busch says the China market remains a concern. Shares in chip maker ARM are up 40 per cent in after-hours trade after the firm hiked guidance on strong A.I. demand. ARM’s major shareholder Softbank also posts a $16bn gain in earnings. Disney hikes its forecast and announces its foray into gaming, investing $1.2bn in Fortnite maker Epic Games. In China, producer prices fall for a sixteenth consecutive month while consumer prices have their steepest fall since 2009. On Wall Street, the S&P 500 records another record high – just five points shy of the 5,000-mark.   See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Moody’s cuts its rating on New York Community Bankcorp to junk status, causing its shares to nose-dive to their lowest level since 1997. However, the U.S. regional lender remains adamant, saying ‘ample’ liquidity of more than $37bn. Snap shares fall by more than 30 per cent in extended trade after missing earnings expectations in the fourth quarter. The company says that the Middle East turmoil is creating headwinds. Siemens Energy confirms its outlook after posting a 24 per cent jump in orders. It said it would remain focused on rectifying problems with its offshore wind business, Gamesa. In Italy, a controversial capital markets reform bill is sent to the Senate after the Chamber of Deputies approves measures to attract more listings in the country. And in aviation news, Boeing admits it must perform better after an initial NTSB report said four key bolts were missing from the plug door of an Alaska Airlines 737 Max which blew out mid-air.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

UBS posts a better-than-expected Q4 net loss of $279m. U.S. markets are in the red as the 2-years Treasury yield reaches a one-month high as strong services numbers pushes back expectations of an early Fed rate cut. In China, authorities move to mitigate a slump in the stock market helping both the Hong Kong and Shenzhen indices up. In pharma news, Novartis buys up cancer treatment firm MorphoSys while Novo Nordisk snaps up a key manufacturing sub-contractor for its obesity drug WeGovy. BoE chief economist Huw Pill says it is a matter of when, not if, the central bank moves to cut rates after retail sales slow in January.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Money markets temper expectations for a March cut after Fed Chair Jerome Powell warns of moving too fast too soon - saying he wants to see more data to confirm that inflation is headed down to 2%. U.S. yields jump following a stellar payrolls report, as hiring hits 353,000 in January - nearly twice the forecast. The wild ride in Chinese stocks stretches into a new week, with the Shanghai Composite hitting a fresh 52-week low despite efforts from regulators to calm the situation. And The U.S. launches more strikes against Iran-backed groups in the Middle East in retaliation for an attack on a base in Jordan, as White House National Security Adviser Jake Sullivan warns this is just the beginning.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Apple beats on the top and bottom line in Q1 but weakness in China weighs and executives warn of falling iPhone sales. Meta sees its market cap balloon by $140bn after shares soared in after-hours trading following strong quarterly results. The tech giant also unveiled its inaugural dividend payout. Amazon posts record Q4 operating income following cost-cutting measures. Its cloud service AWS grew revenue by 13 per cent. BoE Governor Andrew Bailey suggests that markets could be correct in predicting the rate cut timeline after the central bank kept rates steady in the first three-way split since 2008. And in the U.S., the Dow enjoys its best week since mid-December as investors anticipate today’s non-farm payroll data.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

U.S. Federal Reserve Chairman Jerome Powell dampens investor hopes of a much-anticipated rate cut in March with the S&P 500 suffering its worst session since September. French lender BNP Paribas disappoints, posting a Q4 profit of just over €1bn on higher provisions. The bank also pares back its profitability targets. In retail, Adidas predicts profits will almost double in 2024 to €500m following the sportswear titan’s controversial split with rapper Kanye West. And we hear from a slew of European CEOs today with Q4 corporate earnings in full swing.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Disappointing advertising revenues push Alphabet shares into the red in extended trade despite the tech giant posting its fastest quarter for revenue growth since early 2022. Microsoft beats on the top and bottom line, enjoying its highest profit growth in more than two years but guidance for the current quarter is lukewarm. In the U.S., a Delaware judge rules against Tesla CEO Elon Musk’s $56bn pay package calling it ‘deeply flawed’, arguing that the board of directors had failed to prove it was fair. Shares in the EV maker slid around 3 per cent in extended trade. Chinese factory activity suffers its fourth straight month of contraction but the IMF’s Chief Economist Pierre-Olivier Gourinchas tells CNBC the country is exhibiting some signs of resilience.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Both the Dow and S&P 500 notch their sixth record session for the year as the U.S. Treasury slashes its Q1 borrowing guidance. Investors Stateside are now anticipating mega-cap tech earnings. In Hong Kong, tech and property firms drag stocks lower. Asian indices bar Japan are set to now break a two-month winning run. Car giant Renault cancels plans to list its EV unit due to poor market conditions and slowing uptake throughout Europe. Gambling giant Flutter debuts on the NYSE and now plans to make Wall Street its home in what appears to be yet another blow to the LSE.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Asia markets are in the green following a record close for the Dow on the back of personal consumption expenditure falling below 3 per cent for the first time in almost three years. Share of Chinese property giant Evergrande are stopped from trading after a the Hong Kong High Court orders the liquidation of the developer. Swiss building materials firm Holcim is to spin off and list its North American arm on Wall Street with a target valuation pf $30bn.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

French luxury giant LVMH smashes expectations to post almost $24bn in Q4 sales on rebounding Chinese demand. CEO Bernard Arnault has urged the need to focus on quality over quantity. On Wall Street the S&P 500 hits a record high to close in the green for a fifth consecutive session while the Dow also scores a new record peak on the back of stronger-than-expected economic growth Stateside. Tesla shares sink the most in a year with the EV maker seeing $80bn wiped off its valuation as demand weakens. And in tech news, Intel also sees a fall in its share price in extended trade as poor demand for data centre chips affect Q1 guidance. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Tesla earnings disappoint, sliding by 40 per cent in Q4. The EV maker has warned of weaker sales throughout 2024. Meanwhile, streaming giant Netflix sees shares hit double digits, helping the Nasdaq along with 34 points as new subscribers topped 13 million for the quarter. In aviation news, the FAA has limited production of Boeing 737 Max 9 jets but has approved existing craft for service with the first planes expected to fly from tomorrow. And we are counting down to the ECB’s first rate decision of 2024 where investors expect a ‘hold’ and more guidance on the future path of cuts.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Netflix shares are up in extended trade as the streaming giant boosts subscriber numbers and revenue beats expectations. The company has also inked a $5bn deal to stream live WWE. Former U.S. President Donald Trump secures victory in the New Hampshire primary over Nikki Haley who has refused to bow out of the race to become GOP presidential nominee. The contest will now move to Haley’s home state of South Carolina in late February. German software titan SAP announces a €2bn streamlining project which could affect up to 8,000 jobs in order to focus more directly on A.I. ambitions. In Ankara, the Turkish parliament finally ratifies Sweden’s NATO membership bid with Hungary’s approval now the remaining obstacle.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The Dow hits a record 38,000 points for the first time as major U.S. indices finish in the green for a second consecutive session ahead of a number of corporate earnings this week. The Nikkei follows suit in Japan – its highest level since 1990 - after the BoJ maintains its ultra-loose monetary policy. It has, however, cut its FY 2024 guidance. Israel has offered a two-month ceasefire with Hamas in Gaza in exchange for the release of 130 hostages. Hamas has demanded a full Israeli withdrawal from the Strip. And in Hong Kong, shares are surging after Chinese authorities consider a trillion-yuan rescue package for the country’s declining stock market.    See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

U.S. markets are in the green with the S&P 500 surging to a new record high on the back of positive consumer data. In U.S. politics, Florida governor Ron DeSantis bows out of the race to become the GOP presidential candidate two days before the New Hampshire primary, endorsing former president Donald Trump. Former UN ambassador Nikki Haley is now Trump’s sole challenger for the nomination. United Airlines cancels all flights using Boeing’s troubled 737 Max 9 model. Meanwhile, the FAA has urged all carriers to carry out door plug checks on yet another Boeing model – the 900ER. And in Europe, cities across Germany see a second week of mass protest against an AfD ‘re-migration’ policy.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

We are live in Davos where Ukrainian foreign minister Dmytro Kuleba tells CNBC he feels reassured by the Biden administration’s commitment to military aid for his country and that the tone of discussions remains constant. U.S. jobless claims hit a 16-month low while U.S. Tech stocks fuel a rebound on Wall Street. The Dow and the S&P 500, however, are set for their second negative week in three. In the Red Sea, Houthi rebels hit a U.S. owned commercial vessel just hours after President Joe Boden talks down the effectiveness of strikes on Yemen. KSA finance minister Mohammed Al-Jadaan tells this channel his country is desperate to de-escalate tensions in the region. Former BoE governor Mark Carney claims that whatever the result of the U.S. elections this November, the President will be faced with a rapidly transforming energy and intelligence scenario. In Washington, U.S. lawmakers manage to avert a partial government shutdown until March passing a stop-gap bill. And in M&A news, online community site Reddit is reportedly eyeing an IPO in early March, putting up to 10 per cent of its stock for sale.   See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

European equities react negatively following hawkish comments from ECB President Christine Lagarde who warns not to expect interest rate cuts until the summer. In Davos we hear from outgoing Dutch Prime Minister Mark Rutte who says centrist parties in Europe must be clearer on tough issues in the face of populist party challenges. We also speak to UK Shadow Chancellor Rachel Reeves who is positioning Labour as a pro-business party, with no plans to increase income tax. French President Emmanuel Macron issues a rallying cry for the EU project but bemoans the bloc’s fragmentation. Tech giant Apple will remove a blood oxygen feature from Apple watches after an appeals court reinstates a U.S. sales ban following an I.P. dispute with med-tech firm Masimo.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

China manages to attain its FY GDP targets, however its weak property sector and a fourth quarter miss drags on Asian equities. In Davos, we hear from Polish President Andrzej Duda who says he is not surprised that Ukraine refuses face-to-face talks with Moscow and warns military spending must increase in order to ward off Russian aggression in Europe. The U.S. launches fresh strikes on Houthi rebels in Yemen while the Iranian foreign minister tells CNBC that America is the root cause of the current tensions in the Middle East and Red Sea. Google CEO Ruth Porat says A.I. is the ‘great equaliser’, with the potential to help both the developed and developing world in areas of healthcare and food security. The U.S. 10-year Treasury yield tops 4 per cent after the Fed’s Christopher Waller calls for a more cautious approach to rate cuts later this year.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Former U.S. President Donald Trump wins a resounding victory in the Iowa caucus, solidifying his position as the GOP presidential frontrunner. Florida governor Ron DeSantis pips Nikki Haley to second place while Vivek Ramaswamy bows out of the race. We are live in Davos at the World Economic Forum where ECB board member Robert Holzmann tells CNBC exclusively that the central bank may not cut interest rates at all this year. Holzmann warned those expecting cuts may be ‘deeply disappointed’. Meanwhile, IMF managing director Kristalina Georgieva says she expects a soft landing for the global economy but that central banks are still exposed to risk this year. In the Gulf of Aden, Houthi rebels hit a U.S. owned commercial ship following last week’s U.S. and UK airstrikes. And in Hong Kong, the Hang Seng leads declines while the Dow is likely to open 100 points lower following the MLK Day long weekend.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Taiwan’s incumbent Democratic Progressive Party win a historic third term in office with incoming president Lai Ching-te resisting pressure for reunification with China. The Nikkei rallies to breach 36,000 points for the first time in almost 34 years while Wall Street posts its tenth week in the green out of eleven. U.S. banks kick off earnings season. JPMorgan and Bank of America both see a drop in profits while Citi also posts losses for the quarter. Former U.S. president Donald Trump leads GOP rival Nikki Haley by 28 points in the final NBC poll ahead of today’s Iowa caucus. And we are live in Davos, Switzerland where Ukraine peace talks have ended with scant progress, with the Russian contingent once again absent. We hear from the Ukrainian president’s chief of staff, Andriy Yermak, who says the current administration will never accept a frozen conflict.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Crude prices surge following U.S. and UK strikes on Houthis targets in western Yemen in response to continued attacks on commercial vessels in the Red Sea. In the U.S., CPI data comes in higher than expected. The Dow reaches a new intra-day high before closing the session flat. Chinese export data is up by more than expected for December but deflationary pressures persist with consumer prices falling for their longest streak since 2009. Airbus maintains its lead over Boeing for the fifth straight year. CEO Christian Scherer hails the ‘remarkable’ demand for its planes. And we are live in Taipei ahead of Saturday’s presidential election which is seen as pivotal in shaping Chinese-Western relations.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

It’s a monumental day for crypto with the SEC finally approving spot Bitcoin ETFs. Up to 11 funds are due to start trading as soon as today. Speaking to CNBC, Ark Invest President Tom Staudt says the asset class will now have a far greater reach among investors. U.S. markets are in the green with the Dow recording its fourth positive session in five ahead of today’s inflation data. Asian equities ride the green wave with Hong Kong’s Hang Seng leading the charge. The Nikkei 225 breaches the 35,000 level for the first time since 1990. In aviation news, Alaska Airlines and United cancel further flights following last week’s 737 Max 9 blow-out incident. Boeing CEO Dave Calhoun tells our colleagues stateside that the investigation will be pivotal.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The Dow snaps a three-day winning streak despite chip maker Nvidia hitting a new all-time record. In Asia, Japan’s Nikkei 225 breaches the 34,000-point mark for the first time in 34 years. The SEC deletes a post on X which claimed crypto ETFs had been approved, with Bitcoin seesawing as a result. The World Bank says global growth is on track for its slowest half-decade in 30 years. Its Deputy Chief Economist Ayhan Kose tells CNBC that financing conditions around the world will remain ‘restrictive’ for the foreseeable future. In the fall-out from the 737 Max 9 mid-air blow-out, Boeing CEO Dave Calhoun tells staff such an incident can never happen again and acknowledges mistakes had been made by the plane maker. And in France, 34-year-old Gabriel Attal becomes the country’s youngest ever Prime Minister as President Macron seeks to reinvigorate his cabinet. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Chip giant Nvidia hits an all-time share price high on Wall Street, helping to push the Nasdaq since its best day since November. Boeing shares fall after Alaska Airlines and United both find loose bolts on parts of multiple 737 Max 9 planes. French Prime Minister Elisabeth Borne resigns ahead of an expected cabinet reshuffle by President Emmanuel Macron. In crypto news, Bitcoin breaches $47k for the first time in 21 months as hopes grow of an expected approval of a Bitcoin ETF. In South Korea, weak demand and a worse-than-expected profit slump has forced Samsung to revise its Q4 guidance on, causing shares to slide.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

More than 170 Boeing 737 Max 9 are grounded temporarily by the FAA following an incident on an Alaska Airlines flight which saw a side panel blow off in mid-air. Wall Street records its first week in the red in ten following a stronger-than-expected U.S. jobs report for December. Oil is down after three weeks of gains in the past month as Saudi Arabia cuts crude prices to their lowest levels in more than two years. U.S. Secretary of State Antony Blinken is in the Middle East on what is his fourth visit since the October 7th attacks in Israel. He is due to hold talks with officials in the UAE and Saudi Arabia before heading for Tel Aviv in a bid to ease ‘profound tension’ in the region. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

U.S. equities continue their tough start to 2024 with the Nasdaq on its longest losing run since 2022. Private hiring in the U.S. is up for December with wage growth slowing ahead of today’s NFP data. The ADP’s chief economist Nela Richardson tells CNBC this trend is set to continue. Exxon says it will take a $2.6bn write-down over idled assets in California while Chevron CEO Michael Wirth tells our colleagues Stateside that oil and gas demand is only set to grow. And in tech news, Apple sees shares nosedive and market cap valuation falling by almost $170bn since the start of the year following Piper Sandler’s downgrade of the company – its second this week.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The Dow plunges almost 300 points on the back of perceived Fed hesitation with minutes showing uncertainty about rate cuts. Richmond Fed President Thomas Barkin told CNBC colleagues Stateside he will not rule out hikes. Chinese services activity hit a five-month high but this is offset by a poor employment report which has led to calls for more monetary easing. Disney wins the backing of twin hedge funds as it attempts to see off challenges from activist investor Nelson Peltz. Spanish telco Telefonica agrees a deal with unions as it launches a cost-cutting drive affecting up to 20 per cent of its workforce. And in energy news, markets are on edge with oil spiking following a bomb attack in Iran which killed around 100 people.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The Wall Street Santa rally fizzles out with the Nasdaq posting its worst first trading day since 2016. Apple shares fall after Barclays cuts its rating to ‘underweight’. Shipping giant Maersk halts Red Sea shipping, prolonging its 2-day pause indefinitely following sustained attacks on vessels from Houthi rebels. Lebanon’s Prime Minister accuses Israel of attempting to drag the country into the conflict following the drone assassination of a senior Hamas leader in Beirut. In autos news, Tesla loses out to China’s BYD as the world’s top EV maker in the final three months of 2023. It did however retain its crown for the full year. The bull run continues for Bitcoin, breaking through the $45k mark with optimism seemingly growing for an ETF later this year.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Chinese equities begin 2024 in the red with official manufacturing activity contracting, despite a private survey showing the sector accelerating at its fastest pace in 7 months. At least 30 people have died in western Japan following a 7.6-magnitude earthquake. Many are believed to be trapped in the rubble and thousands of homes are without power. Oil is up after Iran sends a warship to the Red Sea following the sinking of three Houthi rebel boats by the U.S. And in tech news, the Netherlands blocks certain ASML chip exports to China one day after Chinese President Xi Jinping says he is willing to stabilise trade relations with Washington D.C.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

All three major indices keep Wall Street firmly in the green ahead of the final trading day of the year. The Dow pushes higher and the S&P 500 is close to a fresh record high while A.I.-related stocks help to drive the Nasdaq 100 to its best run not seen since 1999. Europe follows suit with double-digit gains. The U.S. state of Maine joins Colorado in barring former President Donald Trump from the its primary ballot. Trump has hit back at the ‘attempted theft of an election’. And new shipping industry data emerges showing 50 per cent of Red Sea container traffic is now re-routing vessels over fears of Houthi rebel attacks.   See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Wall Street is on course to post an eight-week winning street with the Dow hitting a new closing high and the S&P 500 not far off its own record peak. The NYT sues Microsoft and OpenAI in a billion-dollar suit over copyright infringement. Apple wins a major legal victory after a U.S. appeals court rules to pause a government import ban on two of its watches. The tech giant had been in an intellectual property dispute with medtech firm Masimo. And in the UK, the government has confirmed the spring Budget will happen on March 6th.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The Wall Street Santa rally extends its eight-week winning streak with bets on a March Fed rate cut boosting stocks. In China, November industrial profits are up by almost 30 per cent for November thanks to a variety of government stimulus measures. However, the numbers are still behind 2022 for the year at this point. In Hong Kong, gaming stocks lead the way as Beijing regulators confirmed they would re-consider draft rules aimed at curbing online play and spending. Oil spikes following a Houthi attack on an MSC United vessel in the Red Sea. The company is now re-routing shipments around southern Africa.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The U.S. Santa rally is back on but European indices fail to follow suit with UK GDP receiving a downward revision signalling a potential recession next year. Sportswear giants in Europe see declines in early trade following Nike’s revenue forecast cut. The brand has unveiled a $2bn cost-cutting initiative which has knocked 10 per cent from its U.S. share price. Chinese authorities issue new spending and time rewards for online gaming, pulling Hong Kong’s Hang Seng index into the red. U.S. President Joe Biden has joined other American lawmakers in demanding closer scrutiny of Nippon Steel’s proposed $15bn takeover of iconic U.S. Steel.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The Wall Street Santa rally hits a wall with the Dow and the Nasdaq breaking a nine-day winning streak. The S&P 500 records its worst session since September. In media news, CNBC sources claim Warner Bros./Discovery and Paramount have launched merger talks in what could be a landmark mega-deal to gain market share in the streaming industry. Toyota sees shares nose-dive following a major U.S. recall due to a suspected airbag sensor fault. And we hear from French sports minister Amélie Oudéa-Castéra who says next summer’s Paris Olympics could generate up to €10bn and create 180,000 jobs as the city puts the finishing touches to the world’s biggest sporting event.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The Santa Rally accelerates with the S&P 500 nearing a new record high and Dow soaring more than 200 points in what was its ninth consecutive session in the green. The U.S. and its allies consider airstrikes against Houthi forces as part of Operation Prosperity Guardian to protect merchant vessels in the Red Sea. Maersk CEO Vincent Clerc tells our colleagues Stateside the security of his crews is paramount. In Europe, new car registrations pick up almost 7 per cent in November with French and Italian data offsetting a slump in Germany. And in logistics news, weak demand prompts Fedex to slash its FY guidance, causing the share price to tumble.   See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

In Asia, equities are in the green with the Nikkei leading the way at the close but the Japanese yen dips as the BoJ is to maintain its ultra-loose monetary policy with no hint of when it will end its negative rate strategy. The Dow and the Nasdaq close narrowly up for the eighth straight session following more dovish predictions about 2024 rate cuts. Chicago Fed President Austan Goolsbee says he is perplexed by market reactions. In the Red Sea, the U.S. spearheads an international maritime operation to protect merchant shipping lanes from drone and missile attacks by Iranian proxies. BP has announced it will be rerouting its tankers in the region. In banking news, activist investor Cevian reveals a €1.2bn stake in Swiss lender UBS following its rescue of Credit Suisse in March. And Apple is scrambling to resolve an IP dispute with a medical technology firm which is holding up U.S. sales of its watches, less than a week before Christmas.   See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

It’s a seventh consecutive week in the green for Wall Street as rate cut optimism continues to grow. However, New York Fed President John Williams tells CNBC that markets should not be too hasty. Shipping titans MSC, Maersk and Hapag-Lloyd say they will stop travelling through the Suez Canal following a spate of attacks on cargo ships in the Red Sea. Germany, France and the UK have called for a ceasefire in Gaza after three Israeli hostages were killed over the weekend. Chinese AI firm SenseTime shares hit a record low following reports its founder has been found dead.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

We are live in Brussels where EU leaders have failed to agree on renewed aid to Ukraine following stiff opposition from Hungary. However, the bloc has confirmed accession talks with Kyiv are to go ahead. Wall Street and European indices remain in the green but lose some momentum following this week’s Fed rate decision. Asian markets, however, push higher led by the Hang Seng. In China, manufacturing output surges in November but the retail sales disappoint. European central banks remain hawkish, rejecting market hopes of a New Year pivot towards rates cuts.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The U.S. Federal Reserve indicates that it will cut interest rates by 75bps next year, triggering a Wall Street rally where the Dow closed above the 37,000-point mark for the first time ever. Resultantly, the 10-year Treasury yield sinks below 4 per cent for the first time in 4 months. Doubleline Capital CEO Jeffery Gundlach tells our colleagues Stateside to brace for market volatility next year. There are rate decisions due from the SNB, ECB, BoE and Norges Bank later today as Deutsche Bank board member Alex von zur Muhlen telling CNBC that central bank moves are finally working. We are also live in Brussels where EU leaders are meeting to discuss Ukraine funding and accession amid opposition from Budapest.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Cop28 negotiators publish a new draft communique which omits any mention of phasing out fossil fuel but have tightened some of the text regarding use of hydrocarbons. The S&P 500 hits its highest level in nearly 2 years. U.S. headline inflation decelerates which has raised investors’ hopes the Fed will pause rate cuts today. Ukrainian President Volodomyr Zelenskyy is in Washington D.C. setting out his case for more U.S. war aid while the country’s deputy prime minister, Olga Stefansishyna tells CNBC she is expecting progress on Kyiv’s bid to join the European Union. And in retail news Walgreens is reportedly looking to spin off its UK Boots franchise with a potential London IPO being under discussion.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

A global Cop28 agreement is on the brink of failure after the draft text removes a call to phase out fossil fuels. Wall Street records a third consecutive day in the green with the S&P 500 shrugging off declines from all of the ‘Magnificent 7’ tech stocks. Ukrainian President Volodomyr Zelenskyy is in Washington for talks with U.S. President Joe Biden and Congressional lawmakers to push for fresh funding in his country’s defence against Russia. Google loses an anti-trust legal case against Epic Games after a federal judge found the tech giant had intentionally imposed barriers against developers in its Android App Store. And in IPO news, Chinese fast fashion brand Shein is reportedly in talks with the LSE regarding a UK listing.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Wall Street posts its sixth week of gains as the economy grows by a further 200k jobs in November. The Fed is due to hold its last meeting of the year later this week. Chinese consumer prices fall at their fastest pace in three years in November while producer prices fall for the fourteenth consecutive month. EU finance ministers are set to hold an extraordinary meeting before Christmas after failing to agree on reforms to debt and deficit rules. EU lawmakers announce new regulations for the use of artificial intelligence – a first move in the West regarding the emerging technology. And Japanese telco firm Rakuten is to launch its own AI language model. CEO Hiroshi ‘Mickey’ Mikitani tells CNBC his company is well placed to succeed.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

A.I. stocks help the Dow and S&P 500 out of a three-day rut with positive announcements from Amazon and AMD helping Wall Street back into the green ahead of today’s non-farm payroll data. The yen hits a four-month high versus the dollar but the Nikkei is down on comments from the BoJ governor Kazuo Ueda who signalled that the central bank may start to unwind its ultra-loose monetary policy. In energy news, WTI rises above $70 per barrel but crude prices remain on track for their seventh straight week of losses. Saudi Arabia and Russia have urged other Opec nations to join them in deepening supply cuts further. And we are live in Brussels where euro finance ministers are convening. German Finance Minister Christian Lindner tells CNBC he is confident that a resolution to his country’s budget impasse is imminent.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Chinese exports grow, snapping a six-month losing streak but jitters over the world’s second-largest economy persist, which pushes U.S. crude prices to below the $70 mark. In the U.S., private sector payrolls data is weaker than expected sending Wall Street into the red once more. However, Amazon CEO Andy Jassy tells our colleagues Stateside that consumer sentiment remains robust. Major bank CEOs testify on Capitol Hill where JPMorgan boss Jamie Dimon lashes out at cryptocurrencies, saying they enable various illicit activities and calls on the government to shut them down. We also speak to Muddy Waters Research founder Carson Block who shorts Blackstone Mortgage Trust, warning that commercial property owners will come under ‘significant strain’ next year.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Asian markets are in the green with Japan’s Nikkei leading the charge on strong chip stock performance. Bitcoin reaches $44,000 for the first time since April 2022 on hopes of a potential ETF. U.S. employment positions fall to a low not seen for two and a half years as rate hikes loosen the historically tight labour market Stateside. We hear from BofA CEO Brian Moynihan who says he is confident the economy activity will rebound as rates continue to ease. Apple shares are up 50 per cent this year, pushing the tech company’s market cap to more than $3tn for the first time since August. And in autos news, Brussels is set to delay EV tariffs between the EU and the UK as demand for the vehicles slumps while Danish Tesla workers join their Swedish counterparts in a sympathy strike, railing against the U.S. company’s economic ideology.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Wall Street ends in the red with the Dow snapping a four-day winning streak as tech stocks falter. Services activity in China accelerates at its fastest pace in three months according to a private survey. This runs counter to government data which shows the sector in contraction for the first time this year. In Dubai, COP28 negotiators are reportedly considering a phase-out of fossil fuels. In banking news, Qatar’s sovereign wealth fund is said to be selling down up to $500m of shares in UK lender Barclays.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

UN Secretary-General slams COP28’s Net Zero charter but ExxonMobil CEO tells CNBC exclusively that technology will be key to eventually reducing global emissions. We also hear from U.S. climate envoy John Kerry who rails against COP28 President Sultan Al-Jaber’s claims that there is ‘no science’ for phasing out fossil fuels. U.S. Federal Reserve Chairman Jerome Powell’s dovish comments on rate hikes send gold spiking and helps the S&P 500 to close at a new record high for the year. Uber stocks rise more than 5 per cent in extended trade on the news that the ride-haling firm will join the S&P 500 following a string of successful quarters.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

U.S. equities record their best month of November in decades to power a global stock market rally. Investors are now betting that the Federal Reserve is finally gaining the upper hand against inflation. Opec + nations move to cut supplies further in a bid to shore up the market but prices remain largely unaffected. In Asia, stocks slide following mixed economic data. However, Chinese manufacturing shows surprise growth. And in Gaza a seven-day truce expires with Israeli forces once again engaging Hamas.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

We are live in Dubai where Egypt hands over the UN’s Cop28 conference keys to the UAE. This comes amid criticism over the new host country’s climate agenda. U.S. futures are in the green with all three major indices on track to post their best monthly performances in a year. In Hong Kong, stocks dip into a five-week low following Chinese manufacturing data falls deeper into contraction. And speaking to CNBC’s Andrew Ross Sorkin at the NYT/Dealbook summit in New York Elon Musk hits out at advertisers who decided to boycott X following the promotion of an anti-semitic post on the platform.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Asian equities are in the red following dovish commentary from the Fed which signalled a potential pivot in policy. Billionaire investor Bill Ackman believes a rate cut could come as soon as Q1 next year and warned of a hard landing should rates remain high. We are live at the NATO meeting in Brussels where Finland has closed all borders with Russia, accusing Moscow of deliberately pushing migrant into the country. Foreign Minister Elina Valtonen says her country has responded accordingly. Tributes are flowing following the death of legendary Berkshire Hathaway investor Charlie Munger, aged 99.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

