Squawk Box Europe Express

Millions of Americans head to the polls today in the biggest referendum on President Trump's second term as Republicans fight to maintain control of both the House and Senate. Elsewhere, Iran says it's prepared to respond forcefully after reports of a US strike on Qeshm Island, pushing crude prices higher. And Apple shares slide in extended trade as "unprecedented" memory chip prices put a squeeze on margins.

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The AI sell-off eases - US futures try to claw back after a brutal week for tech stocks sees more than 2 trillion dollars wiped off the Nasdaq. Elsewhere, Ryanair reports a 6 percent drop in quarterly profit and CEO Michael O'Leary tells CNBC passengers face higher airfares next year. Meanwhile, oil prices extend declines as Iranian officials continue talks in Doha, but Goldman Sachs warns Brent could surge to 140 dollars a barrel by next year. And the countdown is on - Democrats make their final push ahead of the midterms, hoping to flip the House and Senate this week.

Nasdaq futures plunge as Alphabet's half a trillion dollar wipe out rips through the sector... And Intel shares look set to follow suit, eyeing a 20 percent drop at the open. Elsewhere, Binance suspends withdrawals after suspected state-backed hackers infiltrate a corporate laptop, draining 6-point-3 billion dollars in the largest digital asset heist on record. And, BP third quarter net income blows past expectations, coming in at almost 8-and-a-half billion dollars. The oil major says it will use the excess cashflow to address the remaining Deepwater Horizon liabilities in full.

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Alphabet shares tumble as an AI-driven spending spree rips a hole in the company's free cash flow - with the CFO flagging a significant capex increase to come next year too. Elsewhere, short-term yields fall as the Fed hits pause, despite a hawkish warning on inflation from Chairman Kevin Warsh. Over to the U.K. - Chancellor Healey leans on banks, property owners, and savers to fund a modest cost-of-living budget, though the OBR warns of a 'pretty grim' picture as household disposable income looks set to decline once again. And, Airbus maintains its full year guidance despite a 9...

Europe's banks lead the earnings charge with a standout performance from Stanchart; UBS meets expectations, but CEO Sergio Ermotti sounds the alarm over tougher capital requirements. Elsewhere, South Korean chip giant SK Hynix posts record quarterly revenues and a massive seven-fold profit surge. Over to Israel - it's too close to call in the country's parliamentary elections, with Netanyahu rejecting any potential coalition backed by Arab parties. And, we look ahead to U.K. Chancellor Healey's first fiscal budget later today.

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Anthropic files to go public in one of the most hotly anticipated IPOs of all-time, but it's not without controversy as the Claude-maker warn of an 'existential threat to humanity.' Elsewhere, Novartis narrowly misses net sales estimates but ups its guidance thanks to strong demand for its key cancer and multiple sclerosis drugs. And HSBC shares are under pressure despite a sharp jump in quarterly profit, as a slowdown in its wealth management arm disappoints investors.

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US stock futures try to claw back from last week's tech rout as traders eye a big week of central bank action. Elsewhere, Lula da Silva pulls off a dramatic comeback in Brazil -- winning a historic fourth term and defeating his far-right challenger, Flávio Bolsonaro, who refuses to concede. And President Trump reveals Audi is building a 4-billion dollar plant in the US - as it cuts thousands of jobs in Germany.

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The tech sell-off deepens, with Meta's 7 percent slide fueling fresh fears over spending, and sending the Nasdaq for its worst day since June. That's led to a major flight to safety, as investors pour back into bonds. And Kering's turnaround faces another test after third-quarter sales at flagship Gucci take a hit - sending U.S. listed shares down 12%.

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Global equity markets take a sharp risk-off turn as investors continue to question AI spending and higher yields. Overnight, Meta's third-quarter revenue beats expectations with annual capex set to top at $145 billion, but Tesla shares are lower after hours despite higher gross margins as the company plans to scale back its own capital spending plans. In Europe, Nestlé beats expectations for third-quarter organic sales, we'll speak exclusively to CEO Philipp Navratil as a part of our Super Thursday of earnings, including the CEO of Barclays. And, Nvidia CEO Jensen Huang takes the stage in Berlin, urging Europe to produce A...

Elon Musk hints at merging his two companies, Tesla and SpaceX, in the biggest corporate tie-up of all time, as SpaceX shares blast off in after hours trade on a 160-percent Q3 revenue jump, with AI-related sales surging almost 10-fold. Nvidia CEO Jensen Huang takes centre stage at the company’s GTC conference in Berlin today, as mounting concerns over AI spending and debt rattle investors. Despite those risks, SpaceX lifts the Nasdaq pre-market, with Europe also called higher, as Adidas raises its outlook on the back of a record third quarter operating profit. And U.S. envoy Steve Wi...

