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Squawk Box Europe Express Profile

Squawk Box Europe Express

English, Financial News, 1 season, 1339 episodes, 3 days, 13 hours, 26 minutes
About
CNBC's flagship show in Europe sets you up with everything you need to know for the European business day. Anchors Geoff Cutmore, Steve Sedgwick and Karen Tso engage in unscripted and dynamic debate on the day's top stories. They are joined by leading business executives, policymakers, financial strategists, fund managers and other newsmakers to provide original points of view and instant analysis of the latest business news and key market themes.
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G7 nations back $50bn Ukraine aid deal

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.
6/14/202427 minutes, 52 seconds
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Fed eyes just one rate cut in 2024

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.
6/13/202423 minutes, 59 seconds
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Chinese consumer activity disappoints

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.
6/12/202426 minutes, 14 seconds
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European markets digest EU election results

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.
6/11/202426 minutes, 14 seconds
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European elections extravaganza

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.
6/10/202425 minutes, 12 seconds
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The ECB cuts rates for the first time since 2019

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.
6/7/202426 minutes, 13 seconds
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All eyes on June ECB rate decision

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.
6/6/202426 minutes, 15 seconds
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U.S. jobs openings fall to lowest level since Feb 2021

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.
6/5/202427 minutes, 17 seconds
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Indian PM Modi projected to win third term in office

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.
6/4/202426 minutes, 1 second
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Nasdaq notches stellar performance in May

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.
6/3/202424 minutes, 5 seconds
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Trump found guilty on all 34 counts

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.
5/31/202427 minutes, 1 second
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Treasury yields weigh on Wall Street

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.
5/30/202426 minutes, 36 seconds
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Record high for Nasdaq

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.
5/29/202424 minutes, 37 seconds
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U.S. futures up following holiday weekend

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.
5/28/202427 minutes, 58 seconds
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Nvidia powers the Nasdaq to a fresh record high and its fifth straight positive week

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.
5/27/202424 minutes, 9 seconds
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'I'm not in favour of China tariffs,' says Musk

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.
5/24/202427 minutes, 18 seconds
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Nvidia shares top $1,000 on stellar Q1 results

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.
5/23/202424 minutes, 20 seconds
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Microsoft launch new A.I. tools

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.
5/22/202426 minutes, 30 seconds
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Nvidia leads Nasdaq to fresh record high

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.
5/21/202424 minutes, 31 seconds
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Iranian president dies in helicopter crash

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.
5/20/202425 minutes
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Mixed Chinese data

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.
5/17/202423 minutes, 56 seconds
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U.S. CPI sees smallest gain in 3 years

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.
5/16/202424 minutes, 58 seconds
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Powell signals rates to stay higher for longer

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.
5/15/202423 minutes, 6 seconds
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Dow snaps winning streak

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.
5/14/202424 minutes, 32 seconds
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Dow enjoys best trading week of the year

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.
5/13/202424 minutes, 4 seconds
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Dow soars by 300 points

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.
5/10/202427 minutes, 45 seconds
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April China trade beats forecasts

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.
5/9/202426 minutes, 28 seconds
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House Of Mouse In The Dog House (Wednesday 8th May 2024)

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.
5/8/202423 minutes, 54 seconds
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SQUAWK BOX, TUESDAY 7TH MAY, 2024

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.
5/7/202424 minutes, 33 seconds
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SQUAWK BOX, MONDAY 6TH MAY, 2024

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.
5/6/202424 minutes, 10 seconds
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SQUAWK BOX, FRIDAY 3RD MAY, 2024

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.
5/3/202423 minutes, 27 seconds
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SQUAWK BOX, THURSDAY 2ND MAY, 2024

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.
5/2/202422 minutes, 56 seconds
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SQUAWK BOX, WEDNESDAY 1ST MAY, 2024

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.
5/1/202424 minutes, 24 seconds
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SQUAWK BOX, TUESDAY 30TH APRIL, 2024

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.
4/30/202432 minutes, 11 seconds
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SQUAWK BOX, MONDAY 29TH APRIL, 2024

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.
4/29/202426 minutes, 13 seconds
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SQUAWK BOX, FRIDAY 26TH APRIL, 2024

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.
4/26/202424 minutes, 58 seconds
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SQUAWK BOX, THURSDAY 25TH APRIL, 2024

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.
4/25/202422 minutes, 26 seconds
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SQUAWK BOX, WEDNESDAY 24TH APRIL, 2024

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.
4/24/202425 minutes, 55 seconds
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SQUAWK BOX, TUESDAY 23RD APRIL, 2024

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.
4/23/202426 minutes, 44 seconds
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SQUAWK BOX, MONDAY 22ND APRIL, 2024

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.
4/22/202424 minutes, 26 seconds
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SQUAWK BOX, FRIDAY 19TH APRIL, 2024

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.
4/19/202423 minutes, 47 seconds
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SQUAWK BOX, THURSDAY 18TH APRIL, 2024

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.
4/18/202421 minutes, 57 seconds
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SQUAWK BOX, WEDNESDAY 17TH APRIL, 2024

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.
4/17/202427 minutes, 6 seconds
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SQUAWK BOX, TUESDAY 16TH APRIL, 2024

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.
4/16/202426 minutes, 4 seconds
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SQUAWK BOX, MONDAY 15TH APRIL, 2024

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.
4/15/202426 minutes, 47 seconds
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SQUAWK BOX, FRIDAY 12TH APRIL, 2024

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.
4/12/202427 minutes, 39 seconds
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SQUAWK BOX, THURSDAY 11TH APRIL, 2024