More hostages and prisoners are released as Israel and Hamas agree to extend the truce by a further two days. U.S. Secretary of State Antony Blinken is set to travel to the region - his third visit since the war began. NATO foreign ministers meet in Brussels looking to shore up support for Ukraine. We hear from NATO secretary-general Jens Stoltenberg who says he is confident Sweden’s access into the bloc will happen soon. Chinese fast fashion firm Shein is reportedly listing which could be one of the largest IPOs on Wall Street in a decade. Yesterday’s Cyber Monday is on track to be the biggest online shopping day ever as consumers snap up bargains ahead of Christmas. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Chinese industrial profits gain for a third straight month, but slow sharply in October as policymakers try to fight off softening global demand. Asian equities reverse early gains as China property stocks plunge amid a shadow banking probe, while US futures point lower after a stellar four-week run. And the Israel-Hamas cease-fire holds into a fourth day, with dozens of hostages freed as negotiators work around the clock to extend the truce.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Asian equities are mixed on the back of accelerating inflation in Japan for the first time in four months. A four-day truce between Israel and Hamas takes effect. The first set of hostages are due for release at 1500 CET. In Germany, the ruling coalition has eased its foot off the debt brake to unveil a special budget following last week’s constitution court ruling which left Berlin’s spending plans in tatters. Barclays reportedly eyes a plan to cut as much as £1 bn in costs which could translate into 2,000 job losses.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Populist Geert Wilders’ Freedom Party (PVV) is set to gain the most seats in the Dutch general election, but the anti-EU politician faces an uncertain coalition path to govern. OPEC+ members delay a key policy-setting meeting by 4 days due to an alleged disagreement over productions levels, sending crude prices lower. The Bundesbank President Joachim Nagel says that interest rates may have peaked and has ruled out a hard landing for the Euro Zone but speaking to CNBC, ECB Vice President Luis de Guindos warned against over-optimism. And in Germany, the coalition government has postponed talks to agree the 2024 budget following last week’s constitutional court ruling on spending.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Nvidia sees shares fall in extended trade with the company warning that export restrictions will seriously hamper China sales this quarter, even as overall revenue triples in Q3. Minutes from the Fed’s November FOMC meeting show officials have little appetite for rate cuts so far, but raise hopes that rate increases are now over. In crypto news. Binance boss CZ steps down and pleads guilty to money laundering charges. The world’s largest cryptocurrency exchange has been ordered to settle $4.3 bn with U.S. authorities. Israel and Hamas agree to a four-day humanitarian pause in order to release hostages and prisoners from both sides. The U.K. eyes a raft of tax cuts ahead of today’s Autumn Statement. We are live in Westminster ahead of this afternoon’s announcement. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The S&P 500 and Nasdaq indices are in the green for the fifth consecutive day, with Microsoft attaining a new all-time share high after Sam Altman joins the company. Following Altman’s ousting, more than 90 people at OpenAI signs a letter demanding his reinstatement. Microsoft CEO Satya Nadella tells CNBC the style of governance at OpenAI is unsustainable. U.S. Treasury Secretary tells this channel the Biden administration has made “considerable” progress in tackling inflation but that further steps remain. And Nvidia is set to report later today with analysts forecasting revenue growth of up to 170 per cent.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Sam Altman's hopes of returning as head of OpenAI are seemingly dashed following a series of last-ditch talks. CNBC confirms former Twitch boss Emmett Shear is set to be appointed interim CEO. U.S. equities are higher for a third consecutive week as cooling inflation buoys sentiment. In Japan, the Nikkei 225 hits a 33-year high. UK Chancellor of the Exchequer Jeremy Hunt promises not to add any inflationary tax cuts in this week’s Autumn Statement, but says that he is committed to bringing down the country’s tax burden. In the Middle East, U.S. -Israeli-Hamas negotiations reportedly inch towards a pause in the fighting in exchange for the release of Israeli hostages in Gaza. And in Argentina, newly elected Javier Milei wins the presidential run-off and promises shock therapy for the country’s economy. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Gap shares soar in extended trade as sales at its Old Navy division lifts spirits ahead of the holiday shopping season, but a cautious outlook at Walmart sends their shares lower. The Dow breaks a 4-day win streak, while crude prices slump to a 4-month low, putting pressure on OPEC+ ahead of a meeting in Vienna at the end of the month. Cleveland Fed President Loretta Mester holds the line, ignoring calls for an early rate cut, telling CNBC the battle against higher prices isn't over yet. Elsewhere Alibaba scraps plans to spin off its cloud business, sending shares lower in Hong Kong and wiping 20 billion dollars off the Chinese tech giant's market value. And Protesters take to the streets of Spain, rallying against a controversial amnesty deal as Prime Minister Pedro Sanchez secures a second term four months after an inconclusive snap election.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

US President Joe Biden and China's Xi Jinping agree to open high level military talks and create a presidential hotline, as the two countries vow to work together. Data optimism pushes Wall Street toward a third straight week of gains, after U.S. factory inflation declines at its fastest rate in three and a half years. Target shares post one of their best daily performances on record, after the firm notches its biggest earnings beat in two and a half years and sells down inventory – while traders eye Macy's and Walmart earnings out today. Siemens reports record sales growth for the full year, but cautions that revenues will slow in 2024. And, the U.S. Senate passes a stopgap funding bill to avert a government shutdown, sending it to the President's desk ahead of Friday's midnight deadline.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Global markets enjoy softer-than-expected U.S. inflation data with consumer prices flat-lining in October. As a result, the S&P 500 posts its best day since April. In Germany, Siemens Energy locks in a €15bn rescue package from the government to secure it following poor performances from is wind turbine unit. The Chinese yuan is buoyed by positive factory and retail data for October as the PBOC injects more supportive measures. And in Washington, the risk of a government shutdown has been averted in the House with the stop-gap funding bill now heading to the Senate.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Wall Street is poised as investors anticipate the Fed’s next move ahead of today’s U.S. inflation print. In the UK, a shock return for former prime minister David Cameron who has been drafted in as foreign secretary in a contentious reshuffle by Rishi Sunak. Shares in troubled engineering giant Siemens Energy move higher on news of a state aid guarantee as soon as tomorrow. And in Brussels, officials agree a 12th package of sanctions against Russia. The bloc’s sanction envoy David O’Sullivan tells CNBC that punitive financial efforts are slowly taking effect on the country’s economy.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Moody’s lowers its US outlook but maintains its AAA rating amid looming political turmoil as new House Speaker Mike Johnson works to avert a government shutdown. Asian equities search for direction and U.S. futures are in the red after the Nasdaq posts its best daily performance since May. Danish pharma giant Novo Nordisk publishes positive results from its cardiovascular trials as its attempts to lengthen the gap over rival Eli Lilly. U.S. Treasury Secretary Janet Yellen has met with Chinese Vice Premier He Lifeng ahead of this week’s meeting between President Biden and Xi Jinping in San Francisco in a bid to smooth economic tensions.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

U.S. Federal Reserve Chairman Jerome Powell remains hawkish about the prospect of further rate cuts and has warned of being complacent following several months of positive data Stateside. His comments, along with a poor 30-year bond auction broke the Wall Street rally and pushed Treasury yields higher. In Spain, the PSOE strikes an amnesty deal with Catalan separatists, paving the way for Pedro Sanchez to return as prime minister. The move has infuriated the opposition Partido Popular. Siemens Energy stock is up by 6 per cent following reports of a breakthrough in talks to guarantee state funding to prop up the company’s €100bn order book. In crypto news, Bitcoin hits a 18-month high and Ether breaches the key $2,000-level on the news that BlackRock is moving to a spot ETF. We hear from Ripple CEO Brad Garlinghouse who says that a new form of regulation is required.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

China’s economy falls back to consumer price deflation territory with factory gate prices decreasing for the 13th consecutive month. Disney posts a Q3 bottom-line beat and cuts costs by a further $2bn. Boasting subscriber numbers of 150m, CEO Bob Iger tells CNBC that the business is now on its way to recovery. Chip maker ARM sees shares fall by almost 7 per cent in extended trade, posting weaker-than-expected guidance in its first results since going public. In aviation news, French plane maker Airbus posts 9-month revenue of €42bn and hikes its targets for the production of its A350 craft. We also assess last night’s third GOP presidential debate in Miami which focused on abortion rights, foreign policy and the absence of frontrunning candidate Donald Trump.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Wall Street notches its eighth consecutive session in the green – the longest winning streak in two years. Fed Governor Michelle Bowman is pushing for a further hike as her colleague Christopher Waller calls recent GDP data as a ‘blowout quarter’. Chicago Fed President Austan Goolsbee tells our colleagues Stateside that a ‘golden path’ to a soft landing remains a possibility. Crude slips to three-month lows as several poor global data prints and the potential of spillover from the Israel-Gaza war fuel concerns of slowing demand. The IMF calls for tight European policy decisions but the Fund’s Europe Director Helge Berger tells CNBC that the continent will dodge a recession. Plus, we have a slew of third-quarter earnings with DHL, Pandora and Siemens Healthineers among them.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

UBS posts a higher-than-expected Q3 loss, however the incorporated Credit Suisse wealth management unit enjoys net new money turning positive for the first time in 18 months. The Nasdaq finishes in the green for a seventh consecutive session but Asian equities fail to follow suit. Chinese trade data is out for October with exports falling for a sixth straight month but imports beat forecasts to grow by 3 per cent. In Australia, the RBA hikes interest rates by 25bps, reaching a 12-year high. And in corporate news, WeWork seeks Chapter 11 bankruptcy. The Softbank-backed office-sharing start-up reports liabilities ranging from $10bn to $50bn.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Wall Street enjoys its best week of the year and the Nikkei responds by hitting a one-month high. The risk-on sentiment was fuelled by a softer-than-expected U.S. jobs data but Richmond Fed President Thomas Barkin tells CNBC that there are still no rate cuts to come in the near-future. Berkshire Hathaway posts a 40 per cent jump in operating earnings as Warren Buffett buys up short-term Treasury bills. The company’s cash pile balloons to a record $157bn. In telco news, Telecom Italia’s board approved KKR’s €19bn bid for its fixed-line network. However, top shareholder Vivendi vows to block the deal using any legal means possible.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Sam Bankman-Fried is found guilty on all seven counts of criminal fraud, conspiracy and money laundering. The FTX founder now faces more than 100 years behind bars. A disappointing forecast for Christmas retail weighs on Apple in extended trade even as the company posts a beat on Q4 earnings. All three U.S. majors are on track for their strongest week of the year with non-farm payroll numbers due after the S&P 500 reporting its best session since April. French lender Société Générale enjoys a Q3 net profit beat thanks to a resilient performance from its investment arm as its new CEO plans to overhaul the bank. And Bank of England governor Andrew Bailey tells CNBC that the latest rate pause signals the end of the hiking cycle but says that talks of any cuts remain premature.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The U.S. Federal Reserve keeps rates on hold claiming progress in the fight against inflation but Chairman Jerome Powell does not rule out further hikes as the U.S. economy remains robust. Investors, however, bet that the Fed is finished in its hiking cycle, pushing Wall Street into the green and U.S. yields drop with the Treasury decreasing the pace of longer-dated bond issuance. But investors Stanley Druckenmiller and Jeffrey Gundlach tell CNBC that they fear oncoming challenges. The BoE rate decision is due later today. And we are live in Bletchley Park, Buckinghamshire at the A.I. Safety Summit where the U.S. has unveiled its own watchdog to regulate the new technology. The UK’s Science, Innovation & Technology Minister Michelle Donelan tells CNBC that it is paramount to have the ‘right guardrails’ in place today. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Wall Street ends a tough October in the green as investors bank on another Federal Reserve rate pause. The U.S. Treasury is due to announce its quarterly refunding process with the 10-year yield hitting a 16-year high. The private Caixin survey shows Chinese manufacturing slip into contraction territory in October, further highlighting the challenges facing Beijing’s stimulus programme. Corporate tech leaders and world policy makers meet in the UK for the inaugural A.I. Safety Summit. We hear from the CEO of Google DeepMind who says governments must coordinate to create a safe framework for the technology.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The Bank of Japan revises its upper limit on the 10-year JGB yield as a loose reference rather than a strict cap with the yield now hitting its highest level in almost a decade. On Wall Street, the S&P 500 enjoys its best day since August exiting correction territory but all three major U.S. indices are set to close October in the red – their first three-month losing streak since March 2020. In China, manufacturing activity saw a surprising dip for the month with services and construction also falling. And in corporate news, Tesla shares sink after its battery partner warns that EV demand is faltering. X CEO Elon Musk’s stock plan indicates he values the social media company at less than half the price he paid for it last year.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

HSBC launches a new $3bn share buy-back programme after posting Q3 profits of $7.7bn. The S&P 500 closed last week in correction territory, All three major U.S. indices are set for their third consecutive week in the red. Investors now await rate decisions from the Fed, BoJ and the BoE. Israel expands military manoeuvres in northern Gaza while thousands break in to a UN aid warehouse. In autos news, the UAW agrees to a pay deal with Stellantis and also approves a tentative deal with Ford regarding a 30% wage increase for full-time workers.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The Nasdaq falls further into correction territory as poor tech results and rising Treasury yields dampens sentiment in the sector. Meanwhile the U.S. economy has grown at its fastest pace in two years. Amazon boasts soaring advertising sales with profits almost tripling for the quarter. Shares are up by 5 per cent in after-hours trade. In China, policy support aids profits in some of the country’s biggest industrial firms as Foreign Minister Wang Yi meets his U.S. counterpart Antony Blinken in Washington, hoping to improve ties between the world’s two largest economies. The ECB pauses its rate-hiking cycle after 10 consecutive increases. The central bank’s president Christine Lagarde announces that any suggestion of cuts remains very premature.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

U.S. markets are in the red with the Nasdaq suffering its worst one-day drop since February and the S&P 500 falling below the 4,200-point mark. Meta beats Q3 expectations but the result is overshadowed by an uncertain revenue outlook for the social media giant. Asia-focused lender Standard Chartered misses Q3 pre-tax profit expectations by 2 per cent and is hit with $294m of credit impairment charges. BNP Paribas chalks up a third-quarter beat with net income hitting €2.7bn but CFO Lars Machenil tells CNBC he is concerned about the oil and gas price outlook. Ford strikes a tentative deal with UAW and the agreement now needs to be approved by members following 6 weeks of strikes. And in Washington, Louisiana Congressman Mike Johnson is finally selected as Speaker of the House to end 3 weeks of uncertainty on Capitol Hill.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Tech earnings kick off in the U.S. with Alphabet posting a beat across the board but missing expectations on cloud revenue which has plunged shares down by 6 per cent in after-hours trade. Microsoft, however, see shares rise by 4 per cent after its own cloud unit saw quarterly sales rise by 19 per cent compared to last year. We have earnings in Europe where Deutsche Bank hikes its capital outlook after posting a 3 per cent increase in net revenue for the third quarter due to a strong performance from its corporate banking division. Luxury fashion house Gucci suffers a 9 per cent drop in Q3 sales as U.S. demand weakens. And in Washington a fourth GOP candidate – Mike Johnson – is the latest to be nominated for Speaker of the House after Majority whip Tom Emmer ends his bid just four hours after selection.   See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Billionaire investor Bill Ackman withdraws his short position while bond king Bill Gross snaps up short-dated interest rate futures in a sign the pair are concerned about the health of the U.S. economy. Hamas releases two elderly hostages as French President Emmanuel Macron jets into Tel Aviv in a bid to contain the conflict. In oil news, Chevron swoops for Hess in a $53bn all-share mega-deal. Chevron CEO Mike Wirth tells our colleagues Stateside the merger will be a boon for the sector. Computer parts maker Logitech struggles in the second quarter through falling sales following the gains it made during the pandemic.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Humanitarian aid enters Gaza amid ongoing Israeli airstrikes as the war with Hamas enters its third week. Speaking exclusively to our colleagues at Sky News, Israeli President Isaac Herzog has said his nation has the right to defend itself. Asian stocks fall for a fourth consecutive day as the global bond sell-off continues. Several Fed officials have hinted that the central bank may be close to ending the rate-hiking cycle. In China, the blue-chip CSI falls to its lowest level since 2019. Authorities in Beijing investigate Apple supplier Foxconn over tax issues and land use. In autos news, Volkswagen cuts its FY profit outlook but maintains its delivery and sales targets ahead of official results coming later this week.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

U.S. Federal Reserve Chairman Jerome Powell has dismissed criticism that the current rate policy is too tight and that recent signs of cooling are still not enough to convince that inflation is falling sustainably towards the central bank’s goal. Wall Street was pushed into the red after the 10-year Treasury yield breached the key 5 per cent mark. It is at its highest level in 16 years. U.S. President Joe Biden has called on Congress to release up to $100bn in a new security aid package to Ukraine and Israel, saying American leadership ‘holds the world together’. L’Oréal posts an 11 per cent surge in Q3 sales despite weak Chinese demand.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Price cuts and margin pressures have sent Tesla shares down 4 per cent in after-hours trade following a profit drop of 44 per cent for the quarter. CEO Elon Musk has warned of a challenging outlook. Netflix, however, sees shares soaring by 13 per cent on increased subscriber figures. Co-CEO Greg Peters hails the advertising business at the streaming giant. Asian indices are down after the U.S. 10-year Treasury yield hits its highest level since July 2007. Washington says that Egypt is due to open the Rafah crossing by Friday to allow humanitarian aid into Gaza. And in tech news, cloud computing titan SAP confirms its full-year guidance. Cloud revenue in Q3 is up 16 per cent with shares on Wall Street up 3 per cent in extended trade.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Chinese GDP in the third quarter beats expectations growing 4.9%, raising hopes that Beijing can still manage to attain its full year growth target. In the U.S., the 2-year Treasury yield hits a 17-year high on better-than-expected consumer numbers. However, BofA CEO Brian Moynihan tells our colleagues stateside that he believes consumer activity is still being hampered by high interest rates. Hundreds are believed dead after a blast at a Gaza hospital, just hours before President Biden is due to arrive in Tel Aviv. We hear from Egyptian Foreign Minister Sameh Shoukry who says that Israel’s actions over the past week may have violated international humanitarian laws. In Washington, the search for a new House speaker stalls again as Republican Jim Jordan falls short of winning the role by 17 votes. A second ballot is due later today. And in retail news, sportswear giant Adidas cuts its full year loss forecast and hikes guidance on the strong sale of its remaining Yeezy shoe inventory.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

U.S. President Joe Biden confirms he will visit Israel on Wednesday while Secretary of State Antony Blinken has stressed the need for aid to reach the Gaza Strip where the humanitarian crisis is worsening. Optimism over corporate earnings help push the Dow to its best session for a month ahead of earnings from Goldman Sachs and BofA later today. Chinese property giant Country Garden could default on a dollar bond as it nears the end of a 30-day grace period to pay a $15m coupon. Russian President Vladimir Putin arrives in Beijing to solidify his ‘no limits’ partnership with his Chinese counterpart Xi Jinping. And in crypto news, asset manager BlackRock denies reports that U.S. regulators have approve its application for a spot Bitcoin ETF. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

President Biden warns the Israel-Hamas war could escalate into a wider regional conflict and cautions Jerusalem against re-occupying the Gaza Strip. The S&P 500 posts its second week in the green while geo-political tensions sees Brent move back up past $90 per barrel. Kicking off Q3 earnings season, U.S. banking giants JP Morgan, Citi and Wells Fargo all beat on top and bottom lines. Asset manager BlackRock sees its first net outflows since early 2020 but CEO Larry Fink remains bullish about the future. In Poland, the ruling Law & Justice party wins the general election but falls short of a majority with former European Council president Donald Tusk eyeing a path to a coalition government.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

U.S. markets end a four-day streak in the green, dragging Asian equities lower as a result as stronger-than-expected inflation re-ignites concerns that rates will remain elevated for longer. Debt distress was a focus at the IMF/World Bank Meetings in Marrakech yesterday. World Bank President Ajay Banga tells a CNBC panel that trying to predict interest rates is ‘soothsaying, future-telling’. September consumer inflation in China flatlines and manufacturing prices fall for a twelfth consecutive month. Israel issues a warning to all Gaza City residents to leave the city for southern regions of the Strip ahead of significant military ground offensives. And in Washington, Louisiana Republican Representative Steve Scalise withdraws his bid for Speaker of the House, prolonging the impasse to a second week.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

September’s FOMC minutes show officials grappling with volatility which highlights uncertainty for the U.S. economy. We hear from Bundesbank president Joachim Nagel who insists Germany is not the ‘sick man of Europe’, making a sharp distinction between its current economic situation and the early 2000s. All three U.S. indices post their fourth straight day of gains ahead of today’s crucial inflation print. In Israel the two main political parties form an emergency war government with Prime Minister Netanyahu vowing to wipe Hamas out. Footwear firm Birkenstock underwhelms on its Wall Street debut, coming in at $1.7bn below its planned listing price.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Asian markets hit a two-week high on the back of the largest drop by the U.S. 10-year Treasury yield since mid-July. We are live at the IMF meetings in Marrakech where ECB Governing Council board member Robert Holzmann tells us that any additional economic shocks could prompt one or two more interest rate increases. Israeli armed forces are launching a ground offensive into the Gaza Strip with the combined death toll of the conflict reaching 2,100. President Biden has condemned the Hamas attack, pledging unwavering support to Israel. South Korean chip giant Samsung beats Q3 profit expectations despite an 80 per cent dip for the quarter. Meanwhile LVMH misses sales forecasts as high inflation and soaring rates weigh on consumer purchasing power. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Global equities stage a turnaround as investors brush off concerns in the Middle East, while U.S. bond yields slide after dovish Fed comments fuel speculation the tightening cycle is close to done. Meanwhile, Hamas threatens to kill hostages as Israel orders a complete siege of the Gaza Strip, with Prime Minister Benjamin Netanyahu vowing the campaign is “just getting started”. International condemnation pours in as Ukrainian President Volodymyr Zelensky accuses Russia of trying to exploit the Israeli crisis. Ukraine's deputy central bank governor tells CNBC the West needs to band together in support of Ukraine. And Country Garden fails to repay an international loan - accelerating a liquidity crisis as the Chinese property giant warns it's unlikely they will be able to meet all remaining debt obligations.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Hundreds of people are killed as militant group Hamas launches a surprise attack on Israel - in the deadliest day of violence in the country for 50 years. Oil prices jump, but in an exclusive interview Saudi Arabia's Energy Minister tells CNBC that OPEC's ability to stabilise prices should not be underestimated. U.S. job growth smashes expectations in September, nearly doubling forecasts - pushing bond yields to a 16-year peak and fuelling fears over a ‘higher for longer’ interest rate environment. And Metro Bank strikes a deal - announcing a new £325 million capital raise and almost double that in debt refinancing - as the embattled British lender shores up its balance sheet.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

IMF Managing Director Kristalina Georgieva says the global economy is holding up, ahead of next week's Annual Meetings – while calling for structural reforms in Germany. On Wall Street, attention turns to September’s non-farm payrolls report, with analysts expecting 170k new jobs to have been created – slightly lower on the month. EU leaders gather in Granada, pledging more support for Ukraine. European Parliament President Roberta Metsola urges allies to step up, telling CNBC the bloc can't do it alone. Elsewhere Exxon Mobil is reportedly in advanced talks to buy Pioneer Natural Resources, in a deal worth as much as 60-billion dollars, as the U.S. energy giant wades deeper into the shale space. And we delve into the troubles at Metro Bank after shares plunge on reports the U.K. challenger bank is looking to raise £600 million in capital, or sell a significant chunk of its mortgage book.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The sell-off in global bonds takes a breather after a U.S. private sector jobs report sees its slowest pace of growth since January 2021. Crude prices stabilise after their biggest one-day drop in more than a year, as demand concerns weigh, and Saudi Arabia and Russia extend voluntary production cuts. Republican hopefuls jockey for position in the race to replace House Speaker Kevin McCarthy. German defence contractor Renk pulls its IPO at the 11th hour, citing a "clouded" market environment. And opening statements begin in the Sam Bankman-Fried trial, over alleged fraud in the collapse of crypto firm FTX.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The Dow turns negative for the year as hot jobs data fuels speculation the Fed will keep rates higher for longer, while the 10-year yield hits its highest level since August 2007. Negative sentiment spills into Asia, sending major equity markets into the red with Japan's Nikkei dropping to a 4-month low. U.S. House Speaker Kevin McCarthy is ousted, putting the gavel up for grabs as he becomes the first lawmaker in history to be removed from the post. And Novartis officially spins off its generic drug division Sandoz today, in a move the Swiss pharma giant's CEO says will allow the firm to focus on its core business.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Asia equities are at a 10-month low as the new quarter begins while in the U.S. the Russell 2K turns negative for the year. Crude prices also remain negative, touching on a 3-week low. We are live at ADIPEC in Abu Dhabi where the CEOs of some of the world’s largest IOCs talk to us about the difficulty of maintaining price security while also keeping the pace of the energy transition. Trading in Chinese property developer Evergrande resumes following a two-day hiatus as police launch an official investigation into the firm’s billionaire founder. In autos news, Tesla fails to hit its delivery target – its first decline in more than a year – as high rates and factory upgrades weigh in the third quarter. And German sandal-maker Birkenstock is due to list in New York next week with an IPO valued at more than $9bn.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The U.S. government narrowly avoids a shutdown after both the House and Senate agree on a short-term funding deal. President Biden has blamed ‘MAGA extremists’ for the brinkmanship. In oil news, crude prices end Q3 almost 30 per cent higher as Saudi Arabia and Russia are set to keep supplies tight until the end of the year. We are live at the ADIPEC summit in Abu Dhabi where we will be speaking to whole hosts of guests from the energy sector. A key U.S. inflation barometer posts its smallest increase in three years which has boosted hopes that the Fed could be close to ending its rate-hiking cycle. The S&P 500 ends September at its worst monthly level this year while Chinese factory activity expands for the first time in six months.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

U.S. equities plunge in September as Fed rate concerns prompt a global sell-off. Speaking at CNBC’s Delivering Alpha conference, billionaire hedge fund manager Bill Ackman says he would not be surprised to see Treasury yields hit 5 per cent and beyond. We also hear from Altimeter Capital chairman and CEO Brad Gerstner who predicts that A.I. may even have a bigger impact than the internet in the 1990s. The U.S. House of Representatives passes a defence funding bill which removes support for Ukraine while the Senate scrambles to agree on short-term budgetary plans before a potential government shutdown on Sunday. House Speaker Kevin McCarthy tells CNBC that there is still time to avert the crisis. In autos news, UAW members warn they will expand strikes if their demands are not met as they table a counter-proposal to Stellantis. And failed lender Credit Suisse reports an adjusted loss of CHF3.5bn with net outflows totalling almost CHF40bn.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Soaring yields pushes U.S. stocks to their worst month of the year so far. The 10-year Treasury yield hovers at its highest level since 2007. However, Bank of America CEO Brian Moynihan tells our colleagues Stateside that a soft landing is still possible. SEC Chair Gary Gensler has warned that Congress’s inability to secure a budget deal could have serious repercussions for stock and bond markets. Presidential hopeful Nikki Haley slams lawmakers for risking a government shutdown as GOP candidates trade barbs during the second Republican debate hosted by Fox Business. Germany awaits what could be its largest IPO this year as Schott Pharma prepares to list with a potential valuation of €4.1bn.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The Dow plunges by almost 400 points to post its worst session since March. The U.S. 10-year Treasury hovers at its highest level since 2007. The U.S. competition watchdog, the FTC, launches an unprecedented probe into e-commerce giant Amazon, accusing it of inflating prices, hobbling competition and exploiting vendors. In Washington, a government shutdown looms as a bipartisan funding bill is put forward in the Senate but some Republicans continue to push a conflicting measure in the House of Representatives. President Joe Biden becomes the first leader to join a picket line, offering support to striking UAW members in Michigan.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Wall Street breaks a four-day losing streak, this despite the U.S. Treasury yield breaching a high from 2007. We hear from Chicago Fed President Austan Goolsbee who says the central bank is on the right track to reining in inflation. Ratings agency Moody’s says that another U.S. government shutdown could risk its AAA sovereign rating as federal funding discussions continue to drag on. Chinese property giant Evergrande sees losses extend for a second day after one unit misses an on-shore bond interest payment. Brussels and Beijing attempt to diffuse trade tensions. EU Trade Commissioner Valdis Dombrovskis urges the two not to drift apart. In autos news, we hear from Nissan CEO Makoto Uchida who pledges his company will only sell EVs by 2030 and hails its foothold in the Chinese market.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