Tech stocks rebound on Wall Street as investors rush back into semiconductors and megacaps. But that resilience faces an immediate gut check with heavyweight earnings from Meta, Tesla, SpaceX, and Netflix ahead. Meanwhile, Asian markets buck the trend as heavy selling pressure hits AI and tech shares - pushing South Korea's Kospi into a bear market, while data center provider Elice craters on its trading debut. In Europe, geopolitical and economic anxiety is mounting. France imposes curfews and restricts public gatherings in major cities amid severe civil unrest. Wary investors seek safety, driving the French-German 10-year bond spread to...

The Nasdaq looks set to open higher following its sharpest weekly drop since June, as Wall Street debates the sustainability of AI debt financing. Meanwhile, France reels from violent weekend protests that injured 1,000 and resulted in almost 2,500 arrests, prompting President Macron to warn that next year's election holds historic consequences. And, in geopolitics, Washington restores intelligence sharing with Ukraine, even as President Trump waives select Russian sanctions ahead of a rumoured trilateral summit with Vladimir Putin and Xi Jinping.

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Fed Chairman Kevin Warsh lauds the resilience of the global economy but refuses to give any hint on the rate path ahead. President Trump reportedly considers easing restrictions on so-called shadow fleets with ties to Russia and Iran, testing how far Washington’s rapprochement with Moscow will strain ties with Europe. Elsewhere, LVMH's Antoine Arnault pushes back against suggestions luxury names are in trouble, telling CNBC the sector is just in a difficult phase. And Tesla unveils its next-generation Roadster, using SpaceX technology that allows it to hover and drive upside down.

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AI jitters roil markets, pulling tech stocks lower stateside, sparking a sell-off across Asian equities. U.S. inflation comes in hotter-than-expected, with a surge in energy prices accounting for half the rise. Elsewhere, Anthropic tells investors revenue hit almost 17 billion dollars in the third quarter as it lines up for a blockbuster IPO. And U.K. GDP in August comes in at 2.1% - growing at its fastest annual pace in almost 4 years.

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ASML tops third quarter profit forecasts - Europe's largest company flagging order interest through to 2030 as it looks to boost capacity. Elsewhere, ECB President Christine Lagarde essentially rules out intervention by the central bank in France, telling Paris it will have to manage its own debt pile as thousands take to the streets in school protests. And, U.S. regulators hit Bank of America with a fine of more than 1.2 billion dollars, accusing the lender of breaking anti-money laundering and sanctions laws.

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Tech stocks sell off across Asia, with trade on South Korea's Kospi briefly halted following a fall in U.S. chip names. Elsewhere, the IMF hikes it outlook for global growth this year, as the AI investment boom offsets the impact of surging energy. Meanwhile, Ukraine accuses Russia of continuing to strike energy infrastructure, just a day after President Trump announces his 'energy ceasefire'. And it's more gloom for the luxury sector - LVMH misses third quarter sales forecasts as a slump in China hits flagship brands Louis Vuitton and Dior.

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Crude prices slip as President Trump claims an “energy ceasefire” between Russia and Ukraine days after announcing a controversial diesel deal with Moscow. The U.S. President has also said he's considering joining Saudi Arabia in its fight against the Iran-backed Houthis following strikes on Riyadh's main airport which killed 13 people. Elsewhere in markets, US and European futures point to gains at the open, in a week set to be dominated by bank earnings. And, China and the EU hold "intensive" talks on the auto trade amid concerns over market dumping.

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CNBC confirms that OpenAI told investors its annualised revenue came in roughly $20 billion below that expected at the end of September, with the news pushing AI names including Nvidia, Oracle and Coreweave deep into the red. Meanwhile, Ray Dalio tells us the stock market's cushion against rising yields is shrinking - even amid expected strength in corporate earnings - warning there are not enough investors to meet funding requirements. And President Trump promises not to attack Iran until after November's mid-term elections, saying productive discussions are ongoing - despite Houthi rebels targeting Saudi airports, killing three and forcing hundreds...

The global bond rout eases as the latest Fed minutes dial back the odds of a rate hike this month - shifting expectations to December instead - while Wednesday's successful 10-year Treasury auction draws solid demand, bringing the yield down from a 24-year high. Meanwhile, France braces for further student protests today as Prime Minister Sébastien Lecornu admits anger over school conditions is not unprovoked, while he also moves to cap next year's public deficit at 5% to ease debt spiral fears. And, EU Trade Commissioner Maroš Šefčovič touches down in China for two days of trade talks, with...

The S&P 500 shatters records to close above 7,800 points for the first time, propelled by a massive tech rally is masking a broader market sell-off. Beneath the surface, trouble is brewing. We dive into the bond market volatility pushing the 10-year Treasury yield back past 5.3% and unpack UBS CEO Sergio Ermotti’s urgent warning about France's debt crisis. Plus, we look at Mistral AI’s bold new model, "Le Chonk," and the Houthi attacks that have Brent crude surging back over $100 a barrel.

