Squawk Box Europe Express

Nvidia posts another stellar quarter to cement its lead in the A.I. race. Its shares, however, dip in after-hours trade. Indian multinational conglomerate Adani Group sees shares nose-dive after billionaire chairman Gautam Adani is charged by U.S. prosecutors with fraud and bribery charges. U.S. retail giant Target is in the red, falling 21.4 per cent in yesterday’s session – its worst trading day in more than two years. The company issued a sales warning ahead of the Christmas shopping season. And the co-heads of the upcoming Trump administration’s Department of Government Efficiency, Elon Musk and Vivek Ramaswamy, outline plans for mass job and spending waste cuts to the U.S. civil service.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

President-elect Donald Trump appoints Cantor Fitzgerald’s Howard Lutnick to run the Commerce Department. Former WWE wrestling mogul and Small Business Administration leader during Trump’s first term Linda McMahon is given the Education Secretary brief. Apollo CEO Marc Rowan is reportedly is favourite to head up the Treasury. U.S. tech stocks soar helped on by chip giant Nvidia coming close to 5 per cent ahead of the U.S. earnings report. Qualcomm announces it is positive on Trump and forecasts $4bn in PC chip sales in the following five years. Ukraine fires six U.S.-made ATACMS deep into Russia after President Biden allowed their use earlier this week. Russian President Vladimir Putin amends his own decree on using nuclear arms. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Asian equities are mainly in the green at the start of the week with the dollar rally pausing after achieving multi-month highs. President-elect Donald Trump appoints Sean Duffy as transport secretary and there are reports of potential in-fighting in the transition team over a growing field of Treasury contenders. The U.S. DoJ is reportedly on the verge of forcing Google to sell its Chrome browser – the latest regulatory push to break up the company’s online search monopoly. We hear exclusively from Oaktree Capital Management’s Howard Marks who says he is positive on China’s trade relations with the U.S. over the next decade.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

In what is a major shift in policy, U.S. President Joe Biden has reportedly given Kyiv permission to use U.S.-supplied long-range missiles to strike deep into Russian territory. U.S. indices post their worst session in two weeks as the Trump trade falters. However, Europe still lags Wall Street by a record margin this year. President-elect Donald Trump continues to select his cabinet, naming Big Tech critic Brendan Carr as FCC head and Chris Wright as Energy Secretary. We hear from outgoing Energy Secretary Jennifer Granholm who tells us it would be “political malpractice” if Trump dismantled her administration’s green policies.   See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Markets pare back bets on a December Fed cut, with Wall Street losing ground following hawkish comments from Jerome Powell over the strength of the U.S. economy. Meanwhile in China, fresh data paints a mixed picture on the economy as recent stimulus measures boosts retail sentiment, but the country’s key industrial sector continues to lose steam. In the U.K., Chancellor Rachel Reeves delivers her first Mansion House speech, announcing intentions to target regulation as she warns that the nation cannot take its status as a global financial centre for granted. In the U.S., President-elect Donald Trump appoints Robert F Kennedy Junior to be his Secretary of Health and Human services, potentially giving the anti-vaccine activist a major role over America’s food and drug supply.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

President-elect Donald Trump makes a shocking pick for Attorney General, tapping controversial Florida Representative Matt Gaetz for the role. This as NBC News projects Republicans will maintain control of the House in a ‘red sweep’. Meanwhile the Trump trade eases as fresh U.S. inflation data that supports expectations for a December Fed cut. Hedge fund billionaire David Einhorn warns of further price pressure volatility at CNBC’s Delivering Alpha Investor summit. But the crypto rally gathers pace, with Bitcoin briefly topping $93,000 for the first time, and the Dogecoin doubled its price following Trump’s election victory. In Germany, expert advisors to Chancellor Olaf Scholz cut their growth forecast for next year, delivering another blow to the beleaguer economy as political parties shift into campaign mode ahead of the February elections.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

