Squawk Box Europe Express

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

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

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

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

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

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

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

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

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

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

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

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

In Asia, equities are in the green with the Nikkei leading the way at the close but the Japanese yen dips as the BoJ is to maintain its ultra-loose monetary policy with no hint of when it will end its negative rate strategy. The Dow and the Nasdaq close narrowly up for the eighth straight session following more dovish predictions about 2024 rate cuts. Chicago Fed President Austan Goolsbee says he is perplexed by market reactions. In the Red Sea, the U.S. spearheads an international maritime operation to protect merchant shipping lanes from drone and missile attacks by Iranian proxies. BP has announced it will be rerouting its tankers in the region. In banking news, activist investor Cevian reveals a €1.2bn stake in Swiss lender UBS following its rescue of Credit Suisse in March. And Apple is scrambling to resolve an IP dispute with a medical technology firm which is holding up U.S. sales of its watches, less than a week before Christmas.   See Privacy Policy at https://art19.com/privacy and Cal

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

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

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

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

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

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

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