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.
4/11/202431 minutes, 26 seconds
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SQUAWK BOX, WEDNESDAY 10TH APRIL, 2024

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.
4/10/202426 minutes, 21 seconds
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SQUAWK BOX, TUESDAY 9TH APRIL, 2024

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.
4/9/202425 minutes, 29 seconds
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SQUAWK BOX, MONDAY 8TH APRIL, 2024

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.
4/8/202424 minutes, 56 seconds
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SQUAWK BOX, FRIDAY 5TH APRIL, 2024

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.
4/5/202431 minutes, 1 second
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SQUAWK BOX, THURSDAY 4TH APRIL, 2024

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.
4/4/202425 minutes, 14 seconds
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SQUAWK BOX, WEDNESDAY 3RD APRIL, 2024

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.
4/3/202425 minutes, 47 seconds
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SQUAWK BOX, TUESDAY 2ND APRIL, 2024

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.
4/2/202424 minutes, 2 seconds
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SQUAWK BOX, THURSDAY 28TH MARCH, 2024

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.
3/28/202429 minutes, 46 seconds
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SQUAWK BOX, WEDNESDAY 27TH MARCH, 2024

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.
3/27/202425 minutes, 44 seconds
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SQUAWK BOX, TUESDAY 26TH MARCH, 2024

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.
3/26/202424 minutes, 7 seconds
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SQUAWK BOX, MONDAY 25TH MARCH, 2024

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.
3/25/202426 minutes, 2 seconds
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SQUAWK BOX, FRIDAY 22ND MARCH, 2024

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.
3/22/202424 minutes, 49 seconds
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SQUAWK BOX, THURSDAY 21ST MARCH, 2024

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.
3/21/202423 minutes, 22 seconds
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SQUAWK BOX, WEDNESDAY 20TH MARCH, 2024

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.
3/20/202423 minutes, 49 seconds
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SQUAWK BOX, TUESDAY 19TH MARCH, 2024

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.
3/19/202423 minutes, 51 seconds
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SQUAWK BOX, MONDAY 18TH MARCH, 2024

3/18/202423 minutes, 59 seconds
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SQUAWK BOX, FRIDAY 15TH MARCH, 2024

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.
3/15/202424 minutes, 2 seconds
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SQUAWK BOX, THURSDAY 14TH MARCH, 2024

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.
3/14/202422 minutes, 2 seconds
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SQUAWK BOX, WEDNESDAY 13TH MARCH, 2024

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.
3/13/202423 minutes, 31 seconds
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SQUAWK BOX, TUESDAY 12TH MARCH, 2024

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.
3/12/202425 minutes, 36 seconds
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SQUAWK BOX, MONDAY 11TH MARCH, 2024

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.
3/11/202424 minutes, 28 seconds
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SQUAWK BOX, FRIDAY 8TH MARCH, 2024

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.
3/8/202426 minutes, 1 second
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SQUAWK BOX, THURSDAY 7TH MARCH, 2024

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.
3/7/202424 minutes, 47 seconds
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SQUAWK BOX, WEDNSDAY 6TH MARCH, 2024

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.
3/6/202425 minutes, 54 seconds
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SQUAWK BOX, TUESDAY 5TH MARCH, 2024

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.
3/5/202424 minutes, 59 seconds
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SQUAWK BOX, MONDAY 4TH MARCH, 2024

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.
3/4/202426 minutes, 36 seconds
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SQUAWK BOX, FRIDAY 1ST MARCH, 2024

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.
3/1/202424 minutes, 53 seconds
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SQUAWK BOX, THURSDAY 29TH FEBRAURY, 2024

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.
2/29/202426 minutes, 18 seconds
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SQUAWK BOX, WEDNESDAY 28TH FEBRAURY, 2024

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.
2/28/202426 minutes, 33 seconds
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SQUAWK BOX, TUESDAY 27TH FEBRAURY, 2024

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.
2/27/202423 minutes, 44 seconds
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SQUAWK BOX, TUESDAY 27TH FEBRAURY, 2024

2/27/202423 minutes, 44 seconds
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SQUAWK BOX, MONDAY 26TH FEBRAURY, 2024

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.
2/26/202424 minutes, 2 seconds
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SQUAWK BOX, FRIDAY 23RD FEBRUARY, 2024

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.
2/23/202426 minutes, 56 seconds
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SQUAWK BOX, THURSDAY 22ND FEBRUARY, 2024

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.
2/22/202424 minutes
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SQUAWK BOX, WEDNESDAY 21ST FEBRUARY, 2024

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.
2/21/202425 minutes, 22 seconds
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SQUAWK BOX, TUESDAY 20TH FEBRUARY, 2024

2/20/202428 minutes, 12 seconds
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SQUAWK BOX, MONDAY 19TH FEBRUARY, 2024

2/19/202427 minutes, 37 seconds
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SQUAWK BOX, FRIDAY 16TH FEBRUARY, 2024

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.
2/16/202424 minutes, 44 seconds
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SQUAWK BOX, THURSDAY 15TH FEBRUARY, 2024

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.
2/15/202424 minutes, 18 seconds
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SQUAWK BOX, WEDNESDAY 14TH FEBRUARY, 2024

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.
2/14/202426 minutes, 29 seconds
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SQUAWK BOX, TUESDAY 13TH FEBRUARY, 2024

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.
2/13/202425 minutes, 45 seconds
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SQUAWK BOX, MONDAY 12TH FEBRAURY, 2024

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.
2/12/202424 minutes, 4 seconds
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SQUAWK BOX, FRIDAY 9TH FEBRUARY, 2024