President-elect Donald Trump taps X owner and Tesla CEO Elon to take leadership of the new ‘department of government efficiency’, alongside taking his pick of the new defence and intelligence heads. U.S. market majors snap their post-election winning streak, while Treasury yields spike and the dollar index hits a 6-months high as investors brace for another Trump administration. Meanwhile, Siemens Energy raises its mid-term outlook after reporting a record order backlog of €123 billion, boosted by a turnaround at turbine unite Gamesa. In Lisbon, global tech leaders gather at the annual Web Summit with the prospect of looser regulations and heightened trade tensions under President-elect Trump. There, Microsoft President Brad Smith tells CNBC that Europe remains key for the company. Germany prepares for a snap election on February 23rd after the collapse of Chancellor Olaf Scholz’s governing coalition – with Economy minister Robert Habeck saying Berlin still remains a reliable partner.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Donald Trump’s election victory continues to rally markets, with the S&P 500 topping $6,000 for the first time, and the Dow soaring by more than 300 points to close above the $44,000 mark. Momentum doesn’t stop there as investors jump on the crypto trade, with Bitcoin closing in on the $90,000 mark and Coinbase popping nearly 20%. Meanwhile, sources tell NBC that Senator Marco Rubio is the likely candidate to become Donald Trump’s top diplomat, with the President-elect also said to have tapped China hawk Mike Waltz as his National Security Adviser. In Asia, chipmaker stocks dip over mounting concerns of looming U.S. protectionist measures, prompting South Korea to release its own stimulus measures for domestic producers.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The S&P 500 and the Dow are clinching their best week of the year in the wake of former President Trump’s secured return to the White House, and the prospect of looser regulation and tax cuts. Cryptocurrency Bitcoin follows suit, soaring above $80,000 as the Trump trade takes hold. This as the President-elect is confirmed to have won Arizona, completing a clean sweep of all the battleground states, with Republicans now closing in on control of the House. Meanwhile, Chinese consumer inflation hits its lowest level in four months as factory gate deflation deepens, despite China’s new set of stepped-up stimulus measures. In Germany, Chancellor Olaf Scholz says he’s open to moving up a parliamentary confidence vote, potentially paving the way for snap elections sooner rather than later, following the collapse of the nation’s three-way coalition.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The S&P and Nasdaq attain fresh record highs after the Fed cuts rates for a second consecutive time. However, Fed chair Jerome Powell’s press conference was dominated by questions about his position at the central bank following the re-election of President Donald Trump. Trump rewards his campaign manager Susie Wiles with the position of chief-of-staff, the first key appointment to his White House team. Outgoing President Joe Biden promises to ensure a smooth transition of power. In the UK, the Bank of England cuts rates by 25bps while hiking the inflation forecast following Chancellor Rachel Reeves’ new budget. Governor Andrew Bailey says developments Stateside are being closely monitored. Following the collapse of the German coalition government, Chancellor Olaf Scholz is under pressure to hold snap elections. Chairman of the Supervisory Board at Siemens Energy Joe Kaeser tells CNBC that the German economy is crying out for political stability.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Wall Street closes at record highs following Donald Trump’s historic win to become the 47th U.S. President. The Dow rallies by 1,500 points thanks to bank stocks after Democratic nominee Kamala Harris concedes the election. In Germany the fragile governing ‘traffic light’ coalition collapses as Chancellor Olaf Scholz fires Finance Minister Christian Lindner over major economic policy disagreements. The move paves the way for a January confidence vote and a likely snap election in March. The race for the U.S. House of Representatives’ majority remains finely poised. The GOP are just nine seats short of a clean sweep of Congressional power. And investors await rate decisions from the Fed, BoE, Riksbank and Norges Bank all due later today.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Donald Trump and Kamala Harris make their final pitches to the U.S. electorate with rallies in the key battleground states of North Carolina, Pennsylvania and Michigan. Wall Street braces itself with global stocks flat while yields slip and the greenback wavers ahead of today’s poll. Boeing workers end their seven-week strike after accepting an improved pay deal. In energy news, Saudi Aramco sees a 15 per cent dip in the third quarter due to weak prices and decreased refining markets. The oil giant does, however, still top expectations and maintains its $31bn dividend. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The dollar dips with futures relatively flat as a surprise poll puts Kamala Harris ahead in the Republican-leading state of Iowa. National polling still places both candidates neck-and-neck. Berkshire Hathaway continues to dial down its stakes in Apple and BofA, boosting its cash pile to $325bn. The German ruling coalition is in disarray after finance minister Christian Lindner’s economic manifesto causes major rifts with coalition partners, prompting Chancellor Olaf Scholz to summon talks late last night. Oil surges on the news that Opec+ nations agree to delay output hikes by a month. We hear from TotalEnergies CEO Patrick Pouyanné who says industry margins are under pressure.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Apple shares dip following cautious guidance ahead of Christmas. The company also reveals little about demand for its new iPhone 16. Amazon posts a beat on quarterly earnings causing shares to pop in extended trade. The e-commerce giant’s CEO Andy Jassy pledges to significantly ramp up spending on the company’s A.I. technologies. On Wall Street the S&P 500 and the Nasdaq suffer their worst day in more than a month following disappointing Big Tech results. And in the UK, the gilt sell-off increases and sterling endures a volatile session as investors fear Chancellor Rachel Reeves’ budget could force inflation back up while piling up debt.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Microsoft enjoys an A.I. boom but there are concerns over capex and a slowing cloud division which pulls the share price lower in extended trade. Meta posts a top and bottom line beat but shares also fall in after-hours trade as investors remain anxious over greater A.I. infrastructure expenditure at the social media giant. BNP Paribas notches a near-six per cent quarterly rise in net income and confirms its forecast. CFO Lars Machenil tells CNBC he remains bullish about the trend. There’s a surprise expansion in Chinese manufacturing activity in October as recent stimulus measures help to end five consecutive months of contraction. And in the UK, investors digest the first Labour budget in 15 years following one of the largest increases in taxation, spending and borrowing on record.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