On Wall Street the S&P 500 and the Nasdaq suffer their worst week since March as a trio of Fed officials doubled down on ‘higher for longer’ rate hike cycle signals. Chinese property giant Evergrande sees shares plunge after it announced it was unable to issue new debt due to an investigation into one of its subsidiaries. There has been a breakthrough in Hollywood between the writers’ union and the major studios but in Detroit strikes have expanded with President Joe Biden set to join the picket lines tomorrow. European Trade Commissioner Valdis Dombrovskis has said that China could do more to improve Europe’s perception of risk from the country but stresses that Brussels does not seek to decouple from Beijing. And in Spain, 40,000 people protest against plans by Prime Minister Pedro Sanchez to grant Catalan separatists amnesty.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Wall Street is having its worst week since March posting a third consecutive day in the red with the 10-year Treasury yield stalled at levels not seen since 2007. The BoJ maintains its ultra-low interest rate causing the yen to fall. This as inflation data comes in above target for the 17th month in a row. Sterling also plunges to a six-month low after the Bank of England governor Andrew Bailey casts the tie-breaking vote to hold rates steady following 14 consecutive increases. In autos news, talks remain stalled between Detroit’s Big Three and UAW bosses ahead of a deadline later today. More sporadic strikes have been promised unless an agreement is found. And News Corp and Fox Corp chairman Rupert Murdoch steps down from the helm to pass the reins on to son Lachlan. He will remain as chairman emeritus of the media empire.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The U.S. Federal Reserve has paused its rate-hiking cycle, predicting one more hike later this year and fewer cuts than expected next year. Fed Chair Jerome Powell’s hawkish forecast pushes Treasuries to new multi-year records while U.S. equities close in the red. We hear from Klaviyo CEO Andrew Bialecki who hailed the timing of his company’s IPO. Shares were up 9 per cent on the debut. And in the UK, investors are braced for the Bank of England’s rate decision which could follow the U.S. in pausing rate hikes following yesterday’s better-than-expected inflation data.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The U.S. 10-year Treasury yield hits its highest level since 2007, putting pressure on stocks around the world ahead of today’s Fed rate decision. Rising rates across the world have pushed debt to a fresh record high of more than $300tn. Online grocery delivery firm Instacart debuts on the Nasdaq with shares closing up 12 per cent. CEO Fidji Simo tells our colleagues Stateside that post-pandemic growth is paramount. Ark Invest launches on the European ETF market snapping up specialist thematic group Rize. We hear from European Commission Vice-President Maroš Šefčovič who says the bloc seeks a balanced trading relationship with Beijing and has denied plans for tariffs on Chinese electric cars in the future.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Asian stocks are mixed following a rocky Wall Street session ahead of Wednesday’s Fed rate decision. U.S. Treasury Secretary Janet Yellen tells CNBC that she expects the economy to experience some delayed monetary policy impact. Online grocery firm Instacart prices its shares at the top of its range, valuing them at almost $10bn. In Detroit, the UAW threatens more strikes, urging the Big Three automakers to improve their proposals with latest offer from Stellantis potentially causing the closure of 18 facilities. In oil news, prices hit 10-month highs with Brent breaching $95 per barrel. Saudi Arabia’s energy minister Abdulaziz bin Salman insists supply cuts are not simply a means of forcing prices up. The ECB is reportedly considering asking lenders to raise reserve requirements in order to clamp down on excess liquidity.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Wall Street ends a rocky week in the red ahead of Wednesday’s Fed decision. Washington and Beijing hold “candid, substantive and constructive” discussions about trade in a bid to ease tensions between the two countries. The IMF urges China to increase domestic consumption. Online grocery delivery firm Instacart is increasing its prospective IPO price range to $10bn in the wake of Arm’s blockbuster listing. As a result of that IPO, Softbank CEO Masayoshi Son is now reportedly eyeing up an investment in Open AI. And strikes at Detroit’s Big Three automakers continue for a fourth day as the White House is set to send a delegation to Michigan to attempt to break the impasse.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Arm shares pop 25% in its debut session, giving the chip designer a market cap of $68 bn, with the CEOs of Arm and Softbank telling CNBC exclusively the group is here to stay. The blockbuster IPO boosts sentiment on Wall Street with the Dow rallying over 300 points – its best day since early August. Elsewhere Beijing steps up with more stimulus - cutting the RRR for the second time this year, as key economic data from the world's second largest economy comes in better than expected. The ECB hikes rates to a record high and suggests policy may finally be restrictive enough to stamp out inflation, prompting markets to bet the central bank has reached the end of its hiking path. And thousands of U.S. auto workers go on strike, hitting production at General Motors, Ford and Stellantis - as the UAW union president warns the group will not buckle.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Arm prices its blockbuster IPO at $51 per share, giving the chip designer a valuation of over $54 bn, with the stock set to debut on Wall Street today. US inflation rises by the most of any month this year while core prices also come in hotter than expected, pushing the Dow to its second straight negative session. It's a close call for the ECB - the central bank weighs up a potential hike that would take rates to a record peak, alongside a likely increase to the regional inflation outlook. And Elon Musk, Mark Zuckerberg and Bill Gates join tech leaders and senators on Capitol Hill to discuss safeguards for artificial intelligence, with the Tesla CEO telling CNBC authorities must get out in front of the technology, warning of “severe consequences” if AI were to go wrong.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

BP boss Bernard Looney resigns after failing to reveal the full extent of past relationships with colleagues, with the executive tasked with transforming the energy giant lasting less than four years in the role. The Nasdaq leads declines on Wall Street as Oracle shares steer tech stocks into the red, but focus now turns to today's inflation print with DoubleLine Capital's Jeffrey Gundlach forecasting a Fed cut next year. Arm will reportedly price its blockbuster IPO at the top of its range or just above, as the world's largest chipmaker TSMC confirms it will invest up to 100 million dollars in the listing. And The US IPO market really picks up the pace, as German footwear maker Birkenstock files to list in New York - the second major European company to seek an overseas listing this month.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Chip designer Arm reportedly looks to close the books early on its blockbuster IPO, amid reporting the listing is now more than 10x oversubscribed. Tech stocks fuel a Wall Street rally with equities seeing back-to-back gains, while Tesla shares accelerate 10% off the back of an analyst upgrade. But JPMorgan Chase CEO Jamie Dimon isn't buying the optimistic view of Wall Street, urging caution and warning that despite the positive sentiment, he still has major concerns on the U.S. consumer. And the EU cuts its growth outlook and forecasts an annual recession in Germany as higher energy prices hit the industrial powerhouse.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

President Biden insists the US is not trying to hurt China and is focused on getting the relationship right, amid reports Beijing tried to challenge Washington's 2026 presidency of the G20. The G20 communiqué faces criticism for watering down its condemnation of Russia, while the US, EU, India and Saudi Arabia strike an infrastructure deal in a blow to Beijing's push for influence over the Global South.The Chinese economy exits consumer price deflation in August as CPI ekes out a marginal gain, but prices at the factory gate continue to tumble with PPI falling 3 percent on the year. And Arm reportedly considers raising the price range on its highly anticipated IPO due later this week, amid reports the chipmaker's listing is up to 6 times oversubscribed.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Apple shares take a big hit, losing $200 billion in market value in two days as reporting gathers pace that Chinese government workers have been banned from using iPhones. Shares in Apple supplier Qualcomm drop over 7%, leading U.S. chipmakers lower and weighing on Wall Street, while a fall in jobless claims triggers concerns over higher rates and stubborn inflation. Goldman Sachs CEO David Solomon defends his time in the top job, telling CNBC he doesn't recognise the recent "caricature that's been painted", while pinning his hopes on a rebound in IPO activity. And global leaders descend on New Delhi for the G20 summit, but the absence of Chinese President Xi Jinping remains a key talking point as tensions continue with the U.S.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Chinese trade surprises to the upside but continues to contract with monthly exports falling by almost 9 per cent. Wall Street closes in the red with the Nasdaq leading losses as very resilient services sector data increases concerns that inflation may need to rise further for longer. We hear exclusively from EU Internal Market Commissioner Thierry Breton who marks out six tech titans as ‘gatekeepers’ under its Digital Markets Act. Breton has warned the group it has 6 months to comply with new rules clamping down on anti-competitive practices. Bank of England governor Andrew Bailey has said that the end of the rate-hiking cycle is nearing, causing sterling to plunge to a three-month low.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The Dow loses 200 points as risk assets retreat during a shortened U.S. trading week with Asian stocks following suit. U.S. Treasuries are lower as Federal Reserve Governor Christopher Waller signals to CNBC that rates may be paused in September as good data has given the central bank some breathing space. Brent is up to more than $90 a barrel after Opec+ nations agree to extend supply cuts by a further 3 months. And in tech news, UK chip designer ARM Holdings is set to launch its IPO in New York next week, pricing it at $52bn in what could be the largest listing in the past 2 years. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Chinese equities are down slightly from a one-month high after Caixin PMI data comes in at its lowest level for eight months. The embattled Chinese property developer Country Garden has reportedly tranferred money to creditors for payments on two USD bonds in order to avoid its potential first ever default. Danish pharma giant Novo Nordisk officially replaces LVMH as Europe’s most valuable company. It also announces that its best-selling weight loss drug WeGovy will now be available in the UK. And we are live at the IAA in Munich where Xpeng President Brian Gu tells CNBC the Chinese car maker is planning to expand into the prestigious German autos market.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The U.S. sees a surprise jump in unemployment numbers with softer hourly earnings data which prompts expectations that the Federal Reserve will pause its rate hiking cycle this month. NEC director Lael Brainard says the economy remains resilient and stable. Chinese property developer Country Garden has reportedly struck a deal to extend on-shore bond payments, pushing shares to a three-week high. Asian equities, led by the Hang Seng, are higher as a result. We are live at the Ambrosetti Forum on the shores of Lake Como where Italian deputy PM Antonio Tajani has told CNBC his country is considering withdrawing from China’s Belt & Road Initiative. Meanwhile, European Economy Commissioner Paolo Gentiloni claims the EU economy can avoid recession, despite the marked downturn seen in Germany. We are also live at the Munich Auto Show where an increased Chinese presence is drawing attention. However the CEOs of Mercedes and BMW tell CNBC that they remain unfazed by the new competition.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The Chinese yuan hits a three-week high after Beijing announces it will be cutting its FX reserve ratio in a bid to prop up its currency while the country’s banks move to support the troubled property sector. We are live at the Ambrosetti Forum on the shores of Lake Como where economist Joseph Stiglitz tells CNBC he doubts whether China possesses the correct economic personnel to guide the country out of its current downturn. U.S. monthly inflation moves higher, causing Treasury yields to rise as a result ahead of today’s important non-farm payrolls data. The Nasdaq suffers its worst monthly performance of the year so far as interest rate expectations remain pessimistic.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

UBS reveals its first set of quarterly results following its emergency takeover of rival Credit Suisse, posting a Q2 net profit of $29bn. It also announces it plans to keep the Credit Suisse domestic bank going. A revised Q2 GDP reading in the U.S. comes in softer than expected while private payrolls slow sharply for August as the labour market begins to cool. The S&P 500 is on track for a fourth consecutive day in the green ahead of tomorrow’s key U.S. jobs report. Chinese manufacturing contracts for a fifth month in a row but not by as much as feared amid a downward trend in the property sector. And in tech news, the Biden administration prohibits A.I. chips exports to certain Middle Eastern countries over national security fears of Chinese access to the resources.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

U.S. equities enjoy their biggest one-day gain in almost 3 months after a fall in labour market data boosts hopes that the Fed may pause its rate hike cycle. U.S. Commerce Secretary Gina Raimondo has warned that China has become ‘uninvestible’ because of its barriers to business which are reportedly causing U.S. companies to shun the country. In a landmark case, a U.S. federal appeals court overturns the SEC’s decision to block crypto investment firm Grayscale’s Bitcoin ETF. Chevron decides to move staff from its three oil rigs in the Gulf of Mexico as Hurricane Idalia approaches the coast of Florida, potentially strengthening to a Category 4 storm. We hear exclusively from ABB CEO Bjorn Rosengren who says business in China remains soft due to problems in the property and construction sectors.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

U.S. equities begin the week in the green as investors attempt to regain ground ahead of a crucial inflation report later this week. U.S. commerce secretary Gina Raimondo visits China, opening the door for dialogue announcing formal working groups to ease trade tensions. However, she said Washington would not compromise on national security. Grocery inflation slows in the UK, relieving some of the pressure on the BoE to keep hiking rates. And in autos news, China’s largest-selling brand BYD sees H1 profits surge by 200 per cent.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The Dow’s rally is short-lived with the index now posting its worst day since March. Nvidia’s stellar quarterly numbers have been rapidly overshadowed by concerns over the Fed’s next rate move. In Jackson Hole, policy makers are split over whether interest rate hikes have gone far enough. Philadelphia Fed President Patrick Harker tells CNBC that rates should remain steady. Former U.S. President, Donald Trump, surrenders to authorities in Georgia over racketeering and conspiracy charges in the state, posing for the first ever presidential mugshot before being bailed. In energy news, concerns over waning Chinese demand weigh on oil prices while India’s oil and gas minister Hardeep Singh Puri tells our colleagues in Asia that his country’s supply is well diversified away from reliance on Russia.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Nvidia shares soar in extended trade following the chip maker’s bumper Q2 which saw it hike guidance. CEO Jensen Huang tells investors on a conference call that the company is only getting started. U.S. equities were buoyed by the news and Treasury yields eased. Investors now turn to the Jackson Hole central bankers’ symposium for further signs about the Fed’s monetary policy strategy. A private plane allegedly carrying the Wagner Group’s leader Yevgeny Prigozhin crashes in Russia’s Tver region near Moscow, killing ten people. Mercenary chief Prigozhin had led a brief coup attempt against Russian President Vladimir Putin in June. And in the U.S. Republican presidential candidates clash in the first debate ahead of 2024’s election with frontrunner former president Donald Trump deciding to skep the event in Milwaukee.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Benchmark U.S. yields are touching 16-year highs ahead of this year’s Jackson Hole symposium. Meanwhile Japan’s 10-year JGB yield is at its highest level since early 2014. In tech news, Nvidia shares pare back slightly from record levels with option traders considering double-digit news should the chipmaker falter with earnings results. U.S. retail giant Macy’s posts a Q2 net loss warning that shoppers will become more discerning and price-driven in H2. In Spain, the King greenlights the conservative opposition to form a new government following last month’s inconclusive election. Chinese President Xi Jinping assures BRICS counterparts over his country’s recent economic effort and pledges to reinforce ties within the bloc.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The Nasdaq posts its biggest one-day gain in almost a month despite Treasury yields climbing further. The 10-year yield hits levels not seen since 2007. Chip maker Arm unveils its regulatory filings in preparation for its Wall Street listing next month in what could be the largest tech IPO since Alibaba. The ratings agency S&P has downgraded 5 U.S. banks and lowers its forecast for several more, citing tighter credit conditions. BHP profits plunge while Australia’s largest oil and gas company Woodside delivers record H2 results. CEO Meg O’Neill tells CNBC that talks with trade unions have been constructive. And BRICS nations meet for a two-day summit in Johannesburg with plans to expand the bloc to act as a counterweight to the Western G-7.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

China attempts to halt the decline in its property sector, but it defies expectations by slashing its one-year loan prime rate by less than expected and leaving the 5-year rate unchanged. The Hang Seng reacts negatively as a result, slumping to a new nine-month low as investor concerns deepen. Former U.S. President Donald Trump has refused to attend the first GOP primary debate in a bid to upstage the party’s opening event. The U.S 30-year Treasury bond yield hits its highest level since 2011, ahead of this week’s central bankers’ symposium in Jackson Hole, Wyoming.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Market rallies in the U.S. have stalled with 2 per cent weekly declines while Asian equities are on course for their third consecutive week of losses as rate woes and a growing debt crisis stoke investors’ fears. In China, property giant Evergrande files for bankruptcy protection in the U.S. with state-owned developers warning of large losses throughout the sector. Japan’s core inflation eases which boosts hopes that the BoJ may keep benchmark rates on hold. And in crypto news, Bitcoin tumbles by up to 9 per cent following SpaceX’s decision to sell off its $373m holding in the company.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Cracks appear following the publishing of the Fed’s July meeting minutes with two officials breaking from consensus, urging a pause on hiking. The U.S. Treasury yield hits a 15-year high while markets plunge on the news. In Japan, the yen slumps to a new 9-month low prompting calls for BoJ stimulus. This, as monthly Japanese exports fall for the first time in two years. In U.S. retail news, Target sees its shares slide which puts an end to six years of revenue growth. Walmart is set to post its data later today.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

U.S. retail numbers come in strong, seeing the largest gains since January. However, Fitch Ratings has warned it may need to downgrade top-tier U.S. banks which causes shares to dip. The Dow breaks a three-day winning streak as a result to come in lower. Minneapolis Fed Chair Neel Kashkari reiterates that it is too early to say the Fed is done with its hiking cycle. Further woes in China as new home prices slip prompting calls for support to prop up the sector. Global investment banks have cut their forecasts for Chinese growth. And UK inflation expectations are up following record wage growth.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

There is more economic disappointment coming out of China where policy makers have cut the rate of its mid-term lending facility and youth unemployment data publishing has been suspended. Former U.S. president Donald Trump is hit with a fourth indictment. A grand jury in the state of Georgia has charged him with felony racketeering and various conspiracy charges. We hear from Republican presidential candidate Ron DeSantis who says Disney CEO Bob Iger should drop his lawsuit against the state of Florida and labels China an adversary. And in tech news, Nvidia shares are up as Saudi Arabia and the UAE reportedly order thousands of semi-conductors form the Silicon Valley chip giant.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Chinese property developer Country Garden suspends bond trading as an escalating debt crisis sends shares to a record low and the broader equity market into the red. Goldman Sachs says it expects a Fed rate cut in Q2 next year, while earnings season turns to the big-box retailers this week for clues on the state of the economy. Litigation mounts at UBS as Credit Suisse retail investors prepare to lodge a fresh legal claim against the Swiss lender's rushed rescue as soon as today. And Softbank is reportedly in talks to buy Vision Fund's 25 percent stake in chip design company Arm, ahead of its Nasdaq listing next month.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

UBS has removed the safety net, voluntarily scrapping the cash provision agreement with the Swiss National Bank. The country's federal council confirmed taxpayers will no longer bear any risks from the Credit Suisse collapse. Wall Street welcomes a softer than expected inflation print, with major indices posting their first positive session in three, fueling hopes the Fed will pause rates hikes at its September meeting. X Corp's Linda Yaccarino insists she has full autonomy as CEO of the Elon Musk-owned company, and tells CNBC in an exclusive interview that major advertisers including Coca Cola are returning to the platform. And fashion giant Tapestry strikes an $5.8 billion deal to acquire Versace's parent company Capri, hoping to reach new parts of the luxury sector.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Disney shares gained in extended trade after the firm hiked prices for its streaming services. However the entertainment giant revealed a larger than expected subscriber loss, with CEO Bob Iger pledging to sharpen his focus. U.S stocks slipped ahead of today’s key inflation print, as Wall Street looks for signs the Fed's rate hikes are taking hold. Siemens misses industrial profit forecasts in the third quarter, with CEO Roland Busch telling CNBC waning Chinese demand had a material impact on order intake. And Beijing hits out at President Biden, following an executive order curbing U.S. investment in Chinese tech, with China saying it reserves the right to retaliate.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The Chinese economy tips into deflation for the first time in over two years with consumer prices -0.3%, heaping further pressure on Beijing to step up the stimulus. Bank stocks lead Wall Street into the red after Moody's cuts the credit rating of ten regional lenders, while Italy's government partially backtracks on its planned bank windfall tax after lenders see heavy losses in Tuesday's session. Disney's ESPN partners with Penn Entertainment to launch its first sports betting book, with CEO Bob Iger looking to rejuvenate the House of Mouse ahead of key earnings later today. And Novo Nordisk shares hit a fresh record high, jumping 17% after unveiling positive results from its weight loss treatment Wegovy, cementing the Danish heavyweight as Europe's second largest company by market cap.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Chinese exports post their biggest decline since the onset of the pandemic, plunging more than 14% in July while imports also come in much worse than expected. Wall Street snaps back with the Nasdaq and the S&P 500 ending four-day losing streaks as hopes for a soft landing take hold. And the Bank of England's Chief Economist warns food price inflation will only fall as far as 10% this year, as a fresh survey shows U.K. retail sales at their lowest level in 11 months.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The S&P 500 and the Nasdaq turn in their worst weeks since March with tech giant Apple weighing heavily, while non-farm payrolls miss expectations with a gain of 187,000 jobs in July. Siemens Energy cuts its revenue outlook and posts a third quarter net loss of almost €3 billion, with the German group warning of further serious challenges at its wind unit Gamesa. And Berkshire Hathaway’s cash pile jumps to nearly $150 billion as Warren Buffett's conglomerate posts a near 7% rise in operating earnings.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Amazon posts a blowout quarter, beating on both the top and bottom lines as cost cutting efforts help the company deliver its biggest earnings beat since early 2021. The shine comes out of Apple with shares dropping in extended trade as the iPhone-maker grapples with declining sales of its consumer devices. Treasury yields break higher with U.S. bonds shedding nearly all their gains for 2023, as investors brace for the latest Non-Farm Payrolls report for clues on the Fed's next move. Meanwhile, Bank of England Governor Andrew Bailey tells CNBC the fight against inflation is far from over - and that the central bank will make its decisions as the data comes in. And finally, crude prices are on track for their 6th straight week of gains for the first time in more than a year, as Saudi Arabia extends output cuts into September.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

U.S. stocks hit sell-off mode - with the Nasdaq registering its worst day since February as investors digest the Fitch downgrade. JP Morgan CEO Jamie Dimon tells CNBC the decision was "ridiculous".The Bank of England prepares to deliver its fourteenth straight rate hike today as inflation pressures appear to ease, but speculation ramps up over how big the increase will be.Societe Generale beats on the bottom line in the second quarter and confirms its full year outlook, adding to a run of strong results from Europe's banks. Qualcomm shares sink in extended trade after the chipmaker posts a miss on revenue and issues softer guidance, as attention turns to Apple later today - with numbers out after the bell.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Fitch strips the U.S. of its top-tier credit rating - citing fiscal deterioration and political deadlock as the surprise decision draws the ire of Washington. Markets digest the downgrade - with Asian equities sinking deeper into the red. Siemens Healthineers confirms its full year top line outlook despite diagnostics revenue taking a hit in the third quarter. And a grand jury indicts former U.S. President Donald Trump on four counts over alleged efforts to overturn the 2020 election result.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

China's manufacturing sector contracts for the fourth straight month, but equity markets move higher as the country's State Council unveils measures to boost consumption. This prompts broader Asian stocks to extend last week's gains with the Nikkei hitting a 4-week high and tech stocks leading the way on Hong Kong’s Hang Seng. U.S. equity markets close out a milestone week as bumper earnings push the benchmark indices to 15-month highs, while core PCE data shows inflation at its lowest level in almost 2 years. Meanwhile, crude is on pace for its best monthly performance in 18 months, as expectations rise that Saudi Arabia will extend its voluntary production cuts for another month.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Japan’s corporate bond yield surges to its highest level in almost a decade with the yen and Nikkei whipsawing. The BoJ has promised greater flexibility in its yield curve policy. Asia-focused bank Standard Chartered hikes its dividend and announces a $1bn buyback as H1 net profit surges 20% on higher rates. The ECB raises rates for the ninth consecutive time. President Christine Lagarde, like U.S. Federal reserve Chairman Jerome Powell, says she is open to another increase. In tech news, Intel shares are up 8 per cent after a Q2 beat on the top and bottom line. And the CEO of bespoke UK bank Coutts has been forced to resign following the Nigel Farage de-banking scandal.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The Fed hikes interest rates to their highest level in 22 years. Chairman Jerome Powell says he will remain open to a further hike or a pause in August. Investors now await the ECB’s rates decision which is expected to be another hike of 25bps as euro zone inflation remains stubbornly above 5 per cent. Airbus beats Q2 profit targets and confirms FY guidance. CEO Guillaume Faury tells CNBC that supply chain bottlenecks do still remain a ‘complex environment’. Social media giant Meta beats on the top and bottom line driven by a recovery in digital advertising. French bank BNP Paribas sees Q2 net income surge by 16 per cent. CFO Lars Machenil tells this channel that price pressures are slowly easing.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

We have a slew of European earnings with Deutsche Bank and Unicredit dominating as investors anticipate another bumper quarter from the banking sector. Spanish giant Santander confirms its full-year outlook after a 15 per cent jump in H1 net interest income. In the U.S., tech earnings were front and centre. Google parent company Alphabet shares were up in after-hours trading as the company’s cloud unit drove profits. Microsoft, however, falls into the red. In luxury news, LVMH paints a mixed picture with Asian sales on the up but U.S. sales declining as Americans choose to travel in Europe. And NatWest CEO Dame Alison Rose has been ousted as CEO after she admitted “a serious error of judgement” in leaking confidential news to the BBC about the closure of Brexiteer Nigel Farage’s account with wealth manager Coutts.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The Dow enjoys an eleventh day in the green posting its highest close since February last year. Chinese and Hong Kong markets are up on the promise of more economic stimulus from Beijing. Adidas has improved its full-year loss guidance after unexpectedly strong sales of Yeezy trainers despite the abandoned collaboration with U.S. rapper Kanye West. Weak demand for its weed killer forces Bayer to cut its full-year outlook for a second time while software giant Logitech hikes its sales guidance despite a 16 per cent decline in Q2 revenues. And we speak to Hinduja Group chairman Gopichand Hinduja who says UK Prime Minister Rishi Sunak has taken the correct steps to prevent the country from sliding into a recession.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

We are live in Madrid where yesterday’s general election results in no outright winner, which could now mean months of coalition talks. Partido Popular leader Alberto Feijoo has stressed the need to avoid a prolonged period of uncertainty. The Dow closes last week in the green – only just – for the 10th consecutive day which in turn is the index’s longest rally since 2017. Markets are now eyeing key meetings from the ECB and the Fed later this week. U.S. Energy Secretary Jennifer Granholm has called for greater oil output to curb recent price hikes. She tells CNBC recent markets have been ‘emotional’. And in Greece, wildfires on Rhodes have triggered the largest mass evacuation in the country’s history.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The Dow records its longest winning streak since 2017 but the Nasdaq slumps to its worst day in 4 months. German software giant SAP misses Q2 expectations and slashes revenue guidance for its cloud unit but CEO Christian Klein tells CNBC that cloud remains its key growth driver despite waning demand. Indian IT firm, Infosys, sees shares tumble after it cuts its outlook in half due to inflation pressures and a pullback in discretionary spending. The Conservatives win a by-election in Boris Johnson’s former constituency but lose a seat to Labour in what was the largest swing for the party since 1997. And we are live in Madrid where Spanish Prime Minister Pedro Sanchez’s snap election gamble comes to a head this Sunday.   See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Tesla shares dive in extended trade after price war pressures hit Q2 margins. However, CEO Elon Musk shrugs off recession fears to forecast stellar growth for the EV maker. Netflix sees subscriptions beat estimates in Q2 following a crackdown on password-sharing. However, a miss on guidance sends shares lower in after-hours trade. Goldman Sachs endures a bruising Q2 posting its lowest quarterly profit in 3 years as deal-making slumps.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Higher net interest in the U.S. helps Bank of America and Morgan Stanley to record bumper quarterly profits. BofA CEO Brian Moynihan tells our colleagues Stateside that a soft landing is now very much a possibility. The strong bank earnings on Wall Street see the Dow posting its longest winning streak in more than two years. Microsoft reveals pricing for its new A.I. subscription sending shares rocketing to a new all-time high. The firm’s Activision Blizzard deal extension talks now go down to the wire. The UK could see further hot inflation data coming through later on, as continuing price pressures mean the Bank of England is likely to maintain tightening.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Wall Street’s top banks slash FY Chinese GDP with both Hong Kong and mainland shares underperforming and the property sector shedding value. U.S. equities are in the green at the start of a busy week of earnings, with major banks’ earnings in the spotlight. Microsoft’s deal for Activision Blizzard is closer to completion after Berkshire Hathaway reveals it has offloaded 70 per cent of its stock in the game maker. Russia crashes the Ukraine grain deal blaming the West for not upholding its side of the bargain. Ukrainian President Volodomyr Zelenskyy slams the move, saying extortion will not be tolerated. And in retail news, the board of beleaguered French supermarket Casino approves rescue talks with Czech billionaire Daniel Kretinsky.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The Chinese economy continues to stutter, only growing by 0.8 per cent in Q2, raising expectations of vital stimulus efforts from Beijing. Asian equities respond in kind slipping on the news, however Wall Street and European markets enjoy their best week since March. Microsoft and Sony agree to a 10-year deal to keep the best-selling ‘Call of Duty’ game on the PlayStation console. The move brings Microsoft a step closer to sealing the Activision Blizzard deal. And U.S. banks kick off earnings season posting bumper profits via rising net interest rises. Citi CFO Mark Mason tells CNBC it is still too early to rule out a recession.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Wall Street posts its fourth-straight day in the green while Asian equities are on track for the best week of the year after U.S. producer prices come in muted for June. However, San Francisco Fed President Mary Daly tells CNBC the fight against inflation is not over yet. Earnings season is set to kick off in the U.S. with the larger banks are braced for a surge in loan losses as high rates affect borrowers. In crypto news, a U.S. judge rules that a Ripple token does not represent a security which offers a potential supervisory escape route for other altcoins. The FTC’s Chair Lina Khan is grilled on Capitol Hill as the regulatory body fails in another attempt to block Microsoft’s $69bn takeover of Activision Blizzard.   See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The S&P 500 and the Nasdaq close Wednesday’s session at a 15-month high after U.S. inflation drops to its lowest level in two years. Chinese exports suffer their worst decline since February 2020. We are live in Vilnius where following a difficult and testy NATO summit, G-7 countries provide Ukraine with long-term security guarantees but President Volodomyr Zelenskyy tells CNBC that full NATO membership is his ultimate goal. German industrial giant BASF surprises by slashing FY guidance as weakening industrial demand weighs. And in tech news, the U.S. FTC appeals the court ruling which green-lit Microsoft’s $69bn of game maker Activision Blizzard.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

We are live in Vilnius, Lithuania where NATO members stop short of an outright invitation to Ukraine to join the alliance. German defence minister Boris Pistorius tells CNBC that Kyiv will have to wait until the conflict ends to become a fully-fledged member. Speaking ahead of important bilateral meetings, Ukrainian president Volodomyr Zelenskyy slammed the delay as ‘absurd’. In tech news, Activision shares surge after a U.S. judge green-lights Microsoft’s bid to buy the game maker. UK authorities have now indicated they may welcome the deal. U.S. equities close in the green with the S&P 500 and the Nasdaq within 1 per cent of their 52-week highs.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Turkey clears the path for Sweden’s NATO accession with Ukraine’s membership bid now the focus of attention at the bloc’s summit in Vilnius. Lithuanian President Gitanas Nausėda tells CNBC full integration for Kyiv is paramount. U.S. equities break a three-day losing streak with financial and energy stocks balancing out tech losses ahead of key inflation reports and the beginning of quarterly earnings. UK Chancellor Jeremy Hunt calls for wage restraint in a bid to rein in inflation. BoE governor Andrew Bailey says salary increases are contributing to price pressures.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