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.
2/9/202420 minutes, 53 seconds
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SQUAWK BOX, THURSDAY 8TH FEBRUARY, 2024

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.
2/8/202427 minutes, 42 seconds
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SQUAWK BOX, WEDNESDAY 7TH FEBRUARY, 2024

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.
2/7/202424 minutes
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SQUAWK BOX, TUESDAY 6TH FEBRUARY, 2024

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.
2/6/202425 minutes, 22 seconds
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SQUAWK BOX, MONDAY 5TH FEBRUARY, 2024

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.
2/5/202423 minutes, 55 seconds
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SQUAWK BOX, FRIDAY 2ND FEBRUARY, 2024

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.
2/2/202426 minutes, 57 seconds
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SQUAWK BOX, THURSDAY 1ST FEBRUARY, 2024

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.
2/1/202422 minutes, 26 seconds
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SQUAWK BOX, WEDNESDAY 31ST JANUARY, 2024

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.
1/31/202422 minutes, 10 seconds
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SQUAWK BOX, TUESDAY 30TH JANUARY, 2024

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.
1/30/202421 minutes, 14 seconds
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SQUAWK BOX, MONDAY 29TH JANUARY, 2024

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.
1/29/202426 minutes, 41 seconds
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SQUAWK BOX, FRIDAY 26TH JANUARY, 2024

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.
1/26/202425 minutes, 48 seconds
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SQUAWK BOX, THURSDAY 25TH JANUARY, 2024

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.
1/25/202424 minutes, 41 seconds
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SQUAWK BOX, WEDNESDAY 24TH JANUARY, 2024

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.
1/24/202424 minutes, 7 seconds
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SQUAWK BOX, TUESDAY 23RD JANUARY, 2024

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.
1/23/202424 minutes, 50 seconds
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SQUAWK BOX, MONDAY 22ND JANUARY, 2024

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.
1/22/202425 minutes, 32 seconds
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SQUAWK BOX, FRIDAY 19TH JANUARY, 2024

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.
1/19/202426 minutes, 39 seconds
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SQUAWK BOX, THURSDAY 18TH JANUARY, 2024

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.
1/18/202423 minutes, 21 seconds
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SQUAWK BOX, WEDNESDAY 17TH JANUARY, 2024

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.
1/17/202429 minutes, 5 seconds
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SQUAWK BOX, TUESDAY 16TH JANUARY, 2024

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.
1/16/202426 minutes, 27 seconds
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SQUAWK BOX, MONDAY 15TH JANUARY, 2024

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.
1/15/202426 minutes, 44 seconds
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SQUAWK BOX, FRIDAY 12TH JANUARY, 2024

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.
1/12/202424 minutes, 56 seconds
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SQUAWK BOX, THURSDAY 11TH JANUARY, 2024

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.
1/11/202426 minutes, 22 seconds
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SQUAWK BOX, WEDNESDAY 10TH JANUARY, 2024

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.
1/10/202426 minutes, 45 seconds
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SQUAWK BOX, TUESDAY 9TH JANUARY, 2024

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.
1/9/202425 minutes, 4 seconds
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SQUAWK BOX, MONDAY 8TH JANUARY, 2024

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.
1/8/202424 minutes, 26 seconds
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SQUAWK BOX, FRIDAY 5TH JANUARY, 2024

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.
1/5/202423 minutes, 50 seconds
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SQUAWK BOX, THURSDAY 4TH JANUARY, 2024

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.
1/4/202425 minutes, 48 seconds
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SQUAWK BOX, WEDNESDAY 3RD JANUARY, 2024

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.
1/3/202428 minutes, 42 seconds
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SQUAWK BOX, TUESDAY 2ND JANUARY, 2024

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.
1/2/202424 minutes, 13 seconds
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SQUAWK BOX, FRIDAY 29TH DECEMBER, 2023

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.
12/29/202324 minutes, 18 seconds
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SQUAWK BOX, THURSDAY 28TH DECEMBER, 2023

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.
12/28/202324 minutes, 18 seconds
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SQUAWK BOX, WEDNESDAY 27TH DECEMBER, 2023

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.
12/27/202323 minutes, 34 seconds
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SQUAWK BOX, FRIDAY 22ND DECEMBER, 2023

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.
12/22/202323 minutes, 57 seconds
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SQUAWK BOX, THURSDAY 21ST DECEMBER, 2023

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.
12/21/202324 minutes, 29 seconds
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SQUAWK BOX, WEDNESDAY 20TH DECEMBER, 2023

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.
12/20/202325 minutes, 33 seconds
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SQUAWK BOX, TUESDAY 19TH DECEMBER, 2023

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.
12/19/202326 minutes, 40 seconds
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SQUAWK BOX, MONDAY 18TH DECEMBER, 2023

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.
12/18/202325 minutes, 12 seconds
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SQUAWK BOX, FRIDAY 15TH DECEMBER, 2023

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.
12/15/202325 minutes, 2 seconds
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SQUAWK BOX, THURSDAY 14TH DECEMBER, 2023

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.
12/14/202329 minutes, 18 seconds
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SQUAWK BOX, WEDNESDAY 13TH DECEMBER, 2023

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.
12/13/202323 minutes, 56 seconds
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SQUAWK BOX, TUESDAY 12TH DECEMBER, 2023

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.
12/12/202343 minutes, 37 seconds
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SQUAWK BOX, MONDAY 11TH DECEMBER, 2023

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.
12/11/202326 minutes, 9 seconds
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SQUAWK BOX, FRIDAY 8TH DECEMBER, 2023

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.
12/8/202324 minutes, 24 seconds
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SQUAWK BOX, THURSDAY 7TH DECEMBER, 2023