UBS posts $1.4bn in Q3 net profit as the lender accelerated the integration of former rival Credit Suisse. Standard Chartered almost doubles its quarterly pre-tax profit which prompts the London-based bank to hike guidance and pledges to lift its dividend payout. Meanwhile in the U.S., Alphabet’s cloud arm delivers stellar results which help push the company’s annual revenues up by 15 per cent in the third quarter, this despite a slowdown in its search and YouTube services. In the UK, gilt yields hit a post-election high ahead of Labour’s much anticipated first budget in 15 years.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Novartis posts Q3 earnings with 10 per cent sales growth and 20 per cent core income growth. The drug maker has also hiked its FY guidance. HSBC sees Q3 profits jump by 10 per cent. The lender has also launched a $3bn buyback scheme on the back of slower-than-expected rate cuts. Wall Street begins the week in the green ahead of key inflation data and earnings from the tech sector. In autos news, Volkswagen is warning of unprecedented plant closures and mass lay-offs as the German giant struggles against Chinese rivals and poor demand for EVs.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The ruling LDP in Japan loses its parliamentary majority in its worst defeat more than a decade. The yen slumps to a three-month low as a result. We hear from German finance minister Christian Lindner at the IMF annual meeting in Washington who says Europe must be prepared for a second Trump administration. Moody’s cuts its forecast for France to negative for worse-than-expected fiscal deterioration. The credit ratings agency also cast doubt over the current government’s ability to tackle wider deficits. And in the U.S., campaigning enters its final full week with both candidates targeting purple swing states. In energy news, Brent and WTI are both sharply down after IDF airstrikes avoided key Iranian oil installations. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Tesla shares rocket by 21.9 percent – the company’s largest one-day gain in more than a decade – as U.S. markets hope to avoid their first negative week in six. The IMF warns that the growth gap between the EU and U.S. will only widen further. We hear from ECB board member and governor of the National Bank of Belgium, Pierre Wunsch, who says he would consider a 50 basis point rate cut should data move in the wrong direction. Japanese voters head to the polls this weekend with the ruling LDP facing the prospect of a heavy defeat and the first possible loss of parliamentary majority since 2012. And in the U.S. a court blocks a merger between Coach owner Tapestry and the owner of Michael Kors, Capri Holdings.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

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