Squawk Box Europe Express

The Dow hits a fresh record high after U.S. pharmaceutical company Moderna says its vaccine is 94 per cent effective. Travel shares react to the upside, while lockdown stocks such as Zoom and Netflix trade lower. President-elect Joe Biden urges a smooth transition of power to help contain the Coronavirus impact across the United States. In Brussels, Hungary and Poland veto the EU’s virus recovery budget over a clause tying funds to the bloc’s rule of law. In banking news, Spanish banks BBVA and Banco Sabadell confirm tie-up talks which would create the country’s second-largest lender with almost €500bn in assets.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

A major trade deal in Asia drives the continent’s equities higher as fifteen countries in the region sign the world's largest agreement, a move labelled as a 'coup for Beijing'. The deal includes China, South Korea and Japan but not India or the U.S. For the first time, President Trump publicly admits Joe Biden won the election but refuses to concede, while the President-elect prepares to meet vaccine makers as COVID-19 cases across the US top 11 million. Meanwhile, Britain’s Prime Minister Boris Johnson goes into self-isolation after holding a meeting with an MP who later tested positive for COVID-19, as tensions within his inner circle run high. But businesses are regaining confidence in the recovery. The President of Emirates Airlines, Tim Clark tells CNBC he expects the carrier to return to profitability within 18 months, voicing optimism over testing and travel corridors.And, Space-X launches its Crew Dragon spacecraft into orbit, making Elon Musk's venture the first time a private company launches astro

The S&P 500 loses most of the week's vaccine-based gains after Fed Chair Jerome Powell cautions on a quick return to pre-covid growth rates, while cases stateside hit another daily record. Central bank chiefs hail their joint response at a European Central Bank forum. ECB Executive Board member Isabel Schnabel tells CNBC exclusively that agility will be key for the second wave. And, NBC News projects Joe Biden is the winner in Arizona, nine days after polls closed, further cementing his presidential win as Democrats flip the state for the first time since 1996. China vows to defend the rights of its companies, after President Trump issues an order banning American investment into Chinese firms with ties to the military. And CNBC's East Tech West conference continues with the CEO of Prudential talking health technology, saying his business model will never be the same after Covid.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-i

Tech stocks on the Nasdaq finally break the sell-off, ending higher while cyclicals lag and futures dip on both sides of the Atlantic. In China, e-commerce giant JD.com sees shares rally, shrugging off regulation concerns. We speak exclusively with CEO Xu Lei who says domestic demand is soaring. President-elect Biden has held bilateral calls with the leaders of Australia, Japan and South Korea as his transition team gathers members. The CEO of Occidental Petroleum, Vicki Hollub, tells CNBC that although wary of the incoming U.S. administration’s energy stance, she is less worried than some in the industry.   See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Tech companies are hit hard amid a rotation trade while under-loved lockdown stocks continue to make gains. Alibaba shares see red as the threat of fresh regulation from Beijing overshadows a Singles Day sales bonanza. CNBC hears exclusively from IBM chairwoman Ginni Rometty who welcomes Joe Biden’s U.S. election win and progress in obtaining a Covid-19 vaccine. And we also hear from Boston Federal Reserve President Eric Rosengren who warns of “a pretty choppy six months ahead”.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The Dow rallies to its highest level since June after Pfizer and BioNTech claim their vaccine candidate is over 90 percent effective. Travel and airline stocks particularly outperform. However, tech stocks plunge on the news with the Nasdaq seeing the widest trading range with other major markets since the dotcom bubble. US president-elect Joe Biden welcomes the news but remains cautious, urging the public to keep following existing virus restrictions. Attorney-General William Barr orders prosecutors to investigate substantial allegations of voter fraud in last week’s U.S. elections. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Joe Biden calls for unity during his first speech as president-elect. U.S. futures react positively as a result. President Trump, however, refuses to concede defeat and will challenge the legality of the election. Biden is reportedly planning to create a Covid-19 taskforce as infections across the U.S. hit new record daily levels. UK Prime Minister and the European Commission President Ursula Von Der Leyen have congratulated Biden on his victory but both Moscow and Beijing have not yet formally reacted.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The delayed result of the U.S. presidential election still hinges on several key states with vote-counting coming down to the wire. President Trump has doubled down on claims of electoral fraud by the Democrats, despite his campaign losing two legal challenges. The race in Georgia is virtually tied and Pennsylvania remains too close to call. Democrat candidate Joe Biden has urged for calm while ballots continue to be tallied. U.S. Federal Reserve chairman Jerome Powell has urged for political consensus in Washington on agreeing a fiscal stimulus programme. The Dow and S&P continue to rally, gaining more than one per cent for four consecutive days. Subsequently, it’s been the best week for major markets since April.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The vote count for the U.S. presidential elections continues, with the result on a knife-edge. Two key battleground state wins have emerged for the Democrats. The Trump campaign has demanded a ballot recount in Wisconsin and is filing a lawsuit in Georgia. President Trump is planning more legal action and has urged the Supreme Court to weigh in on alleged counting irregularities. Meanwhile, Democrat hopes of winning the Senate fade as the Republicans will keep their chamber majority. U.S. futures soar with the S&P recording its best post-election gains in modern times, to help Wall Street break a 2-week losing streak.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

It’s Election Day in the U.S. A CNBC-Change Research poll indicates that Democrat candidate Joe Biden is holding a narrow lead over President Trump in 6 swing states. Up to 68% of those polled say that they have already cast their ballots. The President has called on the U.S. Supreme Court to review a decision to count mail-in ballots arriving after election day. He warned that the ruling could spark “violence in the streets”. U.S. equities and both Asian and European futures and stocks rally ahead of today’s vote. And in Europe, the