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.
12/7/202326 minutes, 55 seconds
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SQUAWK BOX, WEDNESDAY 6TH DECEMBER, 2023

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.
12/6/202324 minutes, 6 seconds
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SQUAWK BOX, TUESDAY 5TH DECEMBER, 2023

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.
12/5/202326 minutes, 46 seconds
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SQUAWK BOX, MONDAY 4TH DECEMBER, 2023

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.
12/4/202327 minutes, 41 seconds
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SQUAWK BOX, FRIDAY 1ST DECEMBER, 2023

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.
12/1/202326 minutes, 41 seconds
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SQUAWK BOX, THURSDAY 30TH NOVEMBER, 2023

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.
11/30/202322 minutes, 55 seconds
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SQUAWK BOX, WEDNESDAY 29TH NOVEMBER, 2023

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.
11/29/202323 minutes, 57 seconds
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SQUAWK BOX, TUESDAY 28TH NOVEMBER, 2023

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.
11/28/202327 minutes, 45 seconds
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SQUAWK BOX, MONDAY 27TH NOVEMBER, 2023

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.
11/27/202326 minutes, 37 seconds
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SQUAWK BOX, FRIDAY 24TH NOVEMBER, 2023

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.
11/24/202326 minutes, 10 seconds
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SQUAWK BOX, THURSDAY 23RD NOVEMBER, 2023

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.
11/23/202324 minutes, 49 seconds
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SQUAWK BOX, WEDNESDAY 22ND NOVEMBER, 2023

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.
11/22/202328 minutes, 36 seconds
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SQUAWK BOX, TUESDAY 21ST NOVEMBER, 2023

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.
11/21/202325 minutes, 4 seconds
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SQUAWK BOX, MONDAY 20TH NOVEMBER, 2023

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.
11/20/202326 minutes, 58 seconds
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SQUAWK BOX, FRIDAY 17TH NOVEMBER, 2023

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.
11/17/202324 minutes, 55 seconds
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SQUAWK BOX, THURSDAY 16TH NOVEMBER, 2023

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.
11/16/202329 minutes, 5 seconds
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SQUAWK BOX, WEDNESDAY 15TH NOVEMBER, 2023

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.
11/15/202329 minutes, 23 seconds
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SQUAWK BOX, TUESDAY 14TH NOVEMBER, 2023

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.
11/14/202329 minutes, 34 seconds
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SQUAWK BOX, MONDAY 13TH NOVEMBER, 2023

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.
11/13/202326 minutes, 41 seconds
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SQUAWK BOX, FRIDAY 10TH NOVEMBER, 2023

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.
11/10/202326 minutes, 19 seconds
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SQUAWK BOX, THURSDAY 9TH NOVEMBER, 2023

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.
11/9/202324 minutes, 31 seconds
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SQUAWK BOX, WEDNESDAY 8TH NOVEMBER, 2023

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.
11/8/202324 minutes, 53 seconds
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SQUAWK BOX, TUESDAY 7TH NOVEMBER, 2023

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.
11/7/202327 minutes, 35 seconds
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SQUAWK BOX, MONDAY 6TH NOVEMBER, 2023

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.
11/6/202327 minutes, 11 seconds
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SQUAWK BOX, FRIDAY 3RD NOVEMBER, 2023

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.
11/3/202329 minutes, 10 seconds
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SQUAWK BOX, THURSDAY 2ND NOVEMBER, 2023

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.
11/2/202327 minutes, 16 seconds
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SQUAWK BOX, WEDNESDAY 1ST NOVEMBER, 2023

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.
11/1/202325 minutes, 17 seconds
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SQUAWK BOX, TUESDAY 31ST OCTOBER, 2023

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.
10/31/202324 minutes, 8 seconds
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SQUAWK BOX, MONDAY 30TH OCTOBER, 2023

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.
10/30/202323 minutes, 33 seconds
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SQUAWK BOX, FRIDAY 27TH OCTOBER, 2023

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.
10/27/202326 minutes, 55 seconds
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SQUAWK BOX, THURSDAY 26TH OCTOBER, 2023

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.
10/26/202341 minutes, 43 seconds
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SQUAWK BOX, WEDNESDAY 25TH OCTOBER, 2023

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.
10/25/202320 minutes, 37 seconds
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SQUAWK BOX, TUESDAY 24TH OCTOBER, 2023

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.
10/24/202324 minutes, 37 seconds
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SQUAWK BOX, MONDAY 23RD OCTOBER, 2023

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.
10/23/202326 minutes, 5 seconds
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SQUAWK BOX, FRIDAY 20TH OCTOBER, 2023

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.
10/20/202324 minutes, 36 seconds
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SQUAWK BOX, THURSDAY 19TH OCTOBER, 2023

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.
10/19/202329 minutes, 55 seconds
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SQUAWK BOX, WEDNESDAY 18TH OCTOBER, 2023

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.
10/18/202332 minutes, 37 seconds
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SQUAWK BOX, TUESDAY 17TH OCTOBER, 2023

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.
10/17/202327 minutes, 9 seconds
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SQUAWK BOX, MONDAY 16TH OCTOBER, 2023

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.
10/16/202329 minutes, 15 seconds
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SQUAWK BOX, FRIDAY 13TH OCTOBER, 2023

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.
10/13/202330 minutes, 47 seconds
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SQUAWK BOX, THURSDAY 12TH OCTOBER, 2023

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.
10/12/202329 minutes, 23 seconds
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SQUAWK BOX, WEDNESDAY 11TH OCTOBER, 2023

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.
10/11/202330 minutes, 30 seconds
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SQUAWK BOX, TUESDAY 10TH OCTOBER, 2023