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As stock markets advance, so do bond yields, with the 10-year Treasury topping 5.3%, while investors continue to dump French paper, taking the spread with German bunds to its widest since the Eurozone debt crisis and the euro to a 17-month low. In the face of a looming debt spiral, former Bank of England chief economist Andy Haldane tells CNBC that governments must outline plans to curb spending. And, AI executives testify in New York and Sydney over safety fears and rogue agents, with OpenAI admitting that its actions and response to the Australian government hack were "not good enough".<...

The U.S. dollar hits a 17-month high against the euro as French debt worries and political risk shake European markets, even as soft U.S. jobs data prompts investors to scale back Federal Reserve rate hike bets. Meanwhile, crude prices edge lower as Middle East exports recover, G7 nations release 100 million barrels of strategic reserves, and Iran sets its terms for the Strait of Hormuz. In M&A, French industrial giant Schneider Electric strikes a massive $22.6 billion deal to buy U.S. software group PTC to capture the industrial AI boom. Plus, we are live from London at...

Treasurys get some short-lived relief after the 10-year yield hits levels not seen in nearly a quarter of a century - but borrowing costs tick higher again as investor attention turns to September's non-farm payrolls report. Meanwhile, Europe's borrowing costs also coming under heavy pressure, with the UK becoming the first G7 country to pay 6% on long-term borrowing since 2012, while fiscal uncertainty in France sees the euro tank against the dollar.

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Treasury yields hover around levels not seen in nearly a quarter of a century as lenders taper their Fed hike forecasts. Meanwhile crude prices are whipsaw, even as supply concerns ease, while Kpler says oil flows through the Strait of Hormuz reached pre-war levels this week. And tech CEOs have reportedly rounded on Anthropic CEO Dario Amodei amid growing fears over the safety of AI. - for pod.

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President Trump has hailed what he calls a 'morally binding' document on AI guardrails in the face of growing safety concerns - and has signed an executive order to rename the technology after a luncheon with tech leaders at the White House. Meanwhile OpenAI CEO Sam Altman tells CNBC that the firm needs to improve its models safely and confidently before it goes public. And another day, another new high for yields: The yield on 30-year U.S. paper hits its highest in nearly 25 years, as the global bond sell-off continues - with September one of the worst months...

Existential risks to humanity – that is what Anthropic has reportedly said in its prospectus, seen by Reuters and the FT, despite still eyeing a $2 trillion valuation. That news comes after OpenAI pulls its latest model over safety concerns, while Mistral AI CEO Arthur Mensch tells CNBC the current AI slowdown debate in the U.S. is a cover for the “negligence” of some rivals. In markets, bond yields continue their inexorable march higher as President Trump rejects a proposal that would reopen the Strait of Hormuz. And in the U.K., speculation mounts that Andy Burnham could signal an end to...

Crude prices gain after President Trump rejects an Iranian proposal aimed at ending the Middle East conflict and reopening the Strait of Hormuz. In tech, OpenAI pauses training on its most advanced models after yet another agent escapes from an internet-free environment. And in Liverpool, U.K. Chancellor John Healey is preparing to unveil a "new age of industrialisation" later today when he addresses delegates at the Labour Party Conference.

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President Trump hosts Chinese President Xi Jinping at a state banquet at the White House along with some of America’s top corporate bosses. Talks between the two leaders focused on the A.I. race and the conflict in the Middle East. The global bond rout continues with the U.S. 30-year note rising to its highest level since June 2004 as investors consider the Federal Reserve’s rate path. Crude extended losses on the news of talks progressing between Iran and the US at the United Nations.  

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The 10-year Treasury yield spikes to its highest level since July 2007 in its biggest one day move in nearly 18 months. The 5 and 30 yields are also at levels not seen since before the financial crisis. The U.S. and China extend their trade truce by two months as Chinese President Xi Jinping touches down in America. Another OpenAI agent goes rogue, this time gaining unauthorized access to an Australian government website, with Prime Minister Anthony Albanese raising his concerns directly with Sam Altman. Global debt surges by more than $10 trillion in the first half of the year, surpassing $365 trillion, according...

Crude prices retreat after a three-hour meeting between U.S. officials and the Iranian delegation at the UN, even with President Trump saying he needs to make a “big decision” over the next step. China's President Xi Jinping prepares to travel to Washington for talks with Trump, but uncertainty is abound over if the Chinese leader will bring a delegation of corporate leaders with him. AI takes centre stage at the UN today with OpenAI CEO Sam Altman and Anthropic CEO Dario Amodei expected to address the Security Council, as the debate over safety ramps up. France steps up supp...