U.S. Treasury Secretary Janet Yellen hails a constructive trip to China after holding 10 hours of talks with senior officials, as the U.S. considers curbs on investment. Chinese producer prices fall at their fastest pace in over 7 years while CPI comes in on the brink of deflation, underscoring the challenges facing the world's second largest economy. U.S. President Joe Biden says Ukraine is not yet ready for NATO membership, acknowledging divisions within the defence alliance as Kyiv marks 500 days of war ahead of a key summit in Lithuania. Headline U.S. non-farm payrolls come in below forecasts, but strong wage growth fuels concerns of further rate hikes from the Fed - sending the Dow to its worst weekly performance since March. ECB governing council member Francois Villeroy de Galhau pushes back against suggestions central banks should raise their 2% inflation targets, while Eurogroup President Paschal Donohoe tells CNBC there's more work to do.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Private sector jobs in the U.S. grew by almost half a million last month with the labour market showing no signs of abating. Non-farm payroll numbers are out later today. Equites and bonds see a sell-off as investors anticipate the U.S. Federal Reserve to continue its hiking cycle further into the year. The 2-year U.S. Treasury bill hits its highest level in 16 years while Europe’s Stoxx 600 plunges to its steepest one-day drop since March. U.S. Treasury Secretary is in Bejing attempting to thaw difficult trade relations between the world’s two largest economies. An emphasis on healthy competition is top of the agenda. In tech news, Samsung expects a 96 per cent fall in quarterly profit in what would be the Korean electronics giant’s worst performance since 2009. Hydrogen firm Thyssenkrupp Nucera is due to list on the Frankfurt stock exchange in what will be one of Europe’s largest IPOs this year. Nucera shares are priced at €20 providing the company with a market cap of €2.5bn.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

U.S. markets are slightly down after June’s FOMC minutes indicated that more rate hikes are on the way despite the Fed opting to pause last month. Asian equities mirror the losses Stateside. U.S. Treasury Secretary, Janet Yellen, is due to visit China but tensions have been ramped up as Beijing warns that export restrictions on no chip raw materials are ‘just a start’. We are live in Vienna at the Opec seminar where the CEOs of TotalEnergies and Saudi Aramco tells CNBC that the oil sector remains robust despite recent signs of faltering demand. In IPO news, ThyssenKrupp’s hydrogen arm is set to list in Frankfurt valued at €2.5bn while Romanian energy firm Hidroelectrica is to go public on the Bucharest Stock Exchange next week and will be Europe’s biggest IPO of 2023 so far. Meta’s social media platform Threads goes live, earning 5 million subscribers within its first 4 hours.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The Chinese post-Covid recovery continues to stutter with services activity growing at its slowest pace in five months. Meanwhile, Beijing has said it will no longer exploit its own rare material resources only to be subject to U.S. restrictions in producing semi-conductors. Tesla and BYD both post record Q2 deliveries as the EV race in China gathers momentum. We are live in Vienna for the Opec Seminar where despite Russian and Saudi Arabian production cuts to come, a price rally has failed to materialise. Brent pulls back as concerns over a Chinese slowdown and higher rates mount. And U.S. markets are back online today following yesterday’s 4th July celebrations as investors await the latest Fed minutes over its decision to pause its rate hiking cycle.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

U.S. indices start H2 positively ahead of today’s 4th July holiday. Meanwhile the RBA’s hiking cycle pause has buoyed investor sentiment in Asia. In tech news, China imposes export controls on vital rare materials gallium and germanium which are used in semi-conductor production. The move is seen to be in retaliation against Western chip curbs on Beijing. Russian and Saudi oil cuts fail to sustain a crude rally as recession fears and the Chinese slowdown continue to hamper demand. Social media giant Meta unveils Threads to rival Twitter. The platform is set to go live on Thursday.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Asian markets begin H2 in the green with strong business sentiment in Japan outweighing slowing factory activity in China. U.S. equities end the first half of the year in very positive territory. The Nasdaq surges more than 30 per cent to close its best H1 in 40 years. Apple closes Friday’s session as the world’s first-ever $3tn company. In autos news, Tesla boasts of record production numbers in Q2 while deliveries are up by 83 per cent on the year with CEO Elon Musk’s move to cut prices appearing to have worked. And France suffers a sixth night of nationwide violence following the police shooting of a 17-year-old. President Emmanuel Macron has postponed a long-planned state visit to Germany in a bid to quell the unrest.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The Nasdaq is on track for its best H1 in 40 years with A.I. demand fuelling tech stocks. China’s post-Covid recovery, however, continues to stutter with factory activity contracting for a third consecutive month. EU leaders meet in Brussels and make pledges to shore up military and financial aid to Ukraine in the wake of last week’s attempted Wagner Group mutiny in Russia. In retail news, U.S. sportswear giant Nike reports its first quarterly miss in three years. And there are signs of a thaw in the IPO market as shares in the U.S. thrift store chain Savers Value Village jump on the Wall Street debut. Online Chinese fashion brand Shein is also reportedly eyeing a New York listing later this year. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The world’s top central bankers meet at the ECB annual forum in Sintra, Portugal and stand firm on further rate hikes. U.S. Federal Reserve Chairman Jerome Powell says restrictive policies have not been restrictive for long enough to rein in inflation. ECB President Christine Lagarde tells CNBC that more hikes remain a prospect and that the central bank requires more time to assess its previous moves. U.S. markets are flat on the comments coming from Sintra but Apple stands out closing close to a record $3tn market cap. The main U.S. banks easily pass the Federal Reserve’s stress tests but concerns remain about the health of smaller regional lenders. In tech news, Micron beats Q3 earnings expectations on soaring A.I. demand and supply bottlenecks clearing.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

ECB officials attending the central bank’s annual forum in Sintra have played down talk of rate cuts. We hear from ECB chief economist Philip Lane who says the bank must remain data-dependent when making rate decisions. U.S. housing and consumer data shows resilience but Chinese industrial further declines by double digits. On Wall Street, the Dow breaks a six-session losing streak to stay on track to record its best month since November. Resurgent tech stocks have pushed the Nasdaq towards its best H1 for forty years. In banking news, UBS is reportedly ready to cut Credit Suisse staff by half starting next month.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Russian President Vladimir Putin makes his first public remarks since the abandoned coup by the PMC Wagner Group at the weekend. Chinese Premier Li Qiang addresses the ‘Summer Davos’ in Tianjin, calling form more foreign direct investment and warns against global economic fragmentation. We are live in Sintra, Portugal for the ECB’s annual summit where the Bank of Lithuania governor Gediminas Šimkus tells us the there is some way to go for the current rate-hiking cycle. In the U.S., the Dow sees its longest losing streak since September last year. Investors have profited on well performing tech stocks. The VIX hits its lowest level since before the pandemic.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Russian President Vladimir Putin’s grip on power is severely tested over the weekend after the private military company Wagner Group marches on Moscow before performing an abrupt u-turn. Asian equities remain sanguine despite the tumult as the Wall Stret rally recedes. Oil, however, is slightly higher. We are live at the first ‘summer’ Davos in Tianjin since the Covid pandemic. And in Greece, Kyriakos Mitsotakis’s New Democracy party secures a landslide victory, winning enough parliamentary seats to govern outright.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Tech stocks u-turn on Wall Street but the Nasdaq is on course for its worst run since April. The Bank of England raised rates by 50bps but Governor Andrew Bailey played down fears of a looming UK recession. Siemens Energy shares fall sharply lower after it scrapped its FY outlook upon discovering further technical problems within its turbine unit Gamesa. The company warns it now faces costs of €1bn. The White House welcomes Indian Prime Minister Narendra Modi and unveils a slew of new partnership deals between Washington and New Delhi.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The S&P 500 records its worst session this month while short positions on U.S. shares hit their highest level in more than a year. U.S. Federal Reserve Chairman Jerome Powell tells the House Financial Services Committee that efforts to rein in inflation are far from over. The Bank of England faces pressure do the same after a shock inflation print sends two-year gilts surging to a 15-year high. In the wake of the collapse of Credit Suisse, the SNB has called for more robust capital buffers and a framework to stabilise or wind down important lenders. And in retail news, the FTC sues Amazon, accusing it of duping customers into subscribing to its Prime service without their consent.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The recent U.S. equities rally runs out of steam as investors lock in profits and mull the rates forecast before Fed Chair Jerome Powell testifies in front of Congress later this week. UK Chancellor of the Exchequer Jeremy Hunt rules out offering government mortgage relief as he meets with bank chiefs to discuss spiralling repayments. Softbank CEO Masayoshi Son makes bullish comments about potential A.I. benefits, shifting the company to an offensive position. Deutsche Post DHL CEO plays down concerns about de-globalisation, telling CNBC that reliance on China is very entrenched and hard to replace. And we are live in North Greenwich, London at the Ukraine Recovery Conference where Rishi Sunak is set to unveil a major new support package to Kyiv.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

China slashes two more key lending benchmarks for the first time in 10 months as the PBOC attempts to stimulate a stuttering economy. In a sign of potentially easing tensions between the U.S. and China, Secretary of State Antony Blinken meets with President Xi Jinping in Beijing and calls for further dialogue. In tech news, Intel signs off on a €30bn chip manufacturing factory in Germany, making it the largest FDI in the country. Chancellor Olaf Scholz has highlighted the need to de-risk from China. And Airbus inks the largest commercial aviation deal ever, selling 500 single-aisle planes to Indian budget airline Indigo.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

U.S. Secretary of State Antony Blinken arrives in China and holds “candid and constructive” talks with his counterpart Wang Yi. It’s the first visit of an American cabinet-level official for five years. Meanwhile, Goldman Sachs downgrades its FY GDP forecast for China. It quoted Beijing’s limited ability to boost stimulus. Asian equities start the week in the red as a result despite scoring their best weekly run in five months. AstraZeneca seeks to spin off its Chinese unit and to list separately in either Hong Kong or Shanghai as growing geo-political tensions pushes the pharma giant to seek a safe haven. And after a four-year pandemic hiatus, we are live at the Paris Airshow where Airbus and Boeing vie for new orders.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

All three major U.S. indices hit historically high averages ending the session more than 1 per cent in the green. The BoJ sticks to its guns and maintains negative rates despite inflation moving higher. The Nikkei is up in afternoon trade while the yen drops against the dollar. In Frankfurt, ECB President Christine Lagarde hikes euro zone rates to a 22-year high. Lagarde said there was no sign that the hiking cycle could be paused beyond the summer. European leaders attempt to woo the next Tesla gigafactory with CEO Elon Musk meeting with Italian Prime Minister Georgia Meloni before attending the Vivatech conference in Paris later today. And on Wall Street, restaurant chain Cava sees shares surge 100 per cent following its IPO.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The Fed makes a hawkish pause but Chairman Jerome Powell warns of two more rate rises later this year in a bid to balance market expectations. The rate decision pushes the S&P 500 and Nasdaq off 13-month highs while U.S. treasuries waver. Bond king Jeffrey Gundlach tells CNBC that the Fed strategy remains flawed and delayed. The PBOC cuts a key policy rate which sees the yuan fall to a six-month low. The ECB is now set to hike rates yet again as inflation hovers above 6 per cent. And we are live at Vivatech in Paris where French President Emmanuel Macron tells us that countries must work together to draft coordinated regulation regarding A.I.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

U.S. inflation drops to its lowest level since in 2021 with investors anticipating a pause in rate hikes from the Fed. The S&P 500 and the Nasdaq respond by hitting 13-month highs and U.S. Treasuries yields also rise on investor optimism the hiking cycle may be coming to a close. In the UK, stronger-than-expected jobs data push short-term gilt yields to levels not seen since last year’s chaotic mini-budget. BoE governor Andrew Bailey admits that inflation in Britain is more stubborn than first thought. In tech news, chip maker AMD makes inroads into A.I., creating a new semi-conductor while Nvidia closes the session with a $1tn valuation for the first time ever – the seventh U.S firm to do so. We are live at Vivatech in Paris which is President Emmanuel Macron’s annual pitch to increase tech investment in France.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The S&P 500 closes at its highest level since April 2022 as investors anticipate a Fed rate hike pause later this week. Bank of America CEO Brian Moynihan tells our U.S. colleagues that the central bank cannot yet signal the end of the tightening cycle. In China, the PBOC cuts a key short-term policy for the first time in 10 months as its post-Covid recovery stutters and crude prices are impacted as a result. Intel is reportedly set to be an anchor investor in Arm’s Wall Street listing. The chip designer aims to raise $8-10bn later this year. Also in tech news, Oracle shares reach a record high after the company beats Q4 estimates. The FTC seeks to block Microsoft’s proposed $68.7bn deal for Activision over fears it may withhold or degrade the company’s games on rival platforms.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The S&P 500 enjoys its fourth straight week in the green ahead of this week’s Fed rate decision. The FOMC is expected to pause its hikes in order to assess ten consecutive interest rate increases. UBS completes its takeover of Credit Suisse marking a new historic chapter for the banking behemoth. In oil news, WTI slides below the pivotal $70-mark as demand concerns continue to grow. Saudi Arabian energy minister, Abdulaziz Bin Salman tells CNBC he is working within a difficult environment. Spain’s left-wing parties strike a last-minute deal to merge in next month’s general elections which could prove to be a boon for Socialist Prime Minister Pedro Sanchez.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

China’s post-Covid recovery stutters as factory prices nosedive at their fastest pace in seven years. Risk of deflation prompt calls for more government stimulus. The S&P 500 is up by 20 per cent since its low in October, sparking talk of a potential new bull market. Crypto exchange Binance suspends all U.S. dollar deposits in the wake of its SEC lawsuit. SEC chair Gary Gensler has slammed the crypto sector calling it rife with ‘hucksters’ and ‘fraudsters’. Meanwhile in Washington, President Biden hosts UK Prime Minister Rishi Sunak where the pair announced an ‘Atlantic Declaration’ which pledges to strengthen ties on clean energy and A.I. The deal, however, falls far short of an FTA between the two nations. And former U.S. President Donald Trump has been indicted on seven criminal charges in Miami over alleged mishandling of classified documents.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The Bank of Canada surprises markets by hiking rates, becoming the second global central bank to take a hawkish turn ahead of next week’s Fed meeting. U.S. Treasury Secretary tells CNBC exclusively that strong American employment will not prevent inflation from being reined in back to target. Crypto exchange Coinbase’s CEO Brian Armstrong slams the SEC for moving to ring-fence the sector, saying that the case against his company should not be compared with procedures against Binance. UK Prime Minister Rishi Sunak is in Washington on a two-day trip where he is to meet with President Biden, seeking to play down trade tensions between the two countries. Volvo unveils its electric EX30 premium SUV as it plans for half of its products to be fully electric by 2030. We hear from CEO Jim Rowan who says that last year’s supply chain concerns are finally dissipating.   See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Chinese exports disappoint in May by a wide margin as weak domestic forecasts and global consumption concerns weigh. U.S. indices rally, however, with fresh record highs for the S&P 500 and the Nasdaq. The VIX drops to its lowest intra-day level since before February 2020. The World Bank slashes its global growth forecast for next year, citing higher rates and tight credit conditions. Deputy Chief Economist Ayhan Kose tells CNBC that the world economy remains in a precarious situation. U.S. authorities clamp down on crypto, targeting Coinbase and freezing all U.S. assets globally owned by Binance. SEC Chairman Gary Gensler tells our U.S. colleagues that the sector’s business model must be regulated. And in sports news, the PGA Tour merges with Saudi-backed outfit LIV, ending all litigation between the factions.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Apple launches Vision Pro – its first mixed-reality product since it first entered the wearable category almost a decade ago. In crypto news, the SEC sues the world’s biggest exchange, Binance, as well as its CEO Changpeng Zhao for breaking security rules in the U.S. The RBA unexpectedly hikes rates by 25bps, warning that a soft landing still remains elusive for the Australian economy. ECB President Christine Lagarde admits that there are signs core inflation is moderating but says it is too early to announce price pressures have peaked in the euro zone.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Oil prices lift following Saudi Arabia’s pledge to cut supply by a further 1m bpd from July onwards. Speaking exclusively to CNBC, Prince Abdulaziz bin Salman said that the move was a precautionary measure. Friday’s Dow Jones session was the strongest since January, moving 700 points on news of a strong U.S. jobs report and President Biden signing the debt agreement into law. We also hear from IMF managing director Kristalina Georgieva in Dubrovnik who says that despite a stellar U.S. employment situation, it is still too early for the Fed to step back from its tightening cycle. ECB hawk and Croatian National Bank Governor Boris Vujčić echoes her words, saying that rate rises will only stop when the economic situation allows. We are also at the Shangri-La Dialogue in Singapore where German defence minister Boris Pistorius tells us that German weapons manufacturers are working non-stop to support Ukraine’s military endeavours against Russia.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The U.S. Senate votes to pass the debt ceiling agreement to send it onto President Biden to ratify, avoiding what would have been the first ever U.S. default. The news pushes Asian markets into the green. The Nikkei is now on course for its eighth consecutive week of gains while tech stocks lead the way on the Hang Seng in Hong Kong. Ukrainian President Volodomyr Zelenskyy puts pressure on NATO to forge a path for Kyiv’s accession with UK Prime Minister Rishi Sunak telling CNBC Ukraine rightfully belongs in the alliance. And crude prices are up ahead of this weekend’s Opec+ meeting but still track towards their worst week since early May.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The debt ceiling bill is approved by House Representatives, moving it onto the Senate. Hose Speaker Kevin McCarthy has warned Democrats he intends on making more cuts in coming years. Markets lower odds of a Fed rate hike in June after two officials say they are in favour of pausing this month. We are live in Moldova where 50 European leaders are meeting to discuss the war in Ukraine with President Volodomyr Zelenskyy expected to attend. Manufacturing activity in China recovers in May according to a private sector survey.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The bill to raise the U.S. debt ceiling clears the first hurdle in the House Rules Committee and faces a House floor vote tonight. Chinese manufacturing contracts further, reaching a five-month low while the services sector activity hits its slowest pace in four months. Asian markets slump as a result. The Nasdaq manages to cross the 13,000-point mark for the first time since August 2022, buoyed by an A.I. tech stock-inspired rally. The Dow, however, is set to post its first negative month in three. Sticking with tech, chip maker Nvidia briefly joins the trillion-dollar club, but falls back towards the end of the session with a market cap of $990bn. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Following a battering for his PSOE party in regional and municipal elections, Spanish Prime Minister Pedro Sanchez calls a snap election for 23rd July. The U.S. debt ceiling agreement is due to face its first test today when it comes up against the House Rules Committee. President Biden says he is confident the bill will pass despite signs of resistance from some GOP lawmakers. Asia markets are mixed with oil slipping as investors await Wall Street’s reaction to the debt deal following the Memorial Day weekend. In the UK, shop price inflation shows no signs of abating, hitting 9 per cent – its highest level in 18 years. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

U.S. President Joe Biden and House Speaker Kevin McCarthy hail a debt ceiling deal with a vote on the agreement set for later this week. Markets in Asia respond positively to the news with the Nikkei hitting a 30-year high while U.S. futures trade in the green with oil also up. In regional Spanish elections, Prime Minister Pedro Sanchez’s PSOE party get thumped with the conservative People’s Party making significant gains in key areas. Turkey’s Recep Tayyip Erdogan claims victory in Sunday’s presidential election to extend his hold on power into a third decade.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The White House and Republicans are reportedly inching towards a debt deal that will remain in place until past the 2024 elections. On Wall Street, the Nasdaq closes up 1.7 per cent, powered primarily by Nvidia shares. U.S. Commerce Secretary Gina Raimondo holds ‘candid and substantive’ talks with her Chinese counterpart Wang Wengtao after months of tit-for-tat incidents and raised trade tensions between Washington and Beijing. And we are live in Valencia ahead of pivotal regional elections across much of the country this weekend. The poll is seen as a key test for parties going into this winter’s general election.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Political wrangling over the debt ceiling continues in Washington D.C., prompting Fitch to place the U.S.’ AAA rating on negative watch. House Speaker Kevin McCarthy still manages to strike an optimistic note. There are differing opinions emerging at the Federal Reserve over the future rate path. The most recent FOMC meeting’s minutes show members now less certain that further hikes are needed. Chip maker Nvidia sees shares soar in after-hours trade, adding more than $200bn in value to take its market cap beyond $1tn as the firm posts its largest quarterly beat in 5 years. Florida Governor Ron DeSantis officially throws his hat into the 2024 presidential race. However, his Twitter Spaces announcement alongside owner Elon Musk suffers numerous technical glitches upon launch.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Wall Street is in the red as the debt ceiling negotiations drag on, with the deadline just over a week away. Speaking at the CNBC CEO Council Summit, Goldman Sachs CEO David Solomon says that the chance of recession this year is worsening as inflation remains stickier than predicted. Bundesbank President Joachim Nagel believes the ECB must hike several more times in its fight against inflation in the euro zone as the central bank marks its 25th anniversary. Florida Governor Ron DeSantis is reportedly due to announce his presidential run later today during a special Twitter conversation with billionaire owner Elon Musk. And, according to the Janus Henderson Global Dividend Index, global dividend payouts have soared to a record $327bn during the first quarter this year.   See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

President Biden says talks with House Speaker Kevin McCarthy at the White House have been productive as negotiators seek to strike a debt ceiling deal ahead of the 1 June deadline. Minneapolis Federal Reserve President Neel Kashkari tells CNBC he is open to either hiking rates or skipping an increase next month but warned that investors should not expect a cut any time soon. JP Morgan CEO Jamie Dimon has said he plans to continue as boss of America’s largest bank so long as he is energized by the role. Facebook parent Meta is hit with a record $1.4bn fine by the EU for transferring user data to the U.S. The company has pledged to appeal the decision.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Ukrainian President Volodomyr Zelenskyy attends the G-7 summit in Hiroshima and laments the destruction of the city of Bakhmut which Russian forces claim to have taken over the weekend. U.S. President Joe Biden and House Speaker Kevin McCarthy are to meet at the White House to discuss stalled debt ceiling talks. Biden says the GOP must compromise over its “extreme positions”. China slaps trade restrictions on U.S. chip maker Micron, claiming the company poses security risks. In aviation news, Ryanair posts FY profits of €1.4bn on the back of strong recovery in traffic. However, the carrier warns that its fuel bill will soar by €1bn next year. And in Greece, incumbent Prime Minister Kyriako Mitsotakis claims victory in parliamentary elections but his New Democracy party falls short of an outright majority. New elections are likely to held in the summer.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The G-7 summit kicks off in Hiroshima, Japan. Ukrainian President Volodomyr Zelenskyy will reportedly attend the meeting where Western leaders have vowed to harden their stance against Russia. In the U.S., there are signs an agreement on the debt ceiling could be reached with a vote as a early as next week to avoid a default ahead of the June 1st deadline. Wall Street indices are on track to post their best week since March and in Asia, the Nikkei hits its highest level since 1990. In retail news, Alibaba shares are down after the e-commerce giant missed expectations while Walmart hikes full-year guidance on the back of a robust Q1.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

It appears U.S. President Joe Biden and House Speaker Kevin McCarthy may be closing in on a deal to avert a default. As Biden flies to Hiroshima to attend a G-7 summit, McCarthy tells our U.S. colleagues that the size of the debt issue can no longer be ignored. The optimism pushes the Dow by 400 points and regional banks also surge with Western Alliance reporting strong deposits for the quarter. In retail news, U.S. giant Target sees shares rise on an earnings beat but warns that organised retail theft could cost the company up to $1bn. Deutsche Bank agrees to settle a lawsuit concerning Jeffrey Epstein’s victims with a $75m payout following accusations that the lender enabled the late financier’s sex trafficking activities. Global debt has soared by $8tn in the first quarter this year as rising interest rates drive costs up. Total global debt has now stabilised at 335 per cent of GDP.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Tesla CEO tells our CNBC colleagues Stateside that this year will be challenging for the electric car maker. In a wide-ranging exclusive interview, Musk said that U.S.-China trade tensions should concern everyone. We also hear from Microsoft CEO Satya Nadella who says Musk is wrong to claim that the software maker controls OpenAI. U.S. President shortens his Asian tour to return to help secure a debt ceiling agreement to avoid a default. In banking news, UBS says it will suffer a $17bn hit from its takeover of former rival Credit Suisse as it aims to close the deal by next month. Siemens raises its FY outlook, now expecting comparable revenue growth of 9-11 per cent for the year.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Asian stocks hold steady following disappointing retail and manufacturing data out of China. The U.S. moves closer to a default with no agreement between lawmakers. Budget talks will resume at the White House later today. Ray Dalio’s Bridgewater Capital offloads its shares in 5 of the largest regional American banks following the recent turmoil. However 13- F filings show that two major hedge funds have bought regional bank stakes despite the volatility. The EU passes Microsoft’s $69bn Activision takeover in contrast with the UK’s denial of the deal. The bloc’s anti-trust chief Margrethe Vestager tells CNBC exclusively that the decision is not a contradiction. And President Emmanuel Macron has courted €13bn of blue-chip investment money during the Choose France business summit.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Turkish presidential elections look set to head to a run-off after as neither candidate garners enough support outright but President Erdogan believes he will win another 5-year mandate. In the U.S., the debt ceiling wrangling intensifies as congressional leaders attempt to arrange a deal. President Biden believes a default will be avoided this week. G-7 finance ministers meet in Japan and target Russian energy and trade with tighter sanctions in a bid to blunt Moscow’s war efforts in Ukraine. Meanwhile, Ukrainian president Volodomyr Zelenskyy performs a whistle-stop tour around European capitals in a bid to bolster the region’s military support for his country. In financial news, insurer AXA posts a 1 per cent revenue jump to €32bn in the first quarter but AUM drops by 7 per cent.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

A second presidential meeting on the debt ceiling is reportedly postponed until early next week, while reports suggest Treasury Secretary Janet Yellen will sit down with Wall Street bankers in the coming days. Factory inflation continues to ease across the U.S. with producer prices rising at their slowest rate since January 2021, moderating for the tenth straight month. The Bank of England hikes rates to the highest level in almost 15 years and ditches its forecast for a recession this year. We hear from Governor Andrew Bailey. Shares in PacWest plunge after the regional lender reveals an almost 10% drop in deposits in the first week of May. And Elon Musk claims he has found Twitter's new CEO, saying "she will start" in 6 weeks, with reports suggesting a senior NBCUniversal executive will take the reins.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

U.S. inflation eases to its lowest level in two years, giving a boost to the Federal Reserve's war against price pressures. The Yuan slides after Chinese inflation also weakens to a two-year low of just 0.1%, with factory deflation deepening. We have the latest from Threadneedle Street, as the Bank of England looks set to hike rates for a twelfth straight meeting. Disney shares fall almost five percent in extended trade as the House of Mouse sees a decline in streaming subscriptions. The debt ceiling deadlock looms large as G-7 finance ministers meet in Japan.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

America’s debt ceiling standoff continues despite congressional leaders holding talks with President Joe Biden at the White House, as he makes a promise to international creditors. Senate and House chiefs pledge to meet again on Friday as Speaker Kevin McCarthy accuses the Biden administration of waiting too long to sit down with the GOP. New York Fed President John Williams doesn’t rule out further rate hikes as he lauds the FOMC’s fight against inflation, ahead of today’s key CPI print. And Ryanair reveals its biggest-ever aircraft order, inking a $40 billion deal to buy up to 300 Boeing planes. Airline boss Michael O’Leary tells CNBC the firms have settled their differences.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

UBS announces Credit Suisse will operate independently under a consolidated banking group, as a management shake-up sees CS CEO Ulrich Koerner join UBS' Executive Board, as well as a change in CFO. Chinese trade data paints a mixed picture for the world’s second largest economy, with imports contracting almost 8 percent, and export growth stalling. California’s financial regulator admits it failed to press Silicon Valley Bank’s bosses for reform before the lender imploded in March, and pledges to do better in future. Concerns over U.S. financial stability persist according to a Fed survey, while a separate report shows lending requirements are set to tighten for the rest of the year. And, President Biden prepares to welcome congressional leaders to the White House in bid to break the debt ceiling deadlock, as Treasury Secretary Janet Yellen warns of “economic catastrophe” – telling CNBC that lawmakers have only one option.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Berkshire Hathaway CEO Warren Buffett hits out at regulators, politicians and the media for confusing the public on the safety of U.S. banks, despite regional lenders staging a strong rebound on Friday. The Dow jumps more than 500 points as Apple shares surge, with a stronger-than-expected non-farm payrolls report also driving gains. U.S. Treasury Secretary Janet Yellen warns there are “no good options” if Congress fails to raise the debt ceiling, as the Biden administration ramps up the pressure ahead of a June 1st deadline. HSBC shares hit a 2-month high in Hong Kong after the lender successfully rejects a proposal to spin off its Asian business amid pressure from its largest shareholder, Ping An. And, Standard Chartered CEO Bill Winters weighs in on the Fed’s hiking cycle, telling CNBC the market shouldn’t underestimate the resilience of price pressures.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Apple sales decline for the second straight quarter, but shares rise in extended trade as the iPhone maker beats on the top and bottom lines with CEO Tim Cook claiming results were "better than we expected". Wall Street trades in the red for a fourth consecutive session with the Dow turning negative for the year as contagion fears are reignited in the regional banking sector. HSBC bosses prepare for their AGM, amid pressure from the lender's biggest shareholder to restructure and spin off its Asian business. We hear from activist investor Ken Lui. The ECB hikes rates by another 25 basis points with inflation still proving sticky. President Christine Lagarde reiterates the central bank's commitment to fighting price pressures.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The U.S. Federal Reserve hints that it could be nearing the end of the hiking cycle following its tenth consecutive rate rise. However, turmoil remains in the U.S. regional banking system with L.A.-based lender PacWest seeing shares nosedive 52.5 per cent in extended trade. PacWest says it is eyeing strategic asset sales and that deposits have stabilised. On this side of the Atlantic, investors are split over whether the ECB will hike by 25 or 50bps – the central bank’s seventh straight hike. In aviation, Airbus posts slightly lower-than-forecast decline in core earnings with supply chain issues weighing but it insists it will hit production targets. And Qualcomm gives lighter-than-expected sales guidance on weak smartphone demand.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Italian lender Unicredit reports Q1 profit of €2.1bn as revenues grew by 56 per cent. French bank BNP Paribas beats expectations by posting a Q1 income of €2.8bn with CFO Lars Machenil telling CNBC that European banks are robust enough to handle the sector’s recent turmoil. In the U.S., several regional banks lead with losses after JPMorgan’s rescue of First Republic Bank fails to stem the sell-off, pulling Wall Street into the red. German chip giant Infineon launches its new €5bn factory in Dresden benefiting from EU funding. Its CEO Jochen Hanebeck says that Europe must learn to fend for itself against global competitors.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