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.
10/10/202324 minutes, 34 seconds
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SQUAWK BOX, MONDAY 9TH OCTOBER, 2023

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.
10/9/202330 minutes, 9 seconds
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SQUAWK BOX, FRIDAY 6TH OCTOBER, 2023

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.
10/6/202325 minutes, 10 seconds
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SQUAWK BOX, THURSDAY 5TH OCTOBER, 2023

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.
10/5/202325 minutes, 9 seconds
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SQUAWK BOX, WEDNESDAY 4TH OCTOBER, 2023

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.
10/4/202324 minutes, 34 seconds
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SQUAWK BOX, TUESDAY 3RD OCTOBER, 2023

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.
10/3/202322 minutes, 59 seconds
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SQUAWK BOX, MONDAY 2ND OCTOBER, 2023

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.
10/2/202328 minutes, 23 seconds
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SQUAWK BOX, FRIDAY 29TH SEPTEMBER, 2023

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.
9/29/202325 minutes, 50 seconds
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SQUAWK BOX, THURSDAY 28TH SEPTEMBER, 2023

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.
9/28/202326 minutes, 43 seconds
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SQUAWK BOX, WEDNESDAY 27TH SEPTEMBER, 2023

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.
9/27/202323 minutes, 56 seconds
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SQUAWK BOX, TUESDAY 26TH SEPTEMBER, 2023

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.
9/26/202324 minutes, 29 seconds
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SQUAWK BOX, MONDAY 25TH SEPTEMBER, 2023

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.
9/25/202328 minutes, 57 seconds
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SQUAWK BOX, FRIDAY 22ND SEPTEMBER, 2023

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.
9/22/202325 minutes, 6 seconds
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SQUAWK BOX, THURSDAY 21ST SEPTEMBER, 2023

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.
9/21/202327 minutes, 14 seconds
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SQUAWK BOX, WEDNESDAY 20TH SEPTEMBER, 2023

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.
9/20/202323 minutes, 30 seconds
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SQUAWK BOX, TUESDAY 19TH SEPTEMBER, 2023

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.
9/19/202329 minutes, 35 seconds
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SQUAWK BOX, MONDAY 18TH SEPTEMBER, 2023

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.
9/18/202326 minutes, 11 seconds
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SQUAWK BOX, FRIDAY 15TH SEPTEMBER, 2023

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.
9/15/202329 minutes, 21 seconds
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SQUAWK BOX, THURSDAY 14TH SEPTEMBER, 2023

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.
9/14/202329 minutes, 28 seconds
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SQUAWK BOX, WEDNESDAY 13TH SEPTEMBER, 2023

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.
9/13/202324 minutes, 56 seconds
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SQUAWK BOX, TUESDAY 12TH SEPTEMBER, 2023

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.
9/12/202328 minutes, 11 seconds
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SQUAWK BOX, MONDAY 11TH SEPTEMBER, 2023

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.
9/11/202325 minutes, 34 seconds
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SQUAWK BOX, FRIDAY 8TH SEPTEMBER, 2023

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.
9/8/202329 minutes, 37 seconds
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SQUAWK BOX, THURSDAY 7TH SEPTEMBER, 2023

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.
9/7/202329 minutes, 9 seconds
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SQUAWK BOX, WEDNESDAY 6TH SEPTEMBER, 2023

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.
9/6/202324 minutes, 53 seconds
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SQUAWK BOX, TUESDAY 5TH SEPTEMBER, 2023

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.
9/5/202325 minutes, 31 seconds
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SQUAWK BOX, MONDAY 4TH SEPTEMBER, 2023

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.
9/4/202328 minutes, 22 seconds
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SQUAWK BOX, FRIDAY 1ST SEPTEMBER, 2023

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.
9/1/202324 minutes, 55 seconds
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SQUAWK BOX, THURSDAY 31ST AUGUST, 2023

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.
8/31/202326 minutes, 34 seconds
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SQUAWK BOX, WEDNESDAY 30TH AUGUST, 2023

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.
8/30/202327 minutes, 51 seconds
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SQUAWK BOX, TUESDAY 29TH AUGUST, 2023

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.
8/29/202328 minutes, 16 seconds
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SQUAWK BOX, FRIDAY 25TH AUGUST, 2023

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.
8/25/202325 minutes, 37 seconds
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SQUAWK BOX, THURSDAY 24TH AUGUST, 2023

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.
8/24/202325 minutes, 6 seconds
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SQUAWK BOX, WEDNESDAY 23RD AUGUST, 2023

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.
8/23/202324 minutes, 57 seconds
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SQUAWK BOX, TUESDAY 22ND AUGUST, 2023

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.
8/22/202325 minutes, 35 seconds
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SQUAWK BOX, MONDAY 21ST AUGUST, 2023

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.
8/21/202324 minutes, 50 seconds
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SQUAWK BOX, FRIDAY 18TH AUGUST, 2023

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.
8/18/202326 minutes, 45 seconds
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SQUAWK BOX, THURSDAY 17TH AUGUST, 2023

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.
8/17/202326 minutes, 9 seconds
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SQUAWK BOX, WEDNESDAY 16TH AUGUST, 2023

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.
8/16/202325 minutes, 48 seconds
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SQUAWK BOX, TUESDAY 15TH AUGUST, 2023

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.
8/15/202326 minutes, 34 seconds
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SQUAWK BOX, MONDAY 14TH AUGUST, 2023

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.
8/14/202327 minutes, 19 seconds
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SQUAWK BOX, FRIDAY 11TH AUGUST, 2023