The Nasdaq closes at a record high, driven by the AI trade as Meta posts its best day since April 2025. JP Morgan boss Jamie Dimon discusses the technology's potential impact on inflation. Oil gains slightly as U.S. President Trump prepares to meet with Gulf leaders at the UN General Assembly, where Iran's president will lead a delegation today - amid renewed hopes for a diplomatic solution to the conflict. Shares in Novo sink over as the Danish drugmaker lays out its post-Wegovy growth strategy.

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U.S. Treasury Secretary Scott Bessent and the Chinese Vice Premier He Lifeng agree to set up a “U.S.-China AI dialogue” for security incidents from artificial intelligence. This comes in the lead-up to this week’s Trump-Xi summit in Washington. Exit polls spell "disaster" for German Chancellor Friedrich Merz's CDU party after a drubbing in the weekend's state elections. Oil prices hit a one-week low despite weekend attacks by Houthi rebels on Riyadh, as markets hope diplomacy prevails when leaders meet on the sidelines of this week’s UN General Assembly.

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The bank of Japan delivers a quarter point hike, taking rates to the highest level since 1995. But two dissenting votes raise doubts around further normalization, driving the Yen and JGB yields lower. The Bank of England stands pat but warns rates will likely go up, with Governor Andrew Bailey flagging energy costs as a key threat. The S&P 500 sees its best day since early August as crude prices and treasury yields pull back, with tech stocks driving the charge on Wall Street. Researchers reportedly hack into OpenAI using Anthropic tools, as King Charles convenes AI leaders in Scotland...

The Fed hikes for the first time in over 3 years, with the Dow shedding over 600 points while the 10-year Treasury yield holds stubbornly around the 5% mark. The rate hike provokes U.S. President Donald Trump, who once again demands looser monetary policy, calling the FOMC “hostile”. Across the pond the Bank of England looks poised to deliver a hold as long-term borrowing costs hover near their highest in nearly 30 years. And the EU's offer for Canada to become its first-ever associate member also draws the ire of President Trump, who threatens further trade restrictions on the bloc if those plan...

All eyes are on the Federal Reserve decision today, as America’s central bank is all-but certain to have its first hike in over 3 years with the expected move will likely strain ties with U.S. President Donald Trump. Meta’s Mark Zuckaberg is weighing in on the AI safety debate, favoring independent evaluation rather than a slowdown in development, but Nvidia’s Jensen Huang and OpenAI CFO Sarah Friar come down on opposite sides of the conversation. 

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Chip names sell off on both sides of the pond amid investor pullback after warnings from AI giants. Software stocks, however, catch a bid, putting the two baskets at a huge divergence. Trump intervenes, calling warnings over the technology a “sick” “hoax,” and telling AI leaders not to kill the “golden goose”, going as far as calling up Jensen Huang during a podcast recording. The 10-year Treasury yield hits its highest ever level in almost 20 years, with traders eyeing a near 95% chance of a Fed hike as the FOMC starts its two-day meeting today.

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AI safety fears have dominated the sphere as Anthropic chief Dario Amodei's proposals to rein in development manage to unite bitter rivals Elon Musk and Sam Altman in support. However, U.S. president Donald Trump disagrees. Trump’s relationship with Fed Chair Warsh is set for a new test as investors eye a more-than 85% chance the central bank raises rates at its meeting this week while the President says the U.S. should have the lowest interest rates in the world. Oil prices notch fresh gains amid new strikes on Saudi Arabia and the Strait of Hormuz, which force Sa...

The latest U.S. Treasury buyback disappoints which piles on the pressure to sell global bonds. The 10-year Treasury yield is inching towards 5 per cent. In oil news, WTI tops $100 for the first time since May as continued Iranian attacks on Gulf refineries and vessels attempting to pass out of the Strait of Hormuz drive raise concerns over an extended disruption to supply. The ECB bumps rates by a quarter point as energy price concerns steer the inflation outlook upwards.

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President Trump talks up America's "tremendous" success as he promises a 'dividend' to US adult citizens if the Republicans retain control of Congress - in a pledge totalling more than a trillion dollars. The 10-year US bond yield jumps to its highest level in three years as the Treasury Department announces plans to buy back up to 6 billion dollars in longer-term debt - triple the normal level. UBS CEO Sergio Ermotti telling CNBC he sees investor complacency as geopolitical and economic risks mount. Apple unveils its long-awaited foldable phone, with the 'iPhone Duo' coming in just shy of $2,000 in...

Brent nears $100 a barrel as the conflict in the Gulf continues to flare. The IRGC says it attacked 2 American vessels and 8 oil tankers as retaliation for the U.S. targeting Iranian crude supplies earlier this week. Inflation fears rise as a result of surging energy prices, as do expectations of rate hikes from the ECB and Federal Reserve later this week. BoE Governor Andrew Bailey says the global economy is facing several upside inflationary risks. Wall Street closed Tuesday’s session in the red as AI models at several software firms come under scrutiny.  

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