JPMorgan picks up the remains of First Republic Bank after authorities seize control of the regional lender. It is the second-largest U.S. bank failure in history. JPMorgan CEO Jamie Dimon says his bank answered the government’s call and played down any suggestions of contagion in the sector. HSBC first quarter profits almost triple due to higher rates. The bank also announces its first quarterly dividend in four years. May Day rallies are staged around the world with France seeing up to 800,000 people take to the streets. There are violent scenes in Paris following President Macron’s recent pension reforms. We are live at the WEF Growth Forum in Geneva where the Future of Jobs report has warned that while 69m jobs will be created by 2027, more than 80m could be eliminated.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Wall Street posts its biggest daily move since January as investors seem to shrug off mixed economic signals with Big Tech earnings leading the way. Amazon posts a Q1 earnings beat but warns of a slowing cloud business, pushing shares lower in extended trade. The BoJ keeps policy stable but has tweaked forward guidance and announces a broad review of monetary policy. In the U.S. beleaguered First Republic Bank is reportedly attempting to prevent a federal seizure, seeking private sector aid following a dramatic share slump earlier this week.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

In the U.S. First Republic Bank scrambles to secure a rescue deal as its share price plunges on collapse fears. Deutsche Bank posts its strongest quarterly profit for a decade. The lender reported pre-tax of earnings of €1.9bn and €12bn of inflows. In tech news, Meta shares are at a 14-month high following its first sales rise in three quarters. CEO Mark Zuckerberg insists investment in AI and the metaverse will continue. And Microsoft is denied its acquisition of Activision Blizzard by the UK competition watchdog.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Wall Street is in the red across all three major indices which have suffered their deepest declines this month after First Republic Bank reports more than $100bn of deposit outflows for the first quarter. Standard Chartered beats forecasts with pre-tax profits surging 21 per cent in Q1 on high interest rates and rising trading income. Google parent Alphabet announces a $70bn share buyback and beats forecasts which sends its stock price higher in extended trade. Microsoft follows suit with a beat on estimates thanks to a robust performance from its cloud business. And a potential 2024 U.S. presidential re-match with Donald Trump is on the cards in the U.S. following Joe Biden’s announcement he will run for re-election.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

We are live in Zurich where UBS has posted a 52 per cent drop in net profit for the first quarter. The lender says it does, however, see strong inflows of net new money and highlights its stability ahead of the integration of Credit Suisse. Meanwhile, Santander tops estimates to post a €2.5bn net profit and says it is on track to meet 2023 targets. Deposits at First Republic Bank have fallen by $100bn in Q1, causing the share price plunging. The lender is also set to slash up to 25 per cent of jobs. We hear from Standard Chartered CEO Bill Winters who says that the recent banking crisis is now over. And in luxury news, LVMH becomes the first European company to hit $500bn in market value on the back of a 17 per cent surge in Q1 revenue.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Credit Suisse posts an adjusted pre-tax loss of CHF1.3bn following net Q1 outflows of CHF60bn. The Dow snaps a 4-week winning streak following last week’s U.S. bank earnings with investors bracing themselves for results from the tech sector. Chinese e-commerce giant Alibaba is reportedly set to list its logistics arm in Hong Kong. Several investment banks are interested in under-writing the IPO. And in Germany security workers stage a one-day walk-out over a wage dispute, causing all flights from Berlin to be cancelled.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Tesla appears to hike U.S. prices for its Model S and X cars following yesterday’s share slump by almost 10 per cent as investors scrutinized falling margins. Meanwhile, Mercedes-Benz posts a 15 per cent Q1 return on net sales. Preliminary results also show strong sales and robust pricing. Asian markets are in the red with bond yields coming in lower on the back of several poor U.S. corporate earnings and concerning data reports. We speak to French Trade Minister Olivier Becht who says his country is returning to ‘business as usual’ following the passing of President Macron’s highly unpopular pensions reforms. Demonstrations, however, continue, with rail workers striking and protestors targeting the Euronext exchange in Paris.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Tesla shares are down in extended trade after posting a 24 per cent fall in Q1 net profit. In a conference call, CEO Elon Musk says that following a series of price cuts, he accepts a loss in profits in exchange for growth in sales and market share. U.S. markets are steady following positive results from Morgan Stanley while regional lender Western Alliance shrugs off deposit concerns. This, as the Federal Reserve warns that banks are tightening credit access. We hear exclusively from Israeli PM Benjamin Netanyahu who warns against Chinese involvement in brokering peace in the Middle East. And in retail news, L’Oréal sees sales surge 30 per cent in the first quarter in Europe and North America. However, performance in China is flat since the country’s emergence from strict Covid regulations.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

There are mixed first quarter results for U.S. banks. Goldman Sachs posts a revenue miss while pulling away from its consumer business but BofA beats on higher rates despite CEO Brian Moynihan warning of a recession in the second half of the year. Streaming giant Netflix records a beat on EPS while missing out on revenue after delaying a clampdown on password sharing. Shares have clawed back ground after plunging by 12 per cent in afterhours trade. Atlanta Federal Reserve President Raphael Bostic tells CNBC he believes in a May rate hike and then pause to assess how tightening is affecting the U.S. economy. And in media news, Fox News settles with electoral machine maker Dominion for $788m over its reporting of the 2020 U.S. presidential election.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Chinese GDP grows by 4.5 per cent in the first quarter – faster than expected – following the lifting of strict Covid restrictions back in December. Manufacturing and retail have also show strong signs of rebounding. In the U.S., financial groups Charles Schwab, State Street and M&T witness combined deposit outflows of almost $60bn as investors flee to seek out higher returns. Apple announces it is launching its own higher-yield account. Asian indices are down but Wall Street remains buoyant ahead of further key bank earnings due later today. French President Emmanuel Macron uses a prime time TV address to the nation to defend his controversial pension reforms.   See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

U.S. banking earnings see JP Morgan post record Q1 revenues while Citi and Wells Fargo also beat expectations. In France, President Macron signs his controversial pension reform bill into law after the country’s highest court backed the bill and rejected calls for a referendum. Paris saw further protests over the weekend as a result. ECB policymakers have said that the recent banking turmoil has prompted a re-think about the rate hiking path, but Portuguese central bank governor Mario Centeno and his Finnish counterpart Ollie Rehn have told CNBC that pausing prematurely would be wrong. In pharma news, Merck reports promising test results for its mRNA cancer vaccine, while also sealing its $11 billion merger with biotech firm Prometheus. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

U.S. indices record their best performance so far this month as U.S. PPI data comes in softer than expected. IMF managing director Kristalina Georgieva tells CNBC the Fed must persist in its fight to rein in inflation. We also hear from Austrian bank governor Robert Holzmann who says that recent financial instability may require a stronger rate hike response from the ECB. Paris sees further violence following pension reform demonstrations. Dozens of the capital’s transport workers stormed the headquarters of LVMH ahead of a key ruling from the French constitutional council. And in banking news, HSBC has warned that shareholders’ proposals to restructure the bank will significantly hit dividend payouts. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Bundesbank President Joachim Nagel shrugs off the IMF’s recession warning for Germany, telling CNBC that his country’s economy has improved significantly, having ridden out last year’s energy crisis. Belgium’s central bank governor Pierre Wunsch praises the European banking sector, telling this channel that he estimates that the ECB’s terminal rate will end between 3.5 per cent and 4 per cent. Fed minutes for March push U.S. equities into the red following fears around the banking sector despite last month’s inflation print coming in at its lowest level for almost two years. The IMF’s First Deputy MD says central banks must remain resolute in the fight against price instability. Chinese exports for March come in positive, breaking a five-month slump. And in luxury news, LVMH posts a 17 per cent surge in Q1 sales following strong demand in the Far East.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The IMF warns the world economy is heading for its weakest pace of growth in more than 30 years as it cuts its medium-term outlook. The fund’s chief economist Pierre-Olivier Gourinchas tells CNBC that recent market turmoil has moved the conversation on from growth/inflation onto financial stability versus inflation. Despite the instability seen in the banking sector, the IMF’s Director of Monetary and Capital Markets, Tobias Adrian, believes that financial regulators were correct to move quickly to mitigate contagion. Swiss lawmakers symbolically reject the UBS-Credit Suisse rescue deal at the beginning of an extraordinary parliamentary session investigating the takeover that is expected to last three days. And HSBC swoops for more than 40 former SVB investment bankers as it looks to target health and tech opportunities in the U.S.   See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Chinese inflation slumps to an 18-month low with factory gate prices falling for a sixth consecutive month. Asian indices are in the green following dovish comments from the BoJ and BoK with investors banking on looser monetary policy, despite suggestions that the Federal Reserve will continue its rate hiking cycle. In the U.S., markets are flat following Good Friday’s robust jobs data. The CPI print and big bank earnings are due out later in the week. And in tech news, Alibaba announces plans to launch an A.I. rival to ChatGPT across all of its apps.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Weakening employment data and soft services activity in the U.S. provoke recession concerns for investors. The sentiment pushes the Nasdaq up to 1 per cent lower and has spilled over into today’s Asian session. French President Macron is in Beijing holding talks with new Premier Li Qiang in a bid to bring the Chinese onside regarding the conflict in Ukraine. He is due to meet President Xi later this morning. U.S. House Speaker Kevin McCarthy hosts Taiwanese President Tsai Ing-wen in California. Tsai issued a warning about Beijing ramping up regional tensions in the South China Sea region. In Switzerland, the federal government cancels Credit Suisse’s executive bonus programme following the bank’s dramatic rescue by rival UBS.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

JPMorgan CEO Jamie Dimon says the banking crisis is far from over and that after-shocks will be felt for years as the global economy nears recession. We are live in Basel where UBS holds its first AGM since the takeover of Credit Suisse and the return of Sergio Ermotti as CEO. Meanwhile, the board of Credit Suisse faced hostile shareholders at its final AGM with Chairman Axel Lehmann expressing his “grief” at the lender’s fate. In the U.S., February employment openings fall below 10 million which could indicate the Fed’s rate-hiking cycle could finally be cooling the economy. Equities, Treasury yields and the dollar all closed lower on Tuesday. Former U.S. President Donald Trump pleads not guilty to 34 felony counts of falsifying business records over alleged hush-money payments. Trump said he was a victim of electoral interference and a politically partisan judiciary. And, as oil nudges higher following this week’s surprise Opec+ supply cut, Shell CEO Wael Sawan tells our colleagues at CNBC Arabia that significantly higher annual investment into oil and gas are required to meet global demand. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The board of Credit Suisse prepares to face shareholders during its first AGM in four years and what will likely be its last as an independent bank. We are live in Zurich for the latest. The Dow soars by more than 300 points to close its first session of the second quarter as investors attempt to shrug off fears that the sudden Opec+ supply cut could once again flare up inflation. In Australia, the RBA maintains the interest rate at 3.6 per cent but hints that it could once again pick up its hiking cycle. Former U.S. President Donald Trump flies into New York ahead of his arraignment relating to alleged hush-money payments to a porn star. French cosmetics giant L’Oréal acquires Australian brand Aesop in a $2.5bn deal to expand into the high-end natural goods sector.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Oil surges 8 per cent following a surprise Opec+ cut to supply by more than a million bpd in a bid to reportedly stabilise the market. The Nasdaq enjoys its best quarter in almost three years, unfazed by rising interest rates and the recent banking crisis. In Switzerland, prosecutors investigate UBS’s government-backed takeover of Credit Suisse. The new mega-bank is reportedly ready to slash up to 30 per cent of its workforce. March factory activity in China comes in neutral, stoking fears over global demand. In autos news, Tesla deliveries jump by 4 per cent to a new record for the first three months this year. However, the EV maker misses estimates as production outpaces demand.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

UBS and Credit Suisse are reportedly facing interest payments of CHF10bn as the cost of last week’s emergency lifeline emerge. We are live on the shores of Lake Como, Italy where Ambrosetti managing partner Valerio De Molli tells CNBC the banking crisis is still far from over. In the U.S., the Biden administration hopes to tighten rules on mid-sized banks while bypassing Congress. Regional bank shares close lower as a result. European equities, however, shrug off banking sector contagion fears and are set to see off the month in the green. Non-manufacturing PMI in China for March grows at its fastest pace in a decade but factory activity remains sluggish. Former U.S. President Donald Trump has been indicted by a NY grand jury after a probe into hush money paid to porn star Stormy Daniels during the 2016 presidential campaign.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The EU claims the At1 bond wipe-out at Credit Suisse was wrong. We hear exclusively from the Single Resolution Board Chairman, Dominque Laboureix, who says the body would respect the hierarchy of those bondholders in any future banking crisis. In the U.S. Congress, lawmakers accuse Fed regulators of being ‘asleep at the wheel;’, following the collapse of SVB and Signature Bank. The S&P 500 closes back over the 4,000-point mark with tech stocks leading the way as banking sector jitters fade. The Boao Forum opens in China with new premier Li Qiang warns against chaos and conflict while IMF Managing Director Kristalina Georgieva highlights the economic costs of trade fragmentation.   See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

UBS re-appoints its former CEO Sergio Ermotti to take over from Ralph Hamers from the 5th of April. The Federal Reserve’s top regulator, Michael Barr, slams Silicon Valley Bank for its asset management prior to the lender’s collapse. In China e-commerce giant Alibaba spins off its businesses into six units that could potentially opt for separate IPOs. Asian markets are in the green on the news. And U.S. authorities hit FTX founder Sam Bankman-Fried with new charges, this time accusing him of allegedly paying a $40bn bribe to CCP officials.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The Federal Reserve’s top banking regulator calls the collapse of SVB “a textbook case of mismanagement”, blaming oversight at the start-up lender as Washington officials set up congressional hearings. Shares at First Citizens Bank soar following the deal with the FDIC to sweep up SVB’s deposits and loans. CEO Frank Holding tells CNBC the move will shore up confidence in the deposit system. Doubleline Capital’s Jeffrey Gundlach urges investors to sell into the rallies after warning a U.S. recession is imminent. And in crypto news, U.S. regulators sue exchange Binance and its CEO CZ for allegedly violating compliance rules to attract American consumers.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

First Citizens Bank has agreed to buy collapsed Silicon Valley from the U.S. FDIC, taking on all its deposits and loans. Regulators are mulling disciplinary action against Credit Suisse as the cost of insuring defaults causes Deutsche Bank to plunge. German Chancellor Olaf Scholz says that comparisons between the two banks should not be made. Chinese industrial profits slump by more than 20 per cent in January and February as rising commodity costs and a bumpy Covid recovery impact manufacturers. In France, Prime Minister Elisabeth Borne is to meet with opposition leaders as violent pension reform protests continue around the country. And in Israel, President Isaac Herzog has called on the government to stop its overhaul of the judiciary after Prime Minister Benyamin Netanyahu sacked the country’s defence minister over his opposition to the plans. The move has triggered mass demonstrations nationwide.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

U.S. equities close in the green following a rollercoaster session and are set to end the week higher after U.S. Treasury Secretary Janet Yellen moves to calm contagion fears. The UK, Switzerland and Norway all hike interest rates. BoE Governor Andrew Bailey says that the recent turmoil in the banking sector is not a repeat of 2008. EU leaders meet in in Brussels following the meeting between Chinese President Xi Jinping and Russian President Vladimir Putin and warn that the rapprochement between the two nations poses a ‘big challenge’ for the bloc. TikTok CEO Shou Zi Chew is grilled by U.S. Congress where lawmakers are threatening to ban the controversial Chinese app. Chew insists the company is free from CCP influence. And shares in Jack Dorsey’s payment firm Block slide following accusations by short-seller Hindenberg Research of inflated user numbers and allowing fraudulent paymentsSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The U.S. Federal Reserve raises interest rates by 25bps and hints that the hiking cycle may be close to ending. A cautious Jerome Powell says that recent banking sector turmoil could trigger a credit crunch. U.S. Treasury Secretary Janet Yellen back-tracks on deposit backstops causing equities to plunge and banks to sell off. We also preview upcoming central bank moves at the Bank of England as the UK struggles to bring down inflation as well as at the SNB following the Credit Suisse collapse. In crypto news, the U.S. SEC accuses Coinbase of potential security violations. Bitcoin, however is touching on nine-month highs.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

U.S. markets receive a boost as bank stocks rally with Californian lender First Republic and others leading gains following a promise of protective measures from U.S. Treasury Secretary Janet Yellen. Investors now await today’s Fed rate decision as well as more assurances a potential wider banking crisis will be contained with markets pricing in a 25bps hike. S&P urge investors to reassess their risk tolerance to AT1 bonds following Credit Suisse’s $17bn bond wipeout. Meanwhile, UBS is reportedly moving to unwind Michael Klein’s majority share in First Boston. And in tech news, TikTok CEO Shou Zi Chew is to testify on Capitol Hill, insisting it is not a CCP agent.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Global banks enjoy a relief rally after UBS’s $30bn takeover of beleaguered Swiss rival Credit Suisse. We are live in Zurich for the latest. However, First Republic Bank sees shares plunge once more as news emerges that JP Morgan CEO Jamie Dimon is reportedly leading efforts to stabilise the Californian lender. Credit Suisse bondholders consider legal action against the Swiss state after the government wiped out all bondholders of AT1 debt. UBS’s sees its credit rating revised to ‘negative’ by Moody’s and S&P. In Paris, the government narrowly wins a vote of no-confidence which allows it to push through unpopular pension reforms. Prime minister Elisabeth Borne says the move will secure France’s economic health. In retail news, Amazon is to cut a further 9,000 jobs on fears of economic uncertainty.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

UBS agrees to buy Credit Suisse for CHF 3.2bn in a historic deal that Swiss authorities say was desperately needed to prevent the collapse of the country’s second largest lender. Additional Tier 1 bondholders will be wiped out and UBS will take on more than $5bn of losses. Some of the largest central banks have announced fresh liquidity measures to stem any further fallout. Asian equities are in the red while futures are mixed both in Europe and the U.S. First Republic Bank has its status cut to ‘junk’ by S&P and warns that a recent $30bn emergency deal may fall short.   See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

U.S. banks band together, propping up First Republic with a $30 billion rescue deal. Meanwhile, UBS and Credit Suisse reportedly oppose a government-orchestrated tie-up, as the Swiss lender insists its capital position hasn't changed. Wall Street rallies, with banking stocks posting their best day of the year - putting the S&P500 on track for its best weekly performance since January. Investor attention now turns to the Fed and its response to the banking sector turmoil, after the ECB hikes rates by 50 basis points. And protests erupt across France, as Emmanuel Macron exercises his presidential powers to push through his controversial pension reform plan - potentially opening himself up to an immediate vote of no confidence.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Credit Suisse takes a 50 billion franc lifeline from the Swiss National Bank as it looks to restore confidence in the lender, after shares plummet 24 percent. The Chairman of the Saudi National Bank tells CNBC there have been no talks about providing additional financial assistance to Credit Suisse, as he tries to firm up confidence in the embattled lender. European banks brace themselves after a bruising session - that saw the sector plunge 7%, the worst day since Russia invaded Ukraine. Oil recovers some ground after hitting its lowest level since December 2021, amid fears the banking crisis could dent global economic growth. Cracks in the global banking system cast doubt over the ECB's resolve, with market bets clouded on the likelihood of a 50 basis point hike today.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Contagion fears ease, sending global equity markets higher while U.S. core CPI tops estimates, putting more pressure on the Fed in the wake of the SVB collapse. China reports a rebound in consumer spending while real estate investment continues to lag as Beijing's post-covid year gets off to a mixed start. Meta continues its "year of efficiency" announcing another 10,000 layoffs, cancelling thousands of open positions, and stopping low priority projects. And the UK gears up for Chancellor Jeremy Hunt's first budget - expected to unveil key pension and childcare reforms, and push ahead with a controversial rise in corporation tax - which critics say will hit the recovery.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Japanese banks lead losses in Asian trade - as global financial stocks lose almost half a trillion dollars in market value in the wake of Silicon Valley Bank's collapse. U.S. banks post their worst day in three years as ratings agency Moody's places First Republic Bank and five other lenders on downgrade watch. Turmoil in the banking sector sparks a furious rally in U.S. government bonds with the 2-year Treasury yield seeing its biggest three-day decline since 1987. And U.S. measures to prop up the financial system drive bitcoin and other crypto assets higher, easing fears of the sector's exposure to SVB.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

U.S. regulators have promised to fully shield Silicon Valley Bank deposits in a bid to shore up the banking sector and calm contagion concerns after a second lender, Signature Bank, is shut down. U.S. futures spike on the news and Goldman Sachs predicts that the Federal Reserve will refrain from raising interest rates next week as a result. In the UK, potential bidders for SVB’s British arm are circling while Chancellor Jeremy Hunt says the government will work to minimise damage from the fallout. Saudi Aramco posts record full-year profits for 2022 of $161bn and announces it will be hiking its dividend.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Wall Street’s top banks suffer a $50bn market cap wipeout following Silicon Valley Bank’s $2bn loss while shedding assets to cover deposit outflows. The rout has triggered contagion fears among those holding bond portfolios and has dragged U.S. indices firmly lower. The Dow is now on track to post its worst week in almost half a year. Asian equities are also down as a result. President Joe Biden unveils his $6.8tn budget blueprint but faces strong opposition from the GOP. Biden is due to hold talks with European Commission President Ursula Von Der Leyen in D.C. where European concerns about the IRA impact will be top of the agenda. In Beijing, President Xi Jinping is re-confirmed as leader for a historic third term. Former Shanghai party boss Li Qiang is expected to be named Premier later this weekend. And in Japan, the BoJ keeps interest rates and yield control policies in place as Haruhiko Kuroda bids farewell as governor. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

U.S. Federal Reserve Chairman Jerome Powell reiterates his message that the central bank will speed up the pace of rate hikes should it deem it necessary. The jobs market data remains stubborn but Powell insists that March’s rate decision is not yet a foregone conclusion. In China, inflation has slowed to its slowest pace since last February on weaker consumer activity while factory deflation continues to a fifth consecutive month. Kazuo Ueda is approved as the new BoJ governor by the country’s parliament as the central bank attempts to end decades of ultra-loose monetary policy. In crypto news, lender Silvergate has announced it is closing down and returning deposits. And JP Morgan is to sue its former executive and ex-Barclays CEO Jes Staley for failing to disclose his ties with deceased convicted sex offender Jeffrey Epstein. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

U.S. Federal Reserve Chairman Jerome Powell warns of a return to a 50bps interest rate hike this month as the jobs market and inflation show little signs of cooling. U.S. indices plunge on Powell’s Senate warning with the Dow lower year-to-date while the 2- and 10-year yield inversion reaches its steepest rate in four decades. The White House has endorsed a bill proposed by a bipartisan group of senators which would allow the Biden administration to block foreign technology applications such as China’s Tik Tok which it could pose a potential national security threat. And on International Women’s Day, IMF Managing Director Kristalina Georgieva tells CNBC that female input is vital to solving today’s global economic problems. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

President Xi Jinping accuses the U.S. of hampering China’s development while Foreign Minister Qin Gang says the two nations could be on course for confrontation. January and February import and export data out of Beijing comes in weak as China’s exit from zero-Covid restrictions is hobbled by supply chain bottlenecks and slowdown concerns. BofA CEO Brian Moynihan and JP Morgan boss Jamie Dimon are both cautious about the U.S. economic forecast ahead of this week’s Congress testimonies by Federal Reserve Chair Jerome Powell. And Down Under, the RBA increases rates by 25bps but softens its forward guidance.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

China forecasts a more modest 5 per cent growth as it opens its annual National People’s Congress. Premier Li Keqiang praised the economy’s resilience amid a challenging global environment. Chinese stocks, however, are down but the rest of Asia is in the green following last week’s positive close on Wall Street. Harris Associates offloads its remaining Credit Suisse stake citing a lack of confidence in the lender’s new strategy, accusing it of burning through capital. And in tech news, UK chip maker ARM hopes to raise $8bn to reach a valuation of $50bn after opting to list in New York rather than London.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Chinese services activity in February surges to its fastest pace in six months ahead of the National People’s Congress where the CCP is set to tighten control over several key institutions. Atlanta Fed President Raphael Bostic supports a 25bps rate hike which bumps up U.S. indices while the 2-year Treasury bill to its highest level in a decade. At the G20 in New Delhi, India, U.S. Secretary of State Antony Blinken slams Moscow’s aggression following a brief meeting with his Russian counterpart Sergei Lavrov. It’s the first time the two have met in person since the invasion of Ukraine. Oil is on track for weekly gains but Saudi Aramco CEO Amin Nasser tells CNBC he is concerned about under-investment as Chinese demand returns.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Tesla held its annual investor day but Elon Musk’s Master Plan 3 fails to deliver specific details despite a pledge to halve assembly line costs. The EV maker’s shares fell in extended trading. The U.S. 10-year Treasury yield hits 4 per cent for the same time since November. Equities plunge as investors struggle to accept a persistently higher rate environment. Minneapolis Fed President Neel Kashkari says he is likely to keep pushing rates higher this spring. In Europe, markets are down and bond yields climb to multi-year high as Germany warns of rising inflation. We hear from Bundesbank President Joachim Nagel who says he expects the ECB to keep hiking rates over the coming months. In the UK, however, BoE Governor Andrew Bailey says further rate hikes are not a given. And in banking news, activist investors are demanding a vote at the HSBC AGM in May as they seek to spin off the lender’s successful Asian business units.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Chinese PMI data rises at its fastest pace in more than a decade, pushing Asian indices into positive territory. However, Wall Street finishes February in the red, its second negative month in three. The 10-year Treasury bill briefly nudges its highest rate since November on the back of stickier inflation concerns. Goldman Sachs’ investor day flops with CEO David Solomon suggesting a potential sale of parts of its consumer banking arm after mistakes were made. Spanish lender Santander is to return half of its profits to shareholders as it targets ROTE of up to 17 per cent as part of its new three-year strategy. Executive chairman Ana Botin tells CNBC higher rates have pushed the bank to deliver record FY profits. And we are live in Barcelona at Mobile World Congress where Cisco CEO Chuck Robbins tells us A.I. opportunities for telcos are limitless.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

UK Prime Minister Rishi Sunak seeks support for the new Northern Ireland Brexit trade agreement with the EU. We are live in Westminster for the latest. U.S. indices are up but still on track to record February in the red. Europe’s STOXX 600, however, surges, more than doubling the S&P 500’s return so far for 2023. Recruitment firm Adecco posts rising Q4 revenue but net profit is down 65 per cent. And in telco news, as Huawei spin-off Honor moves into the foldable smartphone market, we hear from EY CEO Carmine Di Sibio at Barcelona’s Mobile World Congress who says U.S. relations with China will continue deteriorating as firms seeks to move supply chains out of the country.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

U.S. indices suffered their worst week of the year so far following disappointing inflation data. Cleveland Federal Reserve President Loretta Mester tells CNBC that she will maintain her rate stance to help rein in price stability. Billionaire investor Warren Buffett defends share buybacks following criticism of the practice as Berkshire Hathaway posts a $23bn annual net loss. UK Prime Minister Rishi Sunak is to hold talks with European Commission President Ursula Von Der Leyen today in a final bid to secure a new Brexit deal for Northern Ireland. German lender Commerzbank is due to relist on the DAX after a four-year absence to make way for then-rising star Wirecard.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Today marks the sombre one-year anniversary of Russia’s invasion of Ukraine. Leaders of G-7 nations and many others around the world pledge further support to Kyiv, condemning Moscow’s invasion. The S&P 500 is finally in the green following a four-day losing streak – its worst week of 2023 so far. JP Morgan CEO Jamie Dimon tells our colleagues Stateside that the Federal Reserve has lost some control over inflation and that interest rates could still hit 6 per cent. In Japan, inflation hits a 41-year high but incoming BoJ governor Kazuo Ueda believes it to be “appropriate” to maintain the country’s ultra-loose monetary policy. And in crypto news, former FTX CEO Sam Bankman-Fried faces several new federal charges including conspiring to make illegal political donations and banking fraud.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The S&P 500 lists its fourth day of losses as Federal Reserve minutes show the central bank is determined to bring rates down. St Louis President James Bullard tells CNBC the Fed is ready to react should inflation refuse to budge. Russian President Putin hosts Chinese Foreign Minister Wang Yi in Moscow in a show of deepening ties between the two countries. In Warsaw, Bucharest 9 leaders pledge to shore up NATO’s eastern flank with Sweden and Finland pushing for their speedy accession into the alliance. We hear from Swedish defence minister Pål Jonson who says NATO will benefit from the two Nordic nations’ specific assets and capabilities.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The Dow suffers its worst day of the year so far, falling almost 700 points and Treasury yields are at fresh highs. Cautious U.S. retail guidance has increased concerns over consumer demand. In Japan, the central bank buys up more emergency bonds after the 10-year JGB crosses a key limit for the second trading session. Russia withdraws from the landmark START deal with the U.S. sparking fears of nuclear tests being resumed by Moscow. We are live in Warsaw where President Biden pledges unwavering support for Ukraine in a key speech ahead of the one-year anniversary of the Russian invasion. We are also live in Stockholm where the leaders of Sweden and Finland urge Turkey to approve their countries’ accession to NATO. And in gaming news, Microsoft holds talks with EU officials to approve its planned $69bn acquisition of ‘Call of Duty’ maker Activision Blizzard.   See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