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.
8/11/202325 minutes, 45 seconds
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SQUAWK BOX, THURSDAY 10TH AUGUST, 2023

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.
8/10/202322 minutes, 25 seconds
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SQUAWK BOX, WEDNESDAY 9TH AUGUST, 2023

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.
8/9/202325 minutes, 43 seconds
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SQUAWK BOX, TUESDAY 8TH AUGUST, 2023

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.
8/8/202324 minutes, 6 seconds
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SQUAWK BOX, MONDAY 7TH AUGUST, 2023

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.
8/7/202326 minutes, 27 seconds
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SQUAWK BOX, FRIDAY 4TH AUGUST, 2023

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.
8/4/202324 minutes, 11 seconds
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SQUAWK BOX, THURSDAY 3RD AUGUST. 2023

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.
8/3/202324 minutes, 6 seconds
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SQUAWK BOX, WEDNESDAY 2ND AUGUST, 2023

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.
8/2/202325 minutes, 24 seconds
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SQUAWK BOX, MONDAY 31ST JULY, 2023

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.
7/31/202324 minutes, 34 seconds
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SQUAWK BOX, FRIDAY 28TH JULY, 2023

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.
7/28/202328 minutes, 55 seconds
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SQUAWK BOX, THURSDAY 27TH JULY, 2023

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.
7/27/202324 minutes, 8 seconds
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SQUAWK BOX, WEDNESDAY 26TH JULY, 2023

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.
7/26/202322 minutes, 8 seconds
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SQUAWK BOX, TUESDAY 25TH JULY, 2023

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.
7/25/202327 minutes, 11 seconds
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SQUAWK BOX, MONDAY 24TH JULY, 2023

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.
7/24/202326 minutes, 6 seconds
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SQUAWK BOX, FRIDAY 21ST JULY, 2023

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.
7/21/202331 minutes, 37 seconds
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SQUAWK BOX, THURSDAY 20TH JULY, 2023

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.
7/20/202326 minutes, 51 seconds
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SQUAWK BOX, WEDNESDAY 19TH JULY, 2023

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.
7/19/202332 minutes, 6 seconds
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SQUAWK BOX, TUESDAY 18TH JULY, 2023

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.
7/18/202327 minutes, 47 seconds
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SQUAWK BOX, MONDAY 17TH JULY, 2023

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.
7/17/202324 minutes, 32 seconds
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SQUAWK BOX, FRIDAY 14TH JULY, 2023

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.
7/14/202320 minutes, 7 seconds
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SQUAWK BOX, THURSDAY 13TH JULY, 2023

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.
7/13/202322 minutes, 5 seconds
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SQUAWK BOX, WEDNESDAY 12TH JULY, 2023

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.
7/12/202328 minutes, 10 seconds
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SQUAWK BOX, TUESDAY 11TH JULY, 2023

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.
7/11/202329 minutes, 40 seconds
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SQUAWK BOX, MONDAY 10TH JULY, 2023

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.
7/10/202327 minutes, 56 seconds
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SQUAWK BOX, FRIDAY 7TH JULY, 2023

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.
7/7/202324 minutes, 2 seconds
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SQUAWK BOX, THURSDAY 6TH JULY, 2023

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.
7/6/202325 minutes, 13 seconds
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SQUAWK BOX, WEDNESDAY 5TH JULY, 2023

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.
7/5/202325 minutes, 30 seconds
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SQUAWK BOX, TUESDAY 4TH JULY, 2023

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.
7/4/202328 minutes, 9 seconds
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SQUAWK BOX, MONDAY 3RD JULY, 2023

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.
7/3/202330 minutes, 1 second
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SQUAWK BOX, FRIDAY 30TH JUNE, 2023

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.
6/30/202324 minutes, 35 seconds
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SQUAWK BOX, THURSDAY 29TH JUNE, 2023

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.
6/29/202326 minutes, 57 seconds
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SQUAWK BOX, WEDNESDAY 28TH JUNE, 2023

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.
6/28/202328 minutes, 19 seconds
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SQUAWK BOX, TUESDAY 27TH JUNE, 2023

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.
6/27/202329 minutes, 4 seconds
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SQUAWK BOX, MONDAY 26TH JUNE, 2023

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.
6/26/202325 minutes, 28 seconds
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SQUAWK BOX, FRIDAY 23RD JUNE, 2023

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.
6/23/202325 minutes, 23 seconds
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SQUAWK BOX, THURSDAY 22ND JUNE, 2023

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.
6/22/202325 minutes, 46 seconds
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SQUAWK BOX, WEDNESDAY 21ST JUNE, 2023

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.
6/21/202325 minutes, 43 seconds
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SQUAWK BOX, TUESDAY 20TH JUNE, 2023

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.
6/20/202329 minutes, 39 seconds
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SQUAWK BOX, MONDAY 19TH JUNE, 2023

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.
6/19/202325 minutes, 4 seconds
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SQUAWK BOX, FRIDAY 16TH JUNE, 2023

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.
6/16/202329 minutes, 40 seconds
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SQUAWK BOX, THURSDAY 15TH JUNE, 2023

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.
6/15/202326 minutes, 10 seconds
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SQUAWK BOX, WEDNESDAY 14TH JUNE, 2023

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.
6/14/202330 minutes, 7 seconds
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SQUAWK BOX, TUESDAY 13TH JUNE, 2023

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.
6/13/202324 minutes, 42 seconds
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SQUAWK BOX, MONDAY 12TH JUNE, 2023

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.
6/12/202326 minutes, 28 seconds
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SQUAWK BOX, FRIDAY 9TH JUNE, 2023

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.
6/9/202324 minutes, 43 seconds
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SQUAWK BOX, THURSDAY 8TH JUNE, 2023

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.
6/8/202325 minutes, 22 seconds
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SQUAWK BOX, WEDNESDAY 7TH JUNE, 2023

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.
6/7/202327 minutes, 17 seconds
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SQUAWK BOX, TUESDAY 6TH JUNE, 2023

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.
6/6/202325 minutes, 24 seconds
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SQUAWK BOX, MONDAY 5TH JUNE, 2023

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.
6/5/202326 minutes, 30 seconds
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SQUAWK BOX, FRIDAY 2ND JUNE, 2023

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.
6/2/202324 minutes, 2 seconds
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SQUAWK BOX, THURSDAY 1ST JUNE, 2023

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.
6/1/202328 minutes
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SQUAWK BOX, WEDNESDAY 31ST MAY, 2023

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.
5/31/202326 minutes, 54 seconds
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SQUAWK BOX, TUESDAY 30TH MAY, 2023

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.
5/30/202327 minutes, 28 seconds
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SQUAWK BOX, MONDAY 29TH MAY, 2023

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.
5/29/202325 minutes, 39 seconds
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SQUAWK BOX, FRIDAY 26TH MAY, 2023

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.
5/26/202326 minutes, 36 seconds
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SQUAWK BOX, THURSDAY 25TH MAY, 2023

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.
5/25/202330 minutes, 15 seconds
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SQUAWK BOX, WEDNESDAY 24TH MAY, 2023

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.
5/24/202324 minutes, 45 seconds
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SQUAWK BOX, TUESDAY 23RD MAY, 2023

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.
5/23/202325 minutes, 9 seconds
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SQUAWK BOX, MONDAY 22ND MAY, 2023

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.
5/22/202326 minutes, 10 seconds
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SQUAWK BOX, FRIDAY 19TH MAY, 2023

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.
5/19/202331 minutes, 59 seconds
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SQUAWK BOX, THURSDAY 18TH MAY, 2023

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.
5/18/202327 minutes, 11 seconds
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SQUAWK BOX, WEDNESDAY 17TH MAY, 2023

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.
5/17/202321 minutes, 36 seconds
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SQUAWK BOX, TUESDAY 16TH MAY, 2023

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.
5/16/202330 minutes, 1 second
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SQUAWK BOX, MONDAY 15TH MAY, 2023

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.
5/15/202328 minutes, 39 seconds
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SQUAWK BOX, FRIDAY 12TH MAY, 2023

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.
5/12/202326 minutes, 42 seconds
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SQUAWK BOX, THURSDAY 11TH MAY, 2023

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.
5/11/202325 minutes, 22 seconds
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SQUAWK BOX, WEDNESDAY 10TH MAY, 2023

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.
5/10/202327 minutes, 33 seconds
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SQUAWK BOX, TUESDAY 9TH MAY, 2023

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.
5/9/202329 minutes, 40 seconds
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SQUAWK BOX, MONDAY 8TH MAY, 2023

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.
5/8/202327 minutes, 13 seconds
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SQUAWK BOX, FRIDAY 5TH MAY, 2023

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.
5/5/202324 minutes, 56 seconds
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SQUAWK BOX, THURSDAY 4TH MAY, 2023

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.
5/4/202327 minutes, 44 seconds
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SQUAWK BOX, WEDNESDAY 3RD MAY, 2023

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.
5/3/202330 minutes, 33 seconds
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SQUAWK BOX, TUESDAY 2ND MAY, 2023

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.
5/2/202322 minutes, 58 seconds
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SQUAWK BOX, FRIDAY 28TH APRIL, 2023

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.
4/28/202326 minutes, 6 seconds
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SQUAWK BOX, THURSDAY 27TH APRIL, 2023

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.
4/27/202321 minutes, 39 seconds
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SQUAWK BOX, WEDNESDAY 26TH APRIL, 2023

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.
4/26/202328 minutes, 7 seconds
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SQUAWK BOX, TUESDAY 25TH APRIL, 2023

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.
4/25/202324 minutes, 34 seconds
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SQUAWK BOX, MONDAY 24TH APRIL, 2023

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.
4/24/202329 minutes, 5 seconds
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SQUAWK BOX, FRIDAY 21ST APRIL, 2023

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.
4/21/202328 minutes, 46 seconds
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SQUAWK BOX, THURSDAY 20TH APRIL, 2023

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.
4/20/202330 minutes, 1 second
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SQUAWK BOX, WEDNESDAY 19TH APRIL, 2023

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.
4/19/202328 minutes, 51 seconds
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SQUAWK BOX, TUESDAY 18TH APRIL, 2023

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.
4/18/202331 minutes, 44 seconds
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SQUAWK BOX, MONDAY 17TH APRIL, 2023

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.
4/17/202329 minutes, 3 seconds
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SQUAWK BOX, FRIDAY 14TH APRIL, 2023

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.
4/14/202329 minutes, 56 seconds
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SQUAWK BOX, THURSDAY 13TH APRIL, 2023

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.
4/13/202325 minutes, 28 seconds
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SQUAWK BOX, WEDNESDAY 12TH APRIL, 2023

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.
4/13/202329 minutes, 38 seconds
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SQUAWK BOX, TUESDAY 11TH APRIL, 2023

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.
4/11/202325 minutes, 47 seconds
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SQUAWK BOX, THURSDAY 6TH APRIL, 2023

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.
4/6/202328 minutes, 33 seconds
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SQUAWK BOX, WEDNESDAY 5TH APRIL, 2023