High interest rates and China’s post-Covid reopening helps to double HSBC’s quarterly pre-tax profit. CEO Noel Quinn tells CNBC that the forecast for 2023 remains positive. U.S. President Joe Biden arrives back in Poland following his surprise trip to Kyiv where he promised President Volodomyr Zelenskyy additional military support and unity in the face of Russian aggression. We are live in Warsaw ahead of the one-year anniversary of Moscow’s invasion of Ukraine. BHP sees profits fall in H1, prompting the miner to cut its dividend. However, CEO Mike Henry is confident Chinese metals demand will pick up as the country reopens.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The U.S. and China exchange diplomatic barbs over the weekend during the Munich Security Conference following the shooting down of a suspected Chinese spy balloon earlier this month. Almost one year after the Russian invasion of Ukraine, NATO Secretary-General Jens Stoltenberg tells CNBC that Beijing will be watching the outcome of the war closely. As EU leaders discuss massive additional military support to Kyiv, we hear from Ukrainian Foreign Minister Dmytro Kuleba who denies allegations of corruption at the top his government.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

U.S. producer prices rise more than expected fuelling new inflation fears and sending U.S. indices more than 1 per cent into the red. Asian markets follow suit. The Fed Reserve’s Loretta Mester and James Bullard both call for a return to 50bps hikes in March in a bid to temper inflation. President Biden has pledged to address last week’s spy balloon incident with Chinese President Xi Jinping with U.S. authorities set to hold bilateral talks with their Chinese counterparts at this weekend’s Munich Security Conference. China Renaissance shares fall after it is revealed the boutique advisory company’s CEO Bao Fan is missing amid reports the dealmaker may have fallen foul of Beijing. And in autos news, Tesla will install an upgrade to its self-driving system in 360,000 vehicles over crash concerns.    See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Standard Chartered posts a 28 per cent surge in full-year profits and also launches a $1bn share buy-back programme. U.S. consumers brush aside cost concerns with retail sales hitting their highest monthly gain in almost two years. In aviation news, Airbus outperforms expectations with a 16 per cent rise in full-year profits. However, the plane maker remains cautious on delivery targets which remain in line with last year. Tesla agrees to share its charging points with other EVs to boost President Biden’s green federal funding package.   See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

U.S. inflation is down in January but still comes in hotter than expected at 6.4 per cent. Global markets are slightly down with only the Nasdaq posting a positive session. TSMC shares sell off after Berkshire Hathaway cuts its stake in the chip maker by more than 85 per cent while increasing its Apple holdings. In luxury news, LVMH appoints U.S. rapper Pharrell Williams to lead its menswear design arm.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Japan’s government confirms Kazuo Ueda as its nominee to lead the BoJ with market analysts anticipating the new governor will keep the country’s monetary policy loose but to scrap yield curve control. We await today’s U.S. CPI data with investors hoping on seeing further signals of inflation easing despite Fed officials remaining hawkish. There are suggestions the EU may swerve recession with attention now focusing on the bloc’s heavy debt load. EU Commissioner Valdis Dombrovskis tells CNBC that the EU’s economy remains robust despite slow growth rates. U.S. and Chinese authorities are reportedly considering a face-to-face meeting at this weekend’s Munich Security Conference amid ongoing spy balloon accusations.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The S&P 500 and Nasdaq finish their worst week in more than a month as investors brace themselves for U.S. CPI data out later this week as well as further rate hikes to rein in inflation. The weak sentiment crosses the Pacific with Japan’s Nikkei leading losses. Questions linger over whether prospective BoJ governor nominee Kazuo Ueda would move against the country’s ultra-loose monetary policy. The U.S. Air Force has shot down a fourth flying object in American air space in just eight days – this time over Lake Huron – as Washington moves to blacklist 6 Chinese firms suspected of being linked to the spy balloon downed over the coast of South Carolina. And in sports news, the Kansas City Chiefs beat the Philadelphia Eagles 38-35 in Superbowl LVII.   See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Standard Chartered shares dip sharply in Hong Kong after First Abu Dhabi Bank denies reports it is lining up a $35bn takeover of the Asia-focused UK lender. Inflation data in China comes in below expectations as factory gate prices continue to fall while CPI surges. The proxy fight between Disney and billionaire investor Nelson is now over after CEO Bob Iger announced vast reorganisation and cost-cutting plans at the entertainment giant. The two have now told CNBC that they will now share a joint vision for the company. In luxury news, L’Oréal sees Q4 profits jump by 8 per cent, helped along by strong showings in Europe and the U.S. However, strict Covid restrictions in China slowed growth in the quarter. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

We have a slew of European corporate earnings. Credit Suisse posts a consecutive net loss of CHF7.29BN for last year. However the outflow of business grabs the headlines with up to CHF111BN leaving the lender. Siemens smashes Q1 forecasts and raises its FY sales and profits guidance. Stateside, Disney stocks are up in after-hours trade after returning CEO Bob Iger announces a raft of reforms, including 7,000 job cuts and $5.5bn in cost-cuts. And Alphabet shares plunge following an error made by its A.I. chatbot in a promotional video clip.   See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

President Biden addresses Congress in his State of the Union speech, taking aim at China and big business while hailing his own economic agenda in its role in fighting inflation. The dollar is down and Treasury yields rise following Federal Reserve Chairman Jerome Powell’s comments that further rate hikes may still be on the table if inflation fails to stabilise. French lender Société Générale posts Q4 net income falling by 35 per cent but still beating expectations. Volkswagen reports a rise in FY sales and profit despite weak deliveries. There is little progress following Inflation Reduction Act talks between French and German economy ministers. WTO director-general Ngozi Okonjo-Iweala tells CNBC she hopes Brussels and Washington can still avoid a trade confrontation.   See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Softbank posts a fourth consecutive quarter of losses at the investor’s Vision Fund. CEO Masayoshi Son is to miss the earnings call for the fist time ever. French lender BNP Paribas reports a 9 per cent rise in full-year profits but CFO Lars Machenil tells CNBC that the macro environment remains uncertain. Q1 net loss more than doubles at Siemens Energy due to charges at its wind division Gamesa. However CEO Christian Bruch the pipeline is still strong. U.S. President Joe Biden is due to deliver his second State of the Union address and is expected to hail his landmark climate legislation but he is likely to be dogged by questions over his handling of a suspected Chinese spy balloon. And in south-eastern Turkey the death toll continues to rise after the region was hit by two massive earthquakes on Monday morning.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The US shoots down a suspected Chinese spy balloon, drawing an angry response from Beijing as Secretary of State Antony Blinken cancels what would have been the Biden administration's first cabinet visit to China. Wall Street takes a step back after the January jobs report blows past forecasts, but tech stocks still see a five-week rally - the longest run since November 2021. The yen dips as the market digests reports that one of the most dovish candidates, Masayoshi Amamiya, has been sounded out as a potential successor to Haruhiko Kuroda at the head of the BOJ. Adani's stock slide enters a third week, as Adani Enterprises reportedly postpones a bond sale, and Moody's downgrades its outlook on two of the group's companies.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Apple posts its first profit miss in seven years as demand for its high-end iPhones drops on production issues and a softer macroeconomic environment. In other tech earnings news, Alphabet flags slower ad revenues, and Amazon struggles on weaker consumer sentiment. Meta surges to one of its best days in almost a decade, pushing the Nasdaq to its highest level since September. Top executive Nicola Mendelsohn tells CNBC the tech giant's strategy shift is paying off. The ECB and BOE both hike rates by 50 basis points, while a change in wording at the Bank of England sparks speculation rates are now at or near the peak. Governor Andrew Bailey tells CNBC it's too soon to be sure. Adani Group losses spiral past $100 billion since late January, as a short-seller's accusations of fraud spark an intensifying crisis at the Indian conglomerate.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

We have a slew of European corporate earnings this Super Thursday including Deutsche Bank, Roche and Santander, ahead of key central bank decisions. Stateside, the Federal Reserve slows the pace of rate hikes to deliver its smallest increase in a year. Chairman Jerome Powell hints that the central bank will again hike in March despite signs of cooling inflation. We await interest rate decisions from the BoE and the ECB later today as euro zone inflation eases for a third consecutive month.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Struggling tech stocks surge on the Nasdaq, helping the index to its best yearly start since 2001. The S&P 500 also enjoys its best January in four years. The private Caixin survey shows Chinese factory activity shrinking for a sixth consecutive month, which contrasts more optimistic government figures. Snap shares are in the red in extended trade as falling digital advertising spend weighs. Meta shares are also down ahead of its Q4 earnings due out later today. Paris sees huge demonstrations against President Macron’s pension reforms as a number of countries brace for industrial action on Wednesday. The UK will see its biggest mass walkout in 12 years.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Markets in Asia follow Wall Street downwards as cautious investors brace for a slew of tech earnings and central bank moves later this week. Swiss lender UBS posts a 23 per cent surge in Q4 net profit, beating bottom-line expectations. China’s economy swings back to growth as disruption fears following the country’s emergence from strict Covid restrictions fade. The IMF hikes its global economic outlook for the first time in a year with the UK lagging behind among developed economies. Speaking to CNBC, the IMF’s chief economist, Pierre-Olivier Gourinchas urges vigilance. And we are live at the annual Baker Hughes meeting in Florence. The company has announced a new exploration partnership with Fortescue Future Industries.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

As the week-long Chinese Lunar New Year holiday ends and trade restarts, the CSI 300 index nears bull market territory. Renault and Nissan are set to announce the details of their restructured tie-up. Renault is to slash its stake in the Japanese car maker down to 15 per cent. Oil is up on optimism following the end of the Chinese New Year. BP, however, is bearish on the demand outlook and has pared back its long-term guidance. American, Dutch and Japanese authorities are moving closer to a deal which would restrict China’s ability to buy advanced chip technology.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

U.S. markets are up following a slew of economic data and Q4 earnings. Tesla helps bump the Nasdaq up by almost 2 per cent. The American economy grows more than expected in the final quarter of 2022 with hopes that the Federal Reserve can attain a ‘soft landing’. President Biden hails the numbers, saying it proves his economic plan is having a positive effect. Russia launches attacks on several Ukrainian cities following Kyiv’s securing of heavy tank deliveries from Western allies. Luxury giant LVMH posts record FY profits for the second year running, welcoming the return of Chinese high-end shoppers.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Tesla posts a Q4 earnings and revenue beat on both the top and bottom lines, causing the stock price to surge. CEO Elon Musk says price cuts for Tesla cars have boosted demand. In Hong Kong, the Hang Seng moves almost 2 per cent as it kicks off the Chinese New Year of the Rabbit. In Japan, the Nikkei is down as BoJ minutes reveal division about the country’s inflation. The U.S. and Germany sign off on delivery of Abrams and Leopard tanks to Ukraine with Presidents Biden and Zelenskyy both hailing the moves as crucial in countering Russian aggression. And investors are bracing for U.S. GDP figures out later today as forecasts put Q4 growth at 2.4 per cent.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Microsoft stutters in extended trade after it posted the slowest quarterly revenue growth since 2016. The NYSE suffers a technical glitch which stops trade in 251 stocks. Several trades will now be cancelled. Markets closed mixed but the Dow posted its third consecutive session in the green. Tesla CEO Elon Musk tells a California jury he was not bound by any commitments in 2018 when he tweeted he had secured the funds to take the EV maker private. Returning South Korean stocks help push Asian markets to a seven-month high but Australia equities disappoint with inflation hitting a 33-year high. And following months of discussions, the U.S. and Germany are reportedly set to deliver Abrams and Leopard tanks to Ukrainian forces.   See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

U.S. equities rally lead by tech stocks as the market anticipates a 100 per cent chance of the Federal Reserve paring back next week’s rate hike to 25bps. Audio streaming giant Spotify is to announce job cuts of up to 6 per cent as Google boss Sundar Pichai says he had to act decisively in the face of faltering growth. Qatar’s investment arm has upped its share of Credit Suisse as the lender turns to the Middle East to help fund its restructuring strategy. There are growing calls from Kyiv and various EU capitals for Germany to green-light its Leopard tank deliveries. NATO Secretary-General Jens Stoltenberg is to hold talks with new German defence minister Boris Pistorius today.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The IMF hints it may upgrade the global growth outlook for the year as the economic forecast shows early signs of brightening. Speaking during a CNBC panel at the World Economic Forum in Davos, managing director Kristalina Georgieva warned that rising rates could still hamper an upturn. The dollar falls on expectations of less aggressive Fed rate increases while the euro hits a nine-month high after ECB President Christine Lagarde tells CNBC there are more 50bps hikes to come. Tech stocks are in focus ahead of earnings this week after the Nasdaq posts its third consecutive week of gains. In China, a major Covid exit wave looks unlikely as up to 80 per cent of the population has already been infected, according to top scientists. German Chancellor Olaf Scholz and French President Emmanuel Macron meet in Paris and vow closer EU ties in the face of greater economic competition from the U.S. and geo-political threats from Moscow.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Japanese inflation hits a 41-year high of 4 per cent last month, which is twice the BoJ’s target as the central bank sticks with its ultra-loose policy. We hear from Dutch Prime Minister Mark Rutte who says he does not believe the U.S. IRA was intended to hurt EU economies but the move has impacted businesses within the bloc. U.S. markets are in the red for the week as jitters over the Federal Reserve’s rate path dampens sentiment. Activist Greta Thunberg slams WEF policy makers for not prioritising climate concerns. And in crypto news, lender Genesis officially files for bankruptcy, holding liabilities of $11bn.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

There are renewed U.S. recession fears following weaker-than-expected retail and PPI data. Wall Street plunges into the red while the 10-year Treasury yield hits its lowest level since September. Goldman Sachs CEO David Solomon, however, tells CNBC he believes sentiment is softening and is hopeful of a softer landing both Stateside and in Europe. Several Fed officials, including James Bullard and Loretta Mester say the U.S. policy rate should top 5 per cent during a new round of hawkish commentary. We speak to new Credit Suisse CEO Ulrich Koerner who says the bank’s business restructuring strategy is progressing smoothly as the lender scrambles to retain its top staff. And in crypto news, lender Genesis is set to file for bankruptcy while U.S. officials detain the founder of the Bitzlato exchange for allegedly handling more than $700m in illicit funds.   See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Stocks in Japan surge as the yen posts its worst session in almost three years and the JGBs fall back as the BoJ insists it will continue its yield curve control procedure. We hear from Polish President Andrzej Duda who says that Russian President Vladimir Putin is on the back foot in Ukraine, calling on allies to further increase support for the nation. German Finance Minister Christian Lindner tells this channel that a trade war with the U.S. must be avoided and that Brussels should work hand-in-hand with Washington to combat inflation. In banking news, Goldman Sachs posts its worst profit miss in almost ten years with rival Morgan Stanley also underperforming. However, U.S. bank CEOs in Davos predicted a more gentle recession this year. Chinese Vice Premier Liu He is set to meet with U.S. Treasury Secretary Janet Yellen in Zurich as Beijing reports a steady increase in full-year FDI.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Chinese annual GDP has come in at its second-worst rate since the Cultural Revolution, growing at only 3 per cent – well below its official 5.5 per cent target. The country’s population also contracted for the first time in six decades. We hear from Spanish Prime Minister Pedro Sanchez who says the EU should follow the U.S. lead on fighting inflation and that he hopes a trade war could be avoided. The World Economic Forum kicks off in its annual winter slot for the first time since 2020 in Davos. ‘Polycrisis’ and fragmentation risks are two central themes this year as the IMF warns the developing world is falling behind. Up to two-thirds of global economists are braced for recession within a year while CEO confidence has fallen to a more than 10-year low. And in Japan, the BoJ holds its two-day policy meeting. The 10-year JGB has surpassed the 0.5 per cent threshold for the third consecutive session.   See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The 10-year JGB breaks the BoJ’s ceiling for a second day while the yen surges. The central bank is now under pressure to begin tightening monetary policy. The IMF has a dire warning ahead of this year’s World Economic Forum meeting in Davos, predicting that economic fragmentation could cause global GDP to fall by up to 7 per cent. On Wall Street, U.S. banks post a mixed set of Q4 results amid increased provisioning and downturn concerns. Bank of America CEO Brian Moynihan says 2023 will see likely see a ‘mild recession’ in early to mid-2023. Credit Suisse is reportedly to slash 10 per cent of its investment banking staff as part of its next wave of restructuring.   See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

US consumer prices for December plunge at their steepest rate since April 2020. The headline CPI of 6.5 per cent is the smallest annual rise in more than a year. Despite Fed officials Patrick Harker and James Bullard insisting that rates will continue to rise, there are hopes the central bank could start cutting them later this year as inflation eases. In China, December exports hit their lowest level since February 2020, while Covid infections have continued to hamper domestic demand. Tesla is set to slash EV prices Stateside on its most popular models by 20 per cent in a bid to claw back market share following a rollercoaster 2022. And U.S. AG Merrick Garland appoints a special counsel to investigate classified documents found at President Biden’s home and private offices.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Asian markets are at a seven-month high on the back of the Nasdaq’s first four-day rally since last September. Investors are now awaiting the U.S. inflation data later today. In China, the CPI accelerates in line with falling Covid restrictions. However, factory prices are unexpectedly down, hampered by continuing snags in the global supply chain. Disney shares are up on the announcement that Mark Parker is to become the next chairman. Activist investor Nelson Peltz is denied a seat on the board at the entertainment giant. The world’s largest chip maker, TSMC, posts a near-80 per cent surge in Q4 profits of close to $10bn. And we hear from WEF managing director Saadia Zahidi ahead of next week’s Davos annual meeting. She tells CNBC that the cost-of-living crisis and climate change are the most grave crises facing the globe. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

U.S. Federal Reserve Chairman Jerome Powell says he recognises the pain of rising interest rates but insisted that the central bank needs to maintain its independence to successfully make difficult policy decisions. The Hang Seng leads Asian markets into the green as China continues to reopen follow. The World Bank cuts its global growth forecast almost by half warning that the economy is on pace for its weakest growth in 30 years. President David Malpass tells CNBC that despite the gloom, China’s reopening is a ‘key variable’. Airbus remains well ahead of Boeing as the world’s top plane maker with 2022 deliveries climbing by 8 per cent. And in France, a nationwide strike is announced for next week following the government’s move to extend the retirement age from 62 years to 64 in order to avoid a major structural deficit.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The New Year Wall Street rally stumbles with the Dow and S&P 500 closing in the red after the Fed Reserve’s Raphael Bostic and Mary Daly confirm that although hikes will slow the terminal rate will likely surpass the 5 per cent mark. Markets in China pull back somewhat following the reopening bounce. State officials say that several regions are now past the peak of Covid infections. Pfizer CEO Albert Bourla tells CNBC is could begin to manufacture its Paxlovid dose with a local Chinese partner within a matter of months. French President Emmanuel Macron’s government is set to roll out its pension reform plan, putting it on a collision course with unions and left-wing MPs. And in the UK, the government fails to agree a pay deal with various unions, potentially setting up more strike action this winter.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

U.S. indices rally to their best daily performance since November as a favourable December jobs reports raises hopes of a soft landing Stateside. CNBC hears exclusively from Atlanta Federal Reserve President Raphael Bostic who says that the pace of hikes could slow if there are signs of loosening in the labour market. Asian markets are in the green as China opens its borders and scraps Covid quarantine rules for the first time in three years. Alibaba shares are up as Ant Group founder Jack Ma gives up control of the company, easing tensions with the Chinese Communist Party. Ant now insists it will not relaunch an IPO. And in Brasilia, Brazil, hundreds of Jair Bolsonaro supporters storm the nation’s Congress, Supreme Court and other government buildings following last week’s inauguration of President Luiz Inacio Lula da Silva.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Stronger-than-expected employment data Stateside fuels concerns about further Fed tightening, pushing U.S. markets into the red. Kansas City Federal Reserve President Esther George tells CNBC that she believes rates will stay higher until at least 2024. In China, mortgage rules are loosened to help boost a flagging property sector and authorities are reportedly prepared to ease ‘three red line’ limits on developer borrowing. In tech news, Samsung Electronics expects to see Q4 profit slump by almost 70 per cent on the back of soft demand for smart phones and chips. The collapse of crypto exchange FTX prompts Silvergate Capital to cover $8bn in withdrawals. And Kyiv has rejected an Orthodox Christmas truce offered by Moscow while clinching U.S., German and French deals for armoured vehicles.   See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The Federal Reserve signals that it will maintain rates at a higher level for longer following the release of December’s FOMC meeting’s minutes. It is expected to slow the pace of hikes while ruling out any cuts this year. U.S. markets are in the green for the first time this year amid a dip in manufacturing activity and a strong employment scenario. China’s service sector contracts for the fourth consecutive month as rising Covid rates hamper consumer demand. The EU urges a coordinated testing regime on Chinese arrivals to the bloc while the WHO accuses Beijing of opacity over its Covid data. E-commerce giant Amazon announces it will cut up to 18,000 jobs as lay-offs increase throughout the tech sector.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Apple’s market cap falls below $2tn on the first trading day of the year as shares slump. The iPhone maker’s decline continues into 2023 after a year which saw its valuation drop by $1tn. Tesla misses Q4 delivery estimates, causing shares to slump 12 per cent. CEO Elon Musk now faces an investor backlash over demand and supply chain concerns. Forecasts of warmer winter temperatures push U.S. and European natural gas prices lower, helping to ease inflationary pressures in Germany. In Washington, House Republicans are in disarray after failing to elect Kevin McCarthy as Speaker after three votes – the first majority leader not to receive his party’s backing in a century. And in New York, former FTX CEO Sam Bankman-Fried has pleaded not guilty to federal fraud charges. His trial date is set for October.   See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Global markets start the new year positively after Wall Street posted its worst-performing year since 2008. IUMF Managing director Kristalina Georgieva has warned of a tough 12 months ahead. Chinese manufacturing activity at state firms hovers near a three-year low following the abolition of Covid regulations. President Xi Jinping has told his nation that the next phase in its Covid response would prove to be challenging. In corporate news, Tesla has posted record Q4 production and delivery numbers but misses estimates as supply chain issues and recession concerns continue to weigh. CNBC learns that Sam Bankman-Fried will plead not guilty to fraud charges over the collapse of his FTX cryptocurrency exchange.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

U.S. markets end 2023 in the green with the S&P500 recording its best day all month and the Nasdaq claws back some of December’s losses. However, Wall Street as a whole is still on track to mark its most torrid year since the Great Financial Crisis. In China stocks are up despite the country suffering a huge Covid exit wave with several nations imposing travel restrictions on Chinese nationals. Oil prices end 2023 on a high after a bumper year for IOCs. Investors are now eyeing China’s reopening and Europe’s energy crunch in the new year. Russia continues to pound Kyiv with missiles following its largest aerial assault since the start of the war. U.S. President Biden has pledged more support for Ukrainian forces in his 2023 spending bill.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Equities around the world continue to pull back at year-end. U.S. markets are set for their worst year since 2008, amid the backdrop of China’s post-Covid reopening. Several Asian nations, the U.S. and Italy re-impose testing demands on Chinese travellers following positive Covid results among 50 per cent of passengers arriving on two flights in Milan. Exxon is taking the EU to court over its windfall tax rules following the increase in levies ordered by Brussels. And in tech news, Apple shares tumble to a one-year low below a key $129 technical level. Investors are now bracing for the tech rout to spread into other sectors.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

U.S. markets make a tepid return to trade as the China re-opening rally stutters. The S&P500 is now on course for its seventh-worst year ever. As Beijing unwinds its zero-Covid restrictions, the Hang Seng outperforms in Asia. Hong Kong is reportedly set scrap its Covid testing and vaccine mandate rules for international travellers. Russia has vowed to ban oil sales to any country abiding by the West’s $60 barrel price cap. And in auto news, Tesla is forced to pause production at its Shanghai plant causing shares to fall by more than 10 per cent – their worst performance by month, quarter and year to date.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

China scraps its quarantine rules for international travellers as its continues to wind back Covid restrictions, marking its biggest push yet towards reopening its borders since the pandemic. Violent blizzards hit much of the U.S. through the Christmas weekend, with tens of thousands of homes left without power and scores of flights grounded. Ukraine's Foreign Minister Dmytro Kuleba says Kyiv would be open to a UN-backed peace summit aimed at ending Russia's invasion, but stresses he wants to see Moscow pay for its actions.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

U.S. equities see the sell-off resume, killing off hope of a Santa Clause rally with tech stocks leading the losses. Billionaire investor David Tepper tells CNBC he is bearish on stocks. Tesla shares are down almost 9 per cent on demand concerns but manages to claw back some losses in extended trade. CEO Elon Musk will now not sell off any more shares until 2025. Border Force staff in the UK go on strike sparking travel chaos while in the U.S. thousands of flights are grounded by a ‘bomb cyclone’ winter storm. Former FTX CEO Sam Bankman-Fried is released on a $250m bail and ordered to remain under house arrest as he awaits trial for federal fraud charges.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

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. as two of his top executives plead guilty to federal fraud charges in New York. In tech news, U.S. chip maker Micron’s share slump after it suspends bonuses and announces it is slashing its workforce by 10 per cent following a first-quarter loss.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

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 giant Nike sees shares soar by 12 per cent in extended trade after beating expectations and raising its guidance. Elon Musk is reportedly searching for someone “foolish enough” to take over from him as Twitter CEO following the result of his own online poll.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

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 the tech giant had breached anti-trust rules. It may now be fined up to $12bn. And in energy news, EU countries have agreed a gas cap compromise that would come into effect from February. However, Hungary has already voiced its opposition to the ‘dangerous’ measure saying it would leave European energy supplies vulnerable.   See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

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 his decision to fight U.S. extradition efforts where he faces allegations of wire fraud and money laundering.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

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 to President Biden’s Inflation Reduction Act. However, a corruption scandal engulfing the European Parliament continues to deepen. We hear exclusively from the CEO of shipping titan MSC, Soren Toft, who says his firm is ready to capitalise on a predicted import/export recovery from China following Beijing’s relaxation of its zero-Covid policy.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

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 restrictions continue to hamstring the economy. As EU leaders meet in Brussels to respond to the U.S. Inflation Reduction Act, we hear from Estonian PM Kaja Kallas who says competition rules cannot simply be ‘thrown out of the window’.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

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.S. inflation data for November comes in lower than expected pushing Wall Street marginally higher. Investors now expect a 50bps rate hike from the Federal Reserve later today. And in Brussels, EU energy ministers fail yet again to compromise on a cap on gas prices with another meeting scheduled for next week.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

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 2023. China and Hong Kong continue to ease Covid restrictions, dropping their state-mandated mobile tracking apps as the region continues to unwind some of the world's strictest curbs. EU Energy Ministers prepare to meet in Brussels for crunch talks on a gas price cap as the bloc is warned about potential shortages next winter.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

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 to the test. European Parliament Vice President Eva Kaili is suspended from her party, after Belgian police detain 2 MEPs and seize €600,000 in cash in a series of weekend raids.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

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 Microsoft’s $75 billion acquisition of Activision Blizzard over concerns it would harm competition in the gaming space. FTX founder Sam Bankman-Fried is warned he could be subpoenaed to testify on Capitol Hill next week, as the SEC calls on public companies to disclose their crypto exposure amid fears of further contagion.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

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 ties with the region. The S&P 500 posts its fifth straight negative session as rate concerns cloud the outlook, while consumer borrowing climbs.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

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 ouright majority in the Senate and delivering a blow to former President Donald Trump. And, Meta slides as the company threatens to pull news from Facebook, as its ad model reportedly comes under pressure in Europe.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

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 amid a report China could announce ten new easing measures as soon as tomorrow, after last month's historic demonstrations. And Italy's Finance Minister adds to the chorus of calls for a European response to America's Inflation Reduction Act.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

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 October, while November's non-farm payrolls report blows past expectations despite the Fed's attempts at clamping down inflation. And S&P Global slashes France's outlook to negative, citing rising budgetary risks as the country's debt pile grows amid ongoing support measures against inflation, and spiking energy costs.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

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 Biden rolls out the red carpet for his French counterpart Emmanuel Macron, hosting his first state dinner as the pair pledge to hold Russia accountable for its actions in Ukraine. Twitter reportedly offers incentives to advertisers in a bid to win them back - while Elon Musk suspends Kanye West's account after the rapper violates the platform's rules once again.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

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 now-bankrupt FTX exchange. We hear exclusively from Dutch minister for Climate and Energy Policy, Rob Jetten, who says that the failure of EU nations to agree on a gas price cap is jeopardising the bloc’s energy crisis plan.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

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 Jerome Powell. And in banking news, HSBC is to sell off its Canadian unit to the Royal Bank of Canada for $10bn as it pivots towards the Chinese market.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

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 least 100,000 creditors on the hook, as the crypto lender becomes the latest company to fold in the wake of FTX's dramatic collapse. And, Elon Musk accuses Apple of halting its advertising on Twitter and threatening to remove the platform from its app store.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

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 uncertainty over China rattles markets. And, Black Friday online sales top 9 billion dollars, hitting a new record as consumers flock to 'Buy Now Pay Later' platforms to offset soaring prices.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

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 energy ministers in Brussels agree to revisit a price cap on gas next month. Retailers brace for one of the busiest shopping days of the year. U.S. consumers are expected to increase their Black Friday spending, while European shoppers face a downturn.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

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 as well as a ceiling on gas as the bloc meets today for an extraordinary energy summit. Russian missiles pound Ukrainian energy infrastructure installations causing nationwide blackouts. President Volodomyr Zelenskyy tells the UN Security Council that Moscow is guilty of energy terrorism.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

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 Skrelas tells CNBC the level is too high. The FTX bankruptcy proceeding is under way in Delaware amid allegations of lost assets and fatal mismanagement by founder and CEO Sam Bankman-Fried.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

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 Saudi Arabia denies reports that Opec+ is set to hike output next month. The fallout from the collapse of FTX continues to be felt in the sector with Bitcoin falling to below $16,000 for the first time in 2 years while lender Genesis is now reportedly set to file for bankruptcy.   See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

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.S. consumer. Atlanta Federal Reserve President Raphael Bostic suggests that one more rate rise of up to 100bps could prove to be enough to bring down inflation. In crypto new, FTX admits it owes its top 50 creditors more than $3bn as the new CEO scrambles to sell off or restructure the business. And in Egypt, Cop27 wraps up with negotiators hailing an agreement on ‘loss and damage’ funds. However, no deal has been reached to further curb greenhouse gases.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

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 forecasts due to zero-Covid restrictions. In the Bahamas, the government seizes collapsed crypto exchange FTX’s assets following its bankruptcy filing. And there is turmoil at Twitter as mass resignations follow CEO Elon Musk’s call for a new ‘hardcore’ work culture at the social media giant.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

UK Chancellor Jeremy Hunt is set to present his autumn budget in the House of Commons later today. Bank of England governor Andrew Bailey says that recent political and financial turmoil has battered the country’s reputation. U.S. markets are in the red following a Christmas warning note from retail giant Target. Federal Reserve governor Christopher Waller indicates that pace of rate hikes may be close to slowing. Tuesday’s fatal explosion in eastern Poland has been judged not to have been part of a deliberate attack by Russia. However, European Parliament President Roberta Metsola tells CNBC that pressure on Moscow must be maintained. Singaporean investment titan Temasek writes down its $300m stake in FTX. It says it misplaced trust in CEO Sam Bankman-Fried. Short-seller Carson Block tells this channel that the crypto sector has lost its way.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

World leaders hold an emergency meeting at the G20 in Bali after an alleged missile kills two people in a Polish village near the Ukrainian border. President Biden is cautious on speculation the missile may have been launched by Russian forces. U.S. equities rally once more after factory inflation data comes in weaker than expected. October producer prices rose 0.2 per cent. Former U.S. President Donald Trump has officially announced he will run in 2024 despite intense criticism within the GOP. In crypto news, BlockFi could be next in line to file for bankruptcy. Crypto.com CEO Kris Marszalek tells CNBC the sector is feeling the impact of FTX’s collapse.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

China’s economy continues to stutter as October data comes in short with Covid restrictions and a property slump weighing heavily on activity. U.S. equities are in the red for the first time in three sessions after Federal Reserve Vice Chairman Lael Brainard backs slower tightening but says that further work lies ahead. Berkshire Hathaway makes a $4bn swoop for a holding in Taiwanese chip maker TSMC – the third tech company in its portfolio. German semi-conductor firm Infineon hikes its long-term guidance following a 30 per cent rise in FY revenue as well as unveiling plans for a new €5bn facility in Dresden. And in Bali, Indonesia, President Biden and President Xi strike a warmer tone despite recently soured relations between Washington and Beijing. The U.S. has voiced concerns over rhetoric regarding Taiwan but President Biden has downplayed talk of a new Cold War.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

President Biden and President Xi prepare to meet for head-to-head talks at the G20 in Bali as relations between the world’s biggest economies sour further. We hear from German economy minister Robert Habeck who says Berlin must diversify its economic partners after cancelling several high-profile Chinese investments. In the U.S., Democrats retain the Senate with wins in Arizona and Nevada. The GOP are set to win the House of Representatives. Tech stocks lift the S&P 500 while global sentiment shifts helps European equities to their best weeks since March. And in crypto news, the collapse of the FTX exchange shocks the sector. Rival Binance withdraws FTX tokens from its platform.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Wall Street posts its best day since 2020 with the Dow surging over a thousand points on signs inflation may have peaked. Goldman Sachs’ tells CNBC the data vindicates the Fed's approach. The jump in U.S. equities sends yields sharply lower while the dollar sinks in its worst day since 2009. China adjusts its Covid controls, cutting the quarantine period for close contacts and easing restrictions for inbound travelers as Beijing looks to minimise the number of people affected by the measures. The White House announces President Biden will hold his first face-to-face meeting with Chinese leader Xi Jinping next week, with the aim of improving relations between the two global superpowers. In the world of crypto, FTX's Sam Bankman-Fried courts investors, reportedly seeking more than 9 billion dollars to rescue the crypto exchange. SEC Chairman Gary Gensler tells CNBC the sector is failing to comply with clear rules.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Wall Street is in the red as control of the U.S. Congress remains undecided and the crypto sell-off sinks market sentiment. Crypto exchange Binance pulls out of a deal to buy up troubled rival FTX’s U.S. business, citing “issues beyond our control and our ability to help”. There are three U.S. states whose Senate midterm election results hang in the balance. Georgia is set for a December run-off with Nevada and Arizona still too close to call. Meanwhile, President Biden says he prepared to form bipartisan ties with Republican lawmakers. Social media giant Meta are set to slash 11,000 jobs. CEO Mark Zuckerberg has said he takes full responsibility for the redundancies.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Control of the U.S. Senate is too close to call as Pennsylvania lieutenant-governor John Fetterman flips the seat from Republican to Democrat. Meanwhile GOP Senate candidate for Georgia Herschel Walker urges voters to remain patient. NBC News estimates that Republicans will take control of the House of Representatives with a projected win of 219 seats. An NBC poll finds that the cost of living and abortion rights topped voter concerns. Meanwhile two-thirds do not want President Biden to run for a second term. In crypto news, FTX’s coin crashes with more than $2bn wiped out. Rival Binance has swooped in for FTX’s non-U.S. business.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

New Twitter CEO Elon Musk has urged independent voters to back GOP candidates in the mid-term elections while Donald Trump has hinted he will put his name forward for the presidential race in 2024. Wall Street has reacted ahead of the elections closing in the green for the second straight session. The Dow is up by more than 400 points. The EU has accused the U.S. Inflation Reduction Act of breaching international trade rules. German Finance Minister Christian Lindner tells CNBC that he is concerned about the Act’s consequences on European business. We are also live at COP27 in Sharm El-Sheikh where despite billions being pledged by world leaders, the impasse between ambition and execution on climate change remains vast. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Apple says that Beijing’s zero-Covid policy is damaging production of its most popular mobile phones. Chinese exports and imports contract for October, simultaneously shrinking for the first time since May 2020. Octobers non-farm payroll data beats expectations. However, the Dow breaks a four-week winning streak on rising rate concerns. Richmond Federal Reserve President Thomas Barkin tells CNBC prices still have some way to go. In tech news, thousands of Twitter employees are fired as part of Elon Musk’s overhaul of the social media giant. The company will launch its blue tick subscription service reportedly after the U.S. mid-term elections. We are also live at COP27 in Sharm El-Sheikh, Egypt where IMF managing director Kristalina Georgieva tells CNBC that higher fuel prices are accelerating adoption of greener energies.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The Bank of England hikes interest rates to a historic 3 per cent – the largest jump in 30 years. Governor Andrew Bailey has told CNBC the MPC’s move was needed despite the threat of recession. U.S. equities are in the red as investors brace for October non-farm payroll numbers. They are expected to show employment activity decelerating to its slowest rate in two years. Chinese tech stocks rally on the Hang Seng amid reports of positive U.S. audits of Chinese companies and a potential relaxation of the country’s zero-Covid restrictions. Stateside, Twitter lay-offs are reportedly set to begin today following Elon Musk’s takeover of the social media giants. There are also job cuts expected at Lyft and Strip while Amazon freezes further hiring.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Federal Reserve Chairman Jerome Powell seeks to terminate market speculation of a pivot away from raising rate hikes. Powell said it was ‘premature’ to end the hiking cycle. Wall Street reacts by dipping into the red following earlier gains while Treasury yields edge higher. Service activity in China falls to its lowest level since May as Beijing’s strict zero-Covid policies continue to strangle the economy. We are live at Web Summit in Lisbon where Ukrainian First Lady Olena Zelenska tells CNBC countries must put aside national self-interest and continue assisting her country in its war against Russia.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

U.S. equities dip as investors brace for a fourth consecutive 75bps rate hike from the Federal Reserve. HSBC CEO Noel Quinn tells CNBC he believes the U.S. central bank is close to it. Mainland Chinese markets add to yesterday’s big gains despite Beijing denying rumours it will soften its zero-Covid policy. Standard Chartered CEO Bill Winters says he is bullish that Chinese growth will return. The BoE sells up to £750m of UK government debt, becoming the first central bank to sell sovereign bonds back to the markets. And we are live at Web Summit in Lisbon where hot topics will include Elon Musk’s takeover of Twitter and U.S. regulators’ potential crackdown on TikTok.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Saudi Aramco posts a near-40 per cent surge in Q3 net income on the back of rising global prices. President Biden urges IOCs to use their record profits to help reduce prices for consumers. BP CEO Bernard Looney tells CNBC his company is already putting its windfall gains to good use. The Dow is slightly down but has posted its best month since 1976. Asian equities start the new month in the green. In China factory activity stalls as authorities increase Covid restrictions. The yuan is down to its lowest level since the GFC due to a weak midpoint setting. New Twitter CEO Elon Musk dissolves the board and sets aggressive targets amid upcoming job cuts at the social media giant.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Credit Suisse issues further details about its CHF4bn capital increase as part of its overhaul. Chairman of the Saudi National Bank, Ammar Al Khudairy, tells CNBC the Swiss lender must not hesitate in restructuring the bank. The Dow is on course to post its best month since January 1976 despite recent weakness in tech stocks. Chinese economic activity contracts for October as authorities ramp up Covid restrictions in key manufacturing and financial cities. And in Brazil, Lula da Silva narrowly wins the presidential election to edge out incumbent Jair Bolsonaro.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Elon Musk completes his $44bn takeover of Twitter and immediately fires CEO Parag Agrawal and CFO Ned Segal and confirms the acquisition by tweeting ‘the bird is freed’. Big Tech suffers an almost $800bn loss to its market cap as investors flee the sector on the back of underwhelming earnings, weak forecasts and spiralling costs. Amazon and Apple earnings are also due to today. The e-commerce giant offers a weak outlook ahead of the Christmas season while Apple misses on iPhone sales. In forex news, the euro nears parity against the dollar as the ECB raises rates by a further 75bps. President Christine Lagarde says the central bank’s job to calm inflation is still incomplete.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Credit Suisse posts a larger-than-expected Q3 loss. The lender unveils a turnaround plan which includes restructuring its IB unit and cutting costs by 15 per cent. Chairman Axel Lehmann has admitted the bank has been ‘unfocused’. The ECB is expected to raise rates by a further 75bps which would place them at their highest level since 2009. Facebook parent company Meta sees shares freefall by almost 20 per cent in extended trade. CEO Mark Zuckerberg’s move to build the ‘metaverse’ platform has so far failed to attract investors. And staying in Silicon Valley, Elon Musk is on the verge of purchasing Twitter with the finishing touches being applied by banks to financing deals.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Asia-focused bank Standard Chartered beats expectations, posting a 40 per cent jump in Q3 profit on the back if rising rates. Spanish lender Santander see net quarterly profit of €2.4bn. It says it is confident it will hit its full-year targets. Declining ad revenue causes Google parent company Alphabet to miss on its top and bottom lines for the third straight quarter. Microsoft shares are down despite beating estimates. It warns that its cloud business is experiencing a marked slowdown, posting its smallest revenue growth in 5 years.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

UBS suffers a 24 per cent drop in net profit but an improvement in net interest income as the bank navigates macro-economic headwinds going into the fourth quarter. HSBC posts a better-than-expected Q3 earnings despite rising impairments. Rishi Sunak becomes UK prime minister urging the Conservative party to ‘unite or die’. In tech news, Chinese tech loses $55bn on a single day on Wall Street as investors signal concerns about President Xi Jinping’s unprecedented third term.   See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

China GDP comes in short of Beijing’s official GDP data with Covid lockdowns affecting growth. President Xi Jinping consolidates his grip on power ahead of a third term in office. In the UK, former chancellor Rishi Sunak is set to become prime minister as soon as today after Boris Johnson withdraws his candidacy. In Italy, Giorgia Meloni is sworn in as prime minister to create the most right-wing cabinet wince WW2. Wall Street posted its best trading week since June amid reports that some Fed officials plan smaller interest rate hikes in the coming months.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

UK Prime Minister Liz Truss quits after just six chaotic weeks in the job. Sterling dips on the news ahead of an accelerated Tory leadership contest. A new Prime Minister is expected to be announced by next Friday. In Brussels, EU leaders meet late into the night with Germany’s Olaf Scholz dropping his country’s opposition to a gas price cap, provided sufficient supplies are secured. U.S. indices are in the red and both the 2- and 10-year yields hit levels not seen since 2008. In corporate news, sportswear giant Adidas cuts its full-year guidance blaming weaker demand in China and in the West and its departure from the Russian market. However, luxury firm Kering shrugs off any recession concerns to post a 14 per cent surge in Q3 sales despite Gucci lagging in China.   See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Tesla beats on the topline but misses revenue estimates which drives the share price down in extended trade. CEO Elon Musk is bullish, saying that the company’s market cap could eventually exceed that of Apple and Saudi Aramco combined. Beleaguered UK Prime Minister Liz Truss is rocked by the departure of Home Secretary Suella Braverman over immigration targets. Wall Street sees the 10-year yield rising to its highest level since 2008. Asian markets follow suit prompting the BoJ to put a floor under bond prices. And in earnings news, Swiss-Swedish industrial titan ABB posts a Q3 beat in orders and revenue and signals it will hit its 2023 margin targets a year early.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Netflix shares soar in extended shares on the news that the streaming giant has increased subscriber numbers by 2.4m in the third quarter to double expectations. Goldman Sachs tops quarterly earnings forecasts despite revenue and profit falling off. CEO David Solomon tells CNBC the lender is bracing for a downturn in the U.S. Wall Street enjoys a second straight day of gains on strong earnings despite a volatile session. U.S. futures are also set to move higher. New Hong CEO John Lee urges the territory to attract more global talent during his maiden address after Covid restrictions were eased. The EU moves to tackle high gas prices and to avoid an energy bidding war between member states. However it falls short of imposing an energy price cap. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

UK Prime Minister Liz Truss says she recognises her mistakes and apologises for the way the mini-budget was launched and handled. Her new Chancellor Jeremy Hunt rips up the bulk of her economic programme in a bid to calm jittery markets. On Wall Street, tech stocks fight back, helping the Nasdaq to its best day since July. Bank of America shares surge following better-than-expected Q3 profits on the back of an increase in interest income. CEO Brian Moynihan tells our colleagues Stateside that U.S. consumer remains ‘very solid’. Credit Suisse is reportedly wooing the Abu Dhabi and the Saudi sovereign wealth funds for capital injections into its investment banking arm.   See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Chinese President Xi Jinping opens the Communist Party National Congress, hailing the nation’s battle against Covid while looking to secure a historic third term. Asian markets start in the red following a volatile week which saw the Dow drop 400 points. In the UK, new Chancellor Jeremy Hunt distances himself from his predecessor’s policies, causing the pound to surge. Meanwhile calls for Prime Minister Liz Truss to resign grow. IIF chair Axel Weber warns of a growing gap between monetary tightening and looser fiscal policy. We hear from Mercedes CEO Ola Källenius who says China will remain the car maker’s biggest market but voices concerns that future growth will be vulnerable to geo-politics and supply chain constraints.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

US stocks stage a massive comeback, with the Dow swinging 1,500 points, despite US CPI coming in hotter than expected. Chinese consumer prices rise by the most in more than two years, as the country's ruling party prepares to usher in a historic third term for President Xi Jinping. Kwasi Kwarteng heads home early from IMF meetings, amid speculation the government is considering yet another U-turn over its controversial ‘mini-budget’. However, the U.K. Chancellor says he is committed to the plan. LVMH's Antoine Arnault hails the resilience of the luxury sector throughout the pandemic, telling CNBC the stronger dollar is now boosting sales.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

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%. The Fed comes under further pressure in its inflation fight, with food and energy costs causing wholesale prices to rise more than forecast last month. EU energy ministers agree on plans for a joint gas buying scheme, but fail to strike a deal on a price cap.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

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 across some of the country, days ahead of the Communist Party Congress. In corporate news, LVMH toasts a third quarter sales beat, as the luxury giant sees a boost from the stronger dollar, with American tourists splashing out in European stores.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

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 deliver more air defense systems to Kyiv after Russian missiles strike cities across Ukraine, killing 14 and damaging key civilian infrastructure. Gilts come under renewed pressure after separate moves by the Bank of England and the U.K. Chancellor fail to quell concerns over Prime Minister Liz Truss’ economic strategy.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

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 President Vladimir Putin accuses Ukraine of a "terrorist act" after a bridge linking Crimea to Russia is hit by an explosion, disrupting a key military supply line. Nissan reportedly pushes Renault to sell down its stake in the Japanese carmaker, as part of talks that would see the auto giants create a joint venture to accelerate the development of electric cars.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

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 the non-farm payrolls. We are live in Prague at the inaugural summit of the European Political Community where Polish PM Mateusz Morawiecki tells us Germany’s addiction to cheap Russian gas and its “disastrous” energy policy have left the rest of Europe in a vulnerable position. And in tech news, Samsung posts its first quarterly decline for 3 years as it wrestles with a global slowdown and reduced memory chip demand.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

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 the latest to issue a negative outlook warning for the UK. Elon Musk and Twitter could reportedly resolve their litigation wrangles later this week. The Tesla boss has launched plans to transform the social media platform into a ‘super-app’.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

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 courts. And in corporate news, HSBC shares hit a 20-month high after reports the bank is set to offload its Canadian unit. And UK PM faces a further division from within her cabinet and party after refusing benefits increases in line with inflation.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

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 regions. In banking news, Credit Suisse’s credit default swaps reach new highs after the Swiss lender failed to calm market fears about its financial health.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

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 as Russian President Vladimir Putin signs accession treaties for 4 illegally occupied regions. Oil prices surge on news that Opec+ producers are reportedly mulling a 1m bpd output cut. And in corporate news, Credit Suisse moves to reassure investors about its financial health, causing credit default swaps spreads to move sharply higher.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

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-budget tax cuts are essential. Chinese manufacturing shows signs of recovery but the Caixin survey shows that services are struggling from a sharp slowdown. And in energy news, Germany outlines a €200bn package to shield consumers from soaring gas prices.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

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 largest amount since 2020 while the S&P 500 breaks its six-day losing streak but billionaire investor Stanley Druckenmiller tells this channel a downturn is still imminent. Porsche is set to list in Frankfurt later today in what is likely to be Europe’s largest IPO ever. And European leaders vow to investigate the recent Nord Stream pipeline leaks in the Baltic while European Commission President Ursula Von Der Leyen says the bloc will refuse to recognise referenda held in four occupied Ukrainian regions.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

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 central bank will continue to hike rates appropriately. St Louis Fed Chairman James Bullard is adamant that recession remains a risk but Ark Invest’s Cathie Wood believes deflation is around the corner in the next six months. European authorities launch probes into 3 gas leaks coming from the Nord Stream 1 and 2 pipelines in the Baltic Sea. Poland’s Prime Minister Mateusz Morawiecki and Denmark’s Mette Frederiksen believe sabotage cannot be ruled out.   See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

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 Fed. The World Bank slashes its China growth forecast, saying that it will lag behind regional peers for the first time in more than 30 years. Industrial profits continue to be impacted by Covid restrictions.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

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 fear Chancellor Kwasi Kwarteng’s tax cuts cluster will increase the UK’s debt burden. The Dow has hit its lowest point this year as the global sell-off continues.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

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 inflation. Chancellor Kwasi Kwarteng is set to slash taxes in his mini-budget. And at the UN, Russian foreign minister Sergei Lavrov walks out of the Security Council over alleged war crimes committed in Ukraine by Russia forces.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

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. At the UN, U.S. President Joe Biden leads global condemnation of Russia’s partial military mobilisation and threats of nuclear strikes.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

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 Vladimir Putin is expected to give his first national address since the beginning of the Ukraine invasion. The Kremlin is likely to ramp up military operations in the country and to fast-track annexation referenda in four occupied territories. And in energy news, Berlin is set to complete the final stage of its takeover of troubled utility Uniper, also providing a further €8bn in support measures.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

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 this channel that Europe has the requisite energy infrastructure to weather the current power crisis. In autos news, Ford shares reverse in extended trade after supply chain issues weigh on costs.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

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 Hungary over a rule-of-law dispute with Budapest.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

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 resilience with retail sales rising at their fastest pace in six months, while factory output and investment data also top expectations. Russia acknowledges Chinese "questions and concerns" over the Ukraine war, after Presidents Putin and Xi hold in person talks for the first time since the invasion. In extended U.S. trade, Adobe shares sink after the software company announces a 20 billion dollar deal to buy Figma.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

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 economy $2 billion a day. Chinese President Xi Jinping makes his first overseas trip since the start of the pandemic, with the war in Ukraine on the agenda as he meets Russia's Vladimir Putin. In Europe, the French government announces it will cap energy price rises for households at 15 percent in 2023, at a cost of 16 billion euros and Uniper shares plunge after the gas importer confirms it is in talks with the German government over further support.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

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 support program for troubled energy providers, and Twitter shareholders approve Elon Musk's $44 billion takeover, while a whistleblower tells US lawmakers of alleged major security flaws at the social media platform and says regulators are ill-equipped for their role.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

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 collapse in deals volume. Twitter shareholders reportedly vote in favour of Elon Musk's 44 billion dollar takeover, as the billionaire tries to force his way out of the deal.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

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 country, as Russia makes a hasty retreat and launches a barrage of missiles into Kharkiv. Crude prices slip amid warnings China's fuel demands could contract for the first time since 2002 as Beijing continues to impose a zero-covid policy approach to covid cases.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

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 international community. In other news, the ECB hikes rates by a record 75 basis points, to the highest level since 2011, pushing eurozone yields higher as Christine Lagarde pledges to keep up the inflation fight. US Federal Reserve Chair Jerome Powell echoes Christine Lagarde's comments, vowing to continue his battle with inflation stateside.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

ECB policy makers are expected to hike by a record-breaking 75bps to combat inflation amid sky-rocketing utility prices. U.S. equities are in the green and crude prices bounce back following the Fed’s Lael Brainard insisting the central bank must hold its nerve in containing inflation. The dollar is at a 24-year high against the yen. New UK leader Liz Truss attends her first Prime Minister’s Questions as sterling sinks to its lowest level since 1985. The EU is proposing a price cap on Russian gas in order to mitigate the energy crisis facing the bloc.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Wall Street closes in the red yet again. The Nasdaq posts its longest daily losing streak since 2016. Richmond Federal Reserve President Thomas Barkin says that rates must stay high until inflation is contained. New UK Prime Minister Liz Truss is reportedly planning a £100bn package to help millions of households cut sky-rocketing energy bills this winter. Gazprom has signed a deal to permit Chinese customers pay for its gas in yuan or roubles in a bid to move away from the dollar. Goldman Sachs says that European household energy costs could soar by $2tn by next year. We hear from Uniper CEO Klaus-Dieter Maubach who says “the worst is still to come” for European gas consumers. And in China, August exports numbers slow with Covid restrictions, inflation and energy supply problems all weighing heavily.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Gazprom reportedly claims Siemens Energy must carry out maintenance work on the Nord Stream 1 pipeline before gas supply to Europe can resume. Brussels is suggesting an EU-wide gas price cap. Enagas CEO Arturo Gonzalo tells CNBC that Moscow’s behaviour will only serve to strengthen Europe’s resolve to stop dependence on Russian hydrocarbons. Liz Truss becomes the next UK prime minister and is due to receive the keys to 10 Downing Street later today. In Australia, the RBA raises interest rates by 50bps in a bid to rein in price pressures. And in energy news, Opec+ announces a ‘miniscule’ cut of 100,000bpd from October.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Gazprom indefinitely cuts gas supplies to Europe via the Nord Stream 1 pipeline. We hear from EU Commissioner Paolo Gentiloni at the Ambrosetti Forum who says that the Kremlin is weaponising energy but insists the West will not flinch. Sweden, Finland and Germany have scrambled to announce energy support packages, warning of a Lehman Bros-moment for the sector. In the U.S., equities are in the red for the third straight week despite solid August jobs numbers. Republican senator Lindsey Graham tells CNBC that Donald Trump must focus on policy should he decide to run for President in 2024. In Italy, Giorgia Meloni’s Fratelli d’Italia party leads polls just weeks before the general election. We speak to Democratic Party leader Enrico Letta who believes his party offers a viable alternative vision for the country. We are also live in Downing Street ahead of the Conservative Party leadership contest result.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

We are live on the shores of Lake Como in Italy for the Ambrosetti Forum as Italy announces a multi-billion euro inflation-busting emergency programme. This as the 10-year yield hit 4 per cent for the first time since June. However, Ambrosetti CEO Valerio De Molli tells CNBC that the country is not about to slip into another debt crisis. Investors anticipate the U.S. August jobs report with the Dow breaking a four-day losing streak. Russia vows to stop selling crude to nations supporting an oil price cap. Brent and WTI gain in early trade. And in food and beverage news, Starbucks unveils Laxman Narasimhan as its new CEO in a bid to impose the coffee chain giant’s Reinvention plan.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

U.S. equities are set to start the new month in the red following their worst monthly performance in seven years. Treasury yields continue to rise as Cleveland Fed President Loretta Mester pours cold water on hopes inflation has been tamed. In Covid-hit China, factory activity contracts for the first time in August. Growth concerns weigh on crude prices which have suffered their worst losing streak since April 2020. Shares in Nvidia and AMD slump after Washington curbs exports to Beijing. And in the UK, sterling posts its steepest monthly decline since Brexit as Conservative Party leadership hustings draw to a close.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

U.S. equities continue their slide in the red with the S&P 500 dipping below its 50-day moving average. Richmond Fed President Thomas Barkin, however, says a recession is not inevitable. We hear from French Finance Minister Bruno Le Maire who says that he backs emergency measures to rein in rampant energy prices throughout Europe. Russia cites maintenance issues as it turns off gas supplies into Europe via the Nord Stream 1 pipeline, which had already been functioning at just 20 per cent capacity. In China, factory activity falls yet again in August, hamstrung by Covid outbreaks and power outages. World leaders pay tribute to the last Soviet leader, Mikhail Gorbachev, who has died aged 91.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Asian markets stage a rebound following more declines from U.S. markets overnight. Treasury yields also climb with the 2-year bill hitting its highest level since 2007 following Federal Reserve Chairman Jerome Powell’s Jackson Hole comments last week. ECB chief economist Philip Lane has said he backs incremental rate hikes, warning that bigger increases could have adverse effects on the bloc. The EU has set out emergency measures to decouple electricity and gas in a bid to rein in ‘skyrocketing’ energy costs. In China, tech firms continue their slump, logging their worst earnings quarter ever. There is one outlier – e-retailer Pinduoduo – which posts better=than-expected Q2 numbers.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The Dow drops 1,000 points following Federal Reserve Chairman Jerome Powell’s Jackson Hole speech. Powell sparked a global sell-off after warning of increased pain to come in the struggle against rampant inflation. The ECB follows suit, predicting further sacrifices to curb price pressures on this side of the Atlantic. In China, July’s industrial profits slump on the back of continuing Covid restrictions and power outages hit factory performance. Regulators have called on banks to provide more support. And in crypto news, Bitcoin is on course for its fifth day of declines, dipping below the $20k mark amid concerns about the Fed’s rate hike trajectory.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The Dow finishes in the green with U.S. markets eagerly anticipating Federal Reserve Chairman Jerome Powell’s Jackson Hole speech later today. Fed officials speaking to CNBC at the Wyoming symposium have reiterated the need to keep raising interest rates to bring down U.S. inflation. President Biden signs an executive order to boost chip production. At a mid-term elections rally in Maryland he called Trump philosophy ‘semi-fascist’. In Zaporizhzhia, Ukraine, back-up systems have sparked into action following shelling at Europe’s largest nuclear plant, which disconnected it from the country’s grid. British energy regulator Ofgem prepares to lift the price cap, causing bills to soar for millions of households from October.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

U.S. markets are in the green after three negative sessions with investors seeking further Fed clarity ahead of the start of the Jackson Hole Symposium today. President Biden fulfills his 2020 campaign promise of student loan forgiveness one week before a moratorium on payments and interest. The move will affect millions of graduates with $10,000 debts. Tesla undergoes its second stock split in 2 years on a 3-for-1 basis. In Germany, Economy and Climate Protection Minister Robert Habeck announces energy-saving measures designed to save 2 per cent of gas consumption this winter.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

U.S. indices are down for their third straight session following further hawkish comments from the Federal Reserve. Investors’ expectations that Chairman Jerome Powell would move away from the central bank’s tightening progamme have been dampened. In energy news, crude is also down on anticipation that any Opec+ output cuts could coincide with the return of Iranian oil to markets as part of a renewed nuclear deal. Chinese e-commerce giant feels the strain of continuing Covid restrictions in the country, posting a record-breaking slow quarter. And the U.S. is set to unveil a $3bn security package for Ukraine which is today marking six months since Moscow’s invasion of its territory.   See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

U.S. markets post their worst session in June with the 10-year Treasury yield hitting 3 per cent. Investors are anticipating Fed rate setters will double-down on their hawkish positions at the Jackson Hole Symposium later this week. In forex news, the dollar is up while the euro plunges to a two-decade low. German Chancellor Olaf Scholz visits Canada to seek alternative energy sources following the Russia’s invasion of Ukraine. In China, the PBOC is set to off $29bn worth of special loans to property developers in order to stabilise a worsening housing crisis. And in retail news, Adidas announces the surprise departure of CEO Kasper Rørsted.    See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The S&P 500 breaks a 4-week rally and Treasury yields rise ahead of the Jackson Hole meeting of central bankers this week. Beijing cuts its base lending rate in a bid to revive its faltering economy amid extended Covid restrictions and a property sector crisis. Russia is set to undertake a further 3 days of ‘planned maintenance’, halting natural gas deliveries to Europe. And in entertainment news, Cineworld is reportedly to file for bankruptcy, citing a lack of blockbuster movies.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

U.S. markets look to attempt to revive their recent rally. The S&P 500 is on track to end its fifth straight week in the green. St. Louis Federal Reserve President James Bullard has repeated his call for a further 75bps hike in September. Home goods retailer Bed, Bath & Beyond sees shares nosedive after billionaire investor Ryan Cohen withdraws his entire stake in the company. Also in the U.S., Kohl’s beats expectations but shares fall on the news that the department store chain has cut its guidance as middle income consumers feel the inflation pinch. Greece prepares to formally exit Brussels’ ‘enhanced’ fiscal surveillance programme to mark the end of its debt crisis.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The Dow’s five-day winning streak ends and Treasury yields grow as the Federal Reserve admits its aggressive tightening policy has been risky and that inflation still shows no signs of receding. We hear from the new Opec Secretary General Hathaim Al-Ghais who says Chinese consumption fears are exaggerated and that a return to pre-Covid demand depends on jet fuel recovery. In the U.S. Target misses Q2 expectations and sees profits plunge by 90 per cent despite discounts on clothing and electronics.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

It’s a fifth straight day of gains for the Dow since May. Retail stocks have been particularly resilient. Walmart ups its full-year guidance after beating both Q2 revenue and earnings forecasts. Shares are up by 5 per cent for the retail giant. CEO Doug McMillon remains cautious, telling this channel that inflation is hurting U.S. consumers, forcing them to adapt their shopping habits. In China, an extended heatwave has prompted authorities to shut down factories in southern provinces for six days to save electricity. And in energy news, crude prices recover and there are signs the oil market is tightening following a drop in U.S. stockpiles.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The U.S. markets rally continues with the Dow closing above its 200-day moving average for the first time in four months. Disney shares are up on the news that investor Daniel Loeb’s Third Point is to buy a new stake in the entertainment giant. The hedge fund manager has also written to CEO Bob Chapek urging him to spin off sports network ESPN. In mining news, BHP posts its best profit in 11 years and has suggested it may improve a bid for Oz Minerals. And in Germany has introduced a new gas price levy on households and businesses with Energy Minister Robert Habeck blaming Russia for allegedly weaponising resource security in the wake of the Ukraine conflict.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Weaker-than-expected retail and factory data prompts the Chinese central bank to slash the key lending rate as its zero-Covid strategy continues to impact the country’s economy. The S&P 500 posts its fourth consecutive winning week ahead of a slew of U.S. retail earnings. However, Richmond Federal Reserve President Thomas Barkin tells CNBC that demand is softening. In energy news, Saudi Aramco hits a record $48.4bn profit in the second quarter.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The recent U.S. equity rally stalls despite July wholesale prices showing a surprise decline. Treasury yields edge higher on anticipation the Federal Reserve can achieve a ‘Goldilocks’ soft landing. In pharma news, GSK, Sanofi and Haleon all see shares slump due to continuing litigation issues relating to a recalled heartburn drug. UK GDP figures are due out with soaring utility prices set to weigh heavily. And U.S. EV maker Rivian posts a Q2 loss of $1.7bn, sending shares tumbling in after-hours trade.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The Nasdaq bounces back to bull market territory following yesterday’s better-than-expected inflation report. U.S. President Joe Biden says a lot more needs to be done to bring prices down. Treasury yields also contract on investor anticipation of less aggressive rate hikes but three Fed officials maintain there will further rises this year. Disney shares are in the green in extended trade on strong Disney + subscriber numbers. The entertainment giant has announced a price hike for the streaming service. And in Asia, Soft Bank has cut its Alibaba stake to 14.6 per cent to raise $34bn in a bid to bolster its balance sheet.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Expected U.S. inflation data causes both U.S. and Asian equities to fall, with consumer prices rising at their fastest rate in 2 years. Chip maker Micron posts a weaker-than-expected forecast with continuing supply chain headwinds impacting sentiment. Elon Musk sells almost $7bn of Tesla shares in anticipation of the possibility he may be forced to complete the Twitter purchase. In the UK, ministers warn of possible power blackouts this winter and prepare for worst-case scenarios should energy prices continue to soar.   See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The recent U.S. equity rally pauses with the Nasdaq and S&P 500 both closing lower ahead of tomorrow’s inflation report. Chip maker Nvidia issues a Q2 profit warning due to slumping gaming sales. In China, there are further Covid flare-ups with authorities locking down in parts of Tibet and Xingjiang, just a day after restrictions were imposed on the tourist island of Hainan. Norway has warned that it may ration electricity exports to Europe following low summer rainfall affecting its reservoirs.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

U.S. non-farm payrolls surprise to the upside which help to ease recession fears but also bump up Treasury yields as investors anticipate further Fed rate hikes. Chinese exports see faster-than-expected growth in July but imports suffer due to Beijing’s strict zero-Covid policies. The recent political upheaval in Italy has prompted ratings agency Moody’s to cut the country’s outlook to negative ahead of September’s general election. And in corporate news, Berkshire Hathaway suffers a $53bn loss on its investments in the second quarter.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Investors await key non-farm payrolls jobs report. Cleveland Federal Reserve President Loretta Mester has reiterated the central bank’s resolve to rein in inflation via rate hikes. On this side of the pond, the BoE hikes rates by 50 bps – the largest move it has made in 27 years. Governor Andrew Bailey says the UK is likely to fall into recession in the fourth quarter with inflation topping 13 per cent by October. Tesla shareholders approve a 3-for-1 share split. CEO Elon Musk suggests building more giga-factories and offering a share buyback. And Chinese e-commerce giant Alibaba posts a Q2 beat but revenue falls for the first time since its New York IPO, due to Beijing’s strict zero-Covid policies.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

U.S. markets rally and yields retreat as better-than-expected services data prompt investors to ignore recession concerns. This, as Fed officials continue to push to curb inflation. We hear from St Louis Federal Reserve President James Bullard who favours front-loading and shrugs off talk of a U.S. recession. We are live at the Bank of England where the MPC considers raising rates for the sixth consecutive time in what could potentially be its largest hike in 27 years. In energy news, Opec + members disappoint the White House by hiking output by a modest 100,000 bpd.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Wall Street closes in the red for a second day running and Treasury yields rise following hawkish comments from San Francisco Fed President Mary Daly, who says that the battle to rein in U.S. inflation is far from over. Tensions are high in East Asia after U.S. House Speaker Nancy Pelosi touches down in Taipei to pledge close support for Taiwan, irking the CCP administration. Pelosi is the highest ranking U.S. official to visit the island in 25 years. We speak to Société Générale CEO, Frédéric Oudéa, who has seen the lender’s Q2 revenues surge by 13 per cent. Also, Chinese July PMI storms back expanding at its fastest pace for more than a year as Covid restrictions were finally lifted.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Asian markets slide on geo-political and recession concerns. WTI falls to below $93. The RBA hikes interest rates by 50bps but the Australian dollar falls on the news. The central bank says that inflation Down Under is yet to peak. Beijing warns that it will react if it believes its sovereignty is threatened ahead of U.S. House Speaker Nancy Pelosi’s proposed visit to Taiwan. Social media company Pinterest sees shares surge in extended trade after activist investor Elliot Management confirms a large stake in the company.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

U.S. stocks rebound from a tough first half in July, shrugging off inflationary concerns to notch their best monthly performance in more than two years. HSBC reports a 15% drop in first half profit as Europe's biggest bank wrestles with rising credit losses. Demand weakness and Covid curbs hit China's manufacturing sector as factory activity shrinks in July, and EU member states prepare to tighten their belts for a long cold winter, as a voluntary 15% cut in natural gas consumption comes into effect.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

U.S. markets are in the green despite the U.S. economy posting a second consecutive negative quarter. The Biden administration, however, refuses to acknowledge the economy has tipped into recession. In tech news, Apple posts record Q3 revenues with iPhone demand remaining steady despite macro headwinds. Amazon’s AWS unit helps the e-commerce giant to a quarterly revenue beat. Meanwhile, rising interest rates boost Asia-focused UK lender Standard Chartered. Profits are up 19 per cent for the first half and the bank announces a $500m share buyback scheme.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The U.S. Federal Reserve raises rates by a further 75bps but does not elaborate on forward guidance. Chairman Jerome Powell says the path to that end may “narrow further” but that the U.S. is not in a recession. Equities Stateside rally as downturn fears recede slightly on his comments. Facebook parent Meta posts its first-ever quarterly decline with CEO Mark Zuckerberg citing softer digital ad spending. We also hear from Airbus CEO Guillaume Faury who says the plane maker is cutting its jet forecast due to labour shortages and supply chain bottlenecks.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

In tech news, Google parent company Alphabet sees revenue growth hit a two-year low following uncertainty about its ad spending business. Microsoft posts a miss on its top and bottom line but investors are buoyed by the company’s positive forecast. The IMF says the global economy is on the cusp of recession. We hear from the fund’s Head of Monetary and Capital Markets department, Tobias Adrian. Plus we have a whole slew of European corporate earnings, including Deutsche Bank, Holcim and Mercedes-Benz.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

UBS posts a Q2 net profit of $2.1bn but challenges persist as it records $12bn in outflows from its asset management business. Russian gas firm Gazprom has cuts European gas supplies by half, citing maintenance issues. In retail news, Walmart issues its second profit warning in 10 weeks and moves to cut its FY guidance. We’re awaiting a slew of U.S. earnings ahead of an expected rate hike by the Federal Reserve later this week.   See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Social media stocks see a sell-off following Snap’s poor Q2 earnings. U.S. Treasury Secretary Janet Yellen, however, continues to downplay recession fears. In auto news, Volkswagen CEO Herbert Diess is pushed out of the position as a supervisory board seeks to replace him with Porsche CEO Oliver Blume. Uniper shares are down by almost a third following the German government’s agreement to buy a 30 per cent stake in the beleaguered utility. The WHO declares monkeypox as a global health emergency.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The ECB raises rates by 50bps – the central bank’s first hike in 11 years, which finally lifts the benchmark rate from negative territory. Italy is once again plunged into political turmoil and faces a snap election, possibly in late September, after the coalition government led by Prime Minister Mario Draghi collapses. President Sergio Mattarella is forced to accept Draghi’s resignation and dissolve parliament. In Germany, beleaguered utility Uniper is closing in on a bailout deal with a decision expected today. The country’s economy minister Robert Habeck accuses Russia of blackmailing Europe over gas. And Wall Street closes in the green but the momentum is short-lived as social media firm Snap misses expectations for the second quarter. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The ECB is set for a historic interest rate hike – its first in 11 years – and there is speculation it could be as much as 50bps. We are live in Rome where Prime Minister Mario Draghi is expected to resign following yesterday’s failed call for parliamentary unity. The crisis could prompt early elections this autumn. The Nord Stream 1 pipeline is to resume gas delivery following scheduled summer maintenance. However, the head of Germany’s energy regulator confirms that operations are only at 30 per cent of capacity. Tesla shares are up in extended trade as the electric car maker beats Q2 earnings expectations. CEO Elon Musk says he believes inflation is likely to top out later this year.    See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Wall Street rallies, helping along markets into the green globally as earnings season begins. Netflix manages to stem subscriber losses, losing half the number initially feared. The streaming giant was saw strong numbers in Latin America and Asia. Germany awaits the scheduled re-start of the Nord Stream 1 gas pipeline following maintenance. Gas flows look to be on track following preliminary testing. Also in Germany, trouble utility firm Uniper is close to concluding bailout talks with Berlin which is reportedly seeking a 30 per cent stake in the company. And we are live in Rome ahead of Italian Prime Minister Mario Draghi’s debate with the Senate as the political crisis in the country reaches a crucial juncture which could potentially lead to early elections in September.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Russia’s Gazprom has declared ‘force majeure’ on certain natural gas supplies into Europe provoking criticism from German utility Uniper. Apple shares tumble on the news that the tech giant will slow hiring and investment in some units as recession fears weigh. Goldman Sachs and Bank of America beat earnings expectations but both CEOs express concerns over inflation. Japanese conglomerate Softbank will postpone the London listing of microchip producer Arm following the recent political upheaval in the UK.   See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Global markets are in the green, anticipating earnings in the U.S. and Europe as well as key meetings at the ECB and the BoJ. U.S. President Joe Biden has received criticism following his meeting with Saudi Crown Prince Mohammed bin Salman. Biden hailed security ties between the two nations but failed to achieve progress on reducing oil prices. In aviation news, Boeing issues stable demand forecasts for the next 20 years ahead of the Farnborough Airshow. Europe is in the grip of a heatwave which has sparked devastating wildfires across several Mediterranean nations.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Italy’s President Sergio Mattarella has rejected Prime Minister Mario Draghi’s resignation following a split in the coalition government caused by the Five Star Movement. We are live in Rome for the latest. China’s economy contracts by 2.6 per cent in Q2, casting doubt over Beijing’s ability to hit its full-year targets. In the U.S., JPMorgan and Morgan Stanley miss on both the top and bottom lines. Weaker investment banking activity and increased provisioning have weighed on both lenders’ quarterly data. Global inflation and the conflict in Ukraine remain the focus of G20 finance ministers and central bankers in Bali, Indonesia. The OECD Secretary-General Mathias Cormann says the world must remain united to ‘soften’ the impact of the downturn. We are also live in Jeddah, Saudi Arabia, where U.S. President Joe Biden is due to arrive today as oil drops below $95 a barrel for the first time since the invasion of Ukraine.    See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

U.S. inflation hits its highest level in 41 years to 9.1 per cent. A 100bps rate hike is expected from the Federal Reserve this month. The inversion between the 2- and 10-year Treasury yields widens furthest since 2000. In Italy, Giuseppe Conte’s Five Star Movement has said it will boycott a spending vote today, threatening the ruling coalition government it is part of. And U.S. President Joe Biden embarks on a 4-day Middle East tour, landing in Tel Aviv. Iranian nuclear ambitions is the largest topic on his agenda. And in crypto news, lender Celsius files for Chapter 11 bankruptcy a month after cancelling withdrawals.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Markets await key U.S. inflation data which is expected to reach a 40-year high. However, Richmond Fed President Thomas Barkin countered negative sentiment, saying that some commentators are ‘talking ourselves into a recession’. The IMF again cuts its U.S. GDP forecast for the year by more than 0.5 per cent. The euro is hovering about parity against the dollar – its lowest level in 20 years. We hear from Dutch Finance Minister Sigrid Kaag who says a compounding of effects have caused the current low in the exchange. In the Asia-Pacific region, the central banks of South Korea and New Zealand are the latest to hike interest rates by 50bps in a bid to rein in rampant inflation. And in corporate news, Twitter sues Elon Musk for backing out of his $44bn takeover of the social media giant.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Asian equities hit their lowest levels in two years following tech weakness on Wall Street ahead of key inflation data and the start of earnings season. Increased recession fears in Europe pushes the euro close to parity with the dollar which is strengthened by further expected rate hikes by the Fed. In corporate news, Twitter is preparing to file a lawsuit against Elon Musk after the billionaire dropped his $44bn takeover bid. Eurogroup finance ministers meet in Brussels with gas prices top of the agenda. This as the Nord Stream 1 pipeline shuts down for scheduled maintenance.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Twitter vows to take Tesla CEO Elon Musk to court after he sought to cancel his $44bn acquisition of the social media company. Tory contenders jostle to replace Boris Johnson as UK Prime Minister but one early favorite, Defence Secretary Ben Wallace, pulls out of the leadership race. In Germany, troubled utility giant Uniper completes its bailout application. We hear from French Finance Minister Bruno Le Maire who says that the EU must brace for a shutdown of Russian gas. Japan’s ruling coalition increases its majority in upper house elections, two days after the assassination of former Prime Minister Shinzo Abe.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Following yesterday’s dramatic resignation, Boris Johnson stays on as caretaker prime minister until a new leader is selected. This, despite numerous calls for him to leave Downing Street immediately. We are live from Westminster for the latest. Former Japanese Prime Minister Shinzo Abe is shot while on the campaign trail for upper house elections. Japan’s current Prime Minister Fumio Kishida has said Abe is in a ‘grave’ condition. U.S. markets are in the green ahead of today’s non-farm payroll numbers. We are also live in Berlin where the German lawmakers have given the green light to further state intervention to secure the energy sector. There are reports that Chancellor Olaf Scholz’s government will seek to take a stake in excess of 30 per cent to prop up beleaguered gas utility Uniper.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

UK Prime Minister refuses to step down despite senior cabinet ministers urging him to quit late yesterday afternoon. More than 40 Conservative MPs have now left government roles. WE are live in Downing Street for the latest. June’s FOMC minutes signal more restrictive policies are being lined up in a bid to rein in U.S. inflation. French Prime Minster Elisabeth Borne announces plans to nationalise beleaguered energy firm EDF to secure ‘full control’ of the nation’s electricity. And we are live in Berlin where the Bundestag has been debating new energy security rules with the prospect of a bailout for gas utility Uniper now on the cards.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The 2- and 10-year Treasury yields briefly invert for the third time this year sparking fresh recession fears. Concerns of a global economic slowdown prompt crude prices to tumble 10 per cent before recovering. UK Prime Minister Boris Johnson’s government is in turmoil following the resignations of Chancellor of the Exchequer Rishi Sunak and Health Secretary Sajid Javid over continued political scandals. The pound plunges to its lowest level since the start of the Covid pandemic as a result. We are live in Downing Street for the latest. And we are also live in Düsseldorf, Germany, where the government is reportedly set to take on a 25 per cent stake in Uniper – the country’s largest importer of Russian gas – in order to keep the company alive following a sharp decline in supply from Moscow.   See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Beijing and Washington hold ‘pragmatic and frank’ trade talks with suggestions that the U.S. may cut tariffs in a bid to suppress inflation. The RBA raises rates by 50 bps – its third such hike in three months. Germany’s Uniper sees shares plunge by 30 per cent on reports of a government bailout. German politicians are to draft a new bill to allow Berlin to nationalize struggling gas importers. In Norway, oil and gas workers stage a two-day walkout which could cut supply by up to 89k bpd, rising to 292k bpd. And in the crypto sector more ongoing volatility forces two platforms to implement transaction restrictions.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Amazon founder Jeff Bezos slams U.S. President Joe Biden on inflation, accusing him of a ‘deep misunderstanding’ of economics. Tesla suffers its first quarterly decline in deliveries in two years due to continued Chinese Covid lockdowns. The IEA warns of a ‘red alert’ for a global recession and calls on Saudi Arabia to pump more oil while the Norwegian Oil & Gas Association says that industrial action may cut the country’s output by 13 per cent. Stateside, travellers are braced for 4th of July chaos while in Europe, Ryanair cabin crew in Spain have voted to strike.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The Federal Reserve’s preferred measure of inflation eases but remains at levels not seen since the 1980s. The S&P 500 ends H1 with its worst performance since 1970. Asian equities are down but Chinese stocks outperform as factory activity rebounds at its fastest pace for a year. Siemens reports a write-down of its stake in Siemens Energy which will create a €2.8bn loss in Q3. And in crypto news, FTX is reportedly close to buying BlockFi in a $25m fire sale.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The S&P 500 stares down the barrel its worst first half since 1970 while a host of other assets trade at multi-decade lows, but energy outperforms amid the turbulence with WTI on track for its longest quarterly win streak ever. The world’s top central bankers walk the inflation tightrope at the ECB's Sintra summit, with Fed Chair Jerome Powell admitting aggressive tightening could spark a recession. Over in Asia, the end of strict Covid curbs boosts the Chinese economy with factory activity expanding for the first time in 3 months while the service sector rebounds at its fastest pace in more than a year. Three Arrows Capital becomes the latest casualty of the crypto winter. Liquidators move in after the hedge fund defaults on a loan tied to big bets on digital currencies.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Turkey lifts its veto to NATO expansion, allowing Finland and Sweden to join the alliance. Secretary-General Jens Stoltenberg tells CNBC that the ‘historic’ move will be globally significant. In Bavaria, G-7 leaders have pledged to maintain sanctions on Russia to curtail key revenues. French President Emmanuel Macron tells this channel that a price cap mechanism on Russian oil is still a work in progress. We also hear from ECB chief economist Philip Lane in Sintra, Portugal, who says the central bank is set to raise rates by 25bps in July and potentially by more in September. And in U.S. markets, consumer sentiment plunges, with Wall Street on track for its worst H1 performance since 1970.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

G-7 leaders mull the feasibility of a price cap on Russian oil as French President Macron admits he faces reluctance from major international producers to boost supply. NATO announces it will increase the number of troops on high alert from 40,000 to 300,000. We are live in Madrid ahead of the bloc’s summit. A Swiss court finds Credit Suisse guilty in a high-profile Bulgarian money-laundering case. CEO Thomas Gottstein is due to face investors at the lender’s Investor Deep Dive today. Central bank governors arrive in Sintra, Portugal at the ECB Forum where ECB board member Isabel Schnabel warns that fragilities are beginning to show between nations over inflation. And in crypto news, Robinhood shares are in the red in extended trade after cryptocurrency exchange FTX denies rumours it is looking to buy the trading app.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

We are live at Elmau Castle in Bavaria where G-7 leaders are meeting to increase pressure on Moscow through a price cap on Russian oil and a ban on imports of Russian gold. Western sanctions have pushed Russia to default on its foreign debt for the first time in more than a century. The BiS has warned that the world has reached a tipping point on inflation. French energy executives have urged consumers to cut back on gas usage, warning of social fractures should supplies fail be replenished before winter. And in the U.S., the S&P 500 posts its largest one-day rally since 2020 but overall, U.S. stocks are still set to record their worst H1 performance in more than 50 years.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

U.S. Federal Reserve chairman Jerome Powell faces the House Financial Services Committee and admits that he had underestimated inflation. Lawmakers pressed the central bank chief on how he would respond should his aggressive rate hikes push the U.S. economy into a recession. Wall Street is set to break a three-week losing streak later today as a very volatile H1 comes to a close. EU leaders unanimously approve candidate status for Ukraine but European Commission President Ursula Von Der Leyen insists the process will not be rushed through. Inflation in Japan exceeds the BoJ’s expectations for the second consecutive month. Softbank CEO Masayoshi Son leads the investment titan’s AGM. He says that, despite pressure from London, chip maker ARM is most likely to list on the Nasdaq. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

U.S. Federal Reserve Chairman Jerome Powell has told the Senate Committee that a soft landing for the economy is now very difficult but insists that the central bank must succeed in reining in inflation. President Biden has called for a three-month federal gas tax holiday to ease the burden on U.S. consumers. He faces strong opposition from lawmakers, including from within his own party. The GOP has branded the move as “yet another gimmick”. In France, President Macron seeks compromise with opposition parties following the loss of his parliamentary majority. And, we hear exclusively from Meta CEO Mark Zuckerberg who says that the virtual ecosystem, or ‘metaverse’ will create huge new economic opportunities.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The S&P 500 hits back with its best day in June so far as Wall Street recovers from its worst weekly loss in 2 years. However, Asian markets don’t follow suit. South Korean stocks lead declines while the yen hits its lowest level in almost 24 years. Germany’s industry association, the BDI, has slashed its 2022 outlook and says a European recession is certain should Russia cut gas supplies completely. Meanwhile in the U.S., President Biden and Chevron CEO Michael Wirth spar over energy policy criticism. And in France, President Emmanuel Macron holds talks with rival parliamentary parties as National Rally leader Marine Le Pen says she was now entitled to key cabinet positions.    See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

We speak exclusively to Deutsche Bank CEO Christian Sewing who warns that spiraling inflation and the energy crisis are a “perfect storm” to trigger a European recession. Asian markets are up and U.S. futures point to solid gains following the long Juneteenth weekend. President Biden says he is considering a pause on federal gasoline tax to help ease the cost burden on Americans ahead of the driving season while downplaying the risks of the U.S economy slipping into recession. In France, President Macron is set to hold coalition-building talks following the loss of his parliamentary majority.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

President Emmanuel Macron loses his absolute majority in the French parliament to a leftist coalition and a resurgent National Rally. Germany has announced it will return to coal in a bid to secure energy supplies ahead of winter as Russia continues to cut gas output. Asian markets are in the red on the back of the worst weekly performance by the S&P 500 since March 2020. And Bitcoin claws back some losses following a sharp weekend sell-off which saw the world’s biggest cryptocurrency hit an 18-month low. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The Dow plunges to below the 30,000-mark for the first time since January last year following the Federal Reserve’s historic 75-bps rate hike. U.S. President Joe Biden says that a recession Stateside is still ‘not inevitable’ but he admitted that signs of an economic slowdown is weighing on the mood of the nation. In Luxembourg, German finance minister Christian Lindner tells CNBC that euro zone fragmentation is not a concern following a surge in bond yields within the bloc. The leaders of France, Germany, Italy and Romania visit Kyiv to demonstrate their support for Ukraine’s ‘eventual’ accession into the EU.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The Federal Reserve hikes interest rates by a historical 75 bps in what is its most aggressive move since 1994. Chairman Jerome Powell has suggested that July’s FOMC meeting could result in a similar move should rampant inflation show no signs of abating. The markets react immediately, with the Dow and the S&P 500 breaking five-day losing streaks. Asian stocks follow suit and European equities are set to do likewise. The ECB touts a new ‘anti-fragmentation tool’ in a bid to quell the recent bond market turmoil. Reaction, however, is muted following the central bank’s emergency meeting yesterday. The SNB is also now under pressure, warning that Swiss bank assessment has deteriorated. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

U.S. Treasury yields achieve new highs while the S&P 500 sinks even further into bear market territory as investors anticipate more aggressive rate moves from the Fed. DoubleLine Capital’s Jeffrey Gundlach calls for a 200-bps interest rate hike while legendary investor Bill Ackman slams the U.S. central bank for losing control of inflation. We are live in Berlin at the world’s largest private equity event, SuperReturn International. Meanwhile in China, retail sales continue to fall but manufacturing picks up against expectation as Beijing authorities continue to rein the current Covid outbreak. And cryptocurrency exchange platform Coinbase sacks 18 per cent of its staff as a reported ‘crypto winter’ sets in for the sector.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The S&P 500 plunges into bear market territory while the 10-year Treasury yield spikes to decade highs. Goldman Sachs and JP Morgan adjust their outlooks ahead of an expected 75-bps rate hike while the CME puts the odds of such a Fed move at more than 95 per cent. Morgan Stanley CEO James Gorman believes the chance of a U.S. recession now stands at 50-50. And in crypto news, Bitcoin sinks to below $21,000 as frozen withdrawals spook investors, wiping out more than $200bn from the market since Friday’s session.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

French President Emmanuel Macron's bid for an outright majority comes under threat, as the Left surges in the first round of National Assembly elections. Credit Suisse is reportedly placed on a watchlist by the U.K.'s FCA as the financial regulator says the Swiss bank has not done enough to address risk controls. Asian stocks and US futures move sharply lower, as inflation and recession fears push the two-year Treasury yield to a 14-year high, prompting some banks to forecast a 75 basis point Fed hike this week. In China, Beijing officials warn of an "explosive" Covid outbreak, while Shanghai starts yet another round of mass testing for the city's 25 million residents.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Wall Street marks its worst day in more than three weeks as markets await a fresh read on US inflation, with CPI forecast to hold near 40-year highs. “There’s nothing to suggest a recession is in the works,” says U.S. Treasury Secretary Janet Yellen. She rejects suggestions that a downturn is on the way, highlighting that the labour market is strong. China bucks the global inflation trend, as input prices hit at 14-month low, while consumer price inflation comes in below forecasts for May.  The ECB pledges to raise rates by 25 basis points in July and leaves the door open to a more hawkish move in September, as the central bank significantly slashes growth forecasts and raises inflation expectations.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Markets focusing on the ECB. President Christine Lagarde is expected to commit to a July rate hike, despite downgrading growth forecasts, as inflation hits a record high. Yields push higher, with Germany's 10-year bund yield hitting levels not seen since July 2014. Millions in Shanghai enter new lockdowns - just as China shows signs of recovery, with May exports coming in more than double expectations. Ukrainian President Volodymyr Zelenskyy calls on American corporate leaders to fully exit Russia, warning their taxes continue to help fund the Kremlin's war.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Credit Suisse issues a profit warning, saying tough trading conditions for the investment bank will drag the group to a net loss in the second quarter. The World Bank warns of 70s style stagflation as it slashes its global growth forecasts, saying many countries will find it hard to avoid recession. U.S. Treasury Secretary Janet Yellen tells Congress the country faces an extended period of higher prices, while admitting the administration's earlier characterization of inflation was misleading. Former German Chancellor Angela Merkel defends her record, hitting back at criticism that she appeased Russian President Vladimir Putin during her 16 years in power. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

UK Prime Minister Boris Johnson survives a confidence vote, but his leadership is rocked after more than 40% of his own MPs vote to remove him from office. Across in China, Didi Chuxing was up almost 25% amid a report Chinese authorities may allow the ride hailing companies app back into domestic app stores. The Australian dollar spikes as the central bank lifts rates by a bigger-than-expected 50 basis points, the largest single rate hike since the start of the century and the first move since 2013. Elon Musk threatens to walk away from his 44 billion dollar deal to buy the social media platform unless the group provides more information on fake accounts.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.