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.
4/5/202333 minutes, 54 seconds
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SQUAWK BOX, TUESDAY 4TH APRIL, 2023

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.
4/4/202330 minutes, 20 seconds
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SQUAWK BOX, MONDAY 3RD APRIL, 2023

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.
4/3/202331 minutes, 4 seconds
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SQUAWK BOX, FRIDAY 31ST MARCH, 2023

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.
3/31/202329 minutes, 10 seconds
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SQUAWK BOX, THURSDAY 30TH MARCH, 2023

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.
3/30/202327 minutes, 58 seconds
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SQUAWK BOX, WEDNESDAY 29TH MARCH, 2023

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.
3/29/202327 minutes, 8 seconds
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SQUAWK BOX, TUESDAY 28TH MARCH, 2023

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.
3/28/202329 minutes, 20 seconds
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SQUAWK BOX, MONDAY 27TH MARCH, 2023

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.
3/27/202326 minutes, 45 seconds
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SQUAWK BOX, FRIDAY 24TH MARCH, 2023

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.
3/24/202326 minutes, 17 seconds
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SQUAWK BOX, THURSDAY 23RD MARCH, 2023

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.
3/23/202328 minutes, 16 seconds
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SQUAWK BOX, WEDNESDAY 22ND MARCH, 2023

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.
3/22/202327 minutes, 47 seconds
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SQUAWK BOX, TUESDAY 21ST MARCH, 2023

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.
3/21/202326 minutes, 20 seconds
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SQUAWK BOX, MONDAY 20TH MARCH, 2023

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.
3/20/202334 minutes, 23 seconds
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SQUAWK BOX, FRIDAY 17TH MARCH, 2023

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.
3/17/202330 minutes, 5 seconds
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SQUAWK BOX, THURSDAY 16TH MARCH, 2023

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.
3/16/202329 minutes, 59 seconds
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SQUAWK BOX, WEDNESDAY 15TH MARCH, 2023

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.
3/15/202324 minutes, 40 seconds
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SQUAWK BOX, TUESDAY 14TH MARCH, 2023

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.
3/14/202332 minutes, 21 seconds
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SQUAWK BOX, MONDAY 13TH MARCH, 2023

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.
3/13/202327 minutes, 11 seconds
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SQUAWK BOX, FRIDAY 10TH MARCH, 2023

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.
3/10/202326 minutes, 42 seconds
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SQUAWK BOX, THURSDAY 9TH MARCH, 2023

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.
3/9/202339 minutes, 51 seconds
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SQUAWK BOX, WEDNESDAY 8TH MARCH, 2023

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.
3/8/202331 minutes, 23 seconds
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SQUAWK BOX, TUESDAY 7TH MARCH, 2023

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.
3/7/202326 minutes, 58 seconds
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SQUAWK BOX, MONDAY 6TH MARCH, 2023

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.
3/6/202332 minutes, 6 seconds
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SQUAWK BOX, FRIDAY 3RD MARCH, 2023

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.
3/3/202325 minutes, 25 seconds
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SQUAWK BOX, THURSDAY 2ND MARCH, 2023

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.
3/2/202326 minutes, 11 seconds
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SQUAWK BOX, WEDNESDAY 1ST MARCH, 2023

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.
3/1/202326 minutes, 47 seconds
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SQUAWK BOX, TUESDAY 28TH FEBRUARY, 2023

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.
2/28/202327 minutes, 17 seconds
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SQUAWK BOX, MONDAY 27TH FEBRUARY, 2023

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.
2/27/202327 minutes, 32 seconds
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SQUAWK BOX, FRIDAY 24TH FEBRUARY, 2023

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.
2/24/202328 minutes, 18 seconds
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SQUAWK BOX, THURSDAY 23RD FEBRUARY, 2023

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.
2/23/202325 minutes, 24 seconds
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SQUAWK BOX, WEDNESDAY 22ND FEBRUARY, 2023

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.
2/22/202326 minutes, 32 seconds
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SQUAWK BOX, TUESDAY 21ST FEBRUARY, 2023

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.
2/21/202326 minutes, 38 seconds
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SQUAWK BOX, MONDAY 20TH FEBRUARY, 2023

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.
2/20/202331 minutes, 21 seconds
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SQUAWK BOX, FRIDAY 17TH FEBRUARY, 2023

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.
2/17/202326 minutes, 33 seconds
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SQUAWK BOX, THURSDAY 16TH FEBRUARY, 2023

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.
2/16/202327 minutes, 31 seconds
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SQUAWK BOX, WEDNESDAY 15TH FEBRUARY, 2023

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.
2/15/202323 minutes, 33 seconds
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SQUAWK BOX, TUESDAY 14TH FEBRUARY, 2023

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.
2/14/202325 minutes, 58 seconds
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SQUAWK BOX, MONDAY 13TH FEBRUARY, 2023

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.
2/13/202326 minutes, 9 seconds
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SQUAWK BOX, FRIDAY 10TH FEBRUARY, 2023

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.
2/10/202327 minutes, 59 seconds
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SQUAWK BOX, THURSDAY 9TH FEBRUARY, 2023

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.
2/9/202329 minutes, 54 seconds
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SQUAWK BOX, WEDNESDAY 8TH FEBRUARY, 2023

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.
2/8/202325 minutes, 33 seconds
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SQUAWK BOX, TUESDAY 7TH FEBRUARY, 2023

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.
2/7/202325 minutes, 16 seconds
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SQUAWK BOX, MONDAY 6TH FEBRUARY, 2023

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.
2/6/202332 minutes, 18 seconds
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SQUAWK BOX, FRIDAY 3RD FEBRUARY, 2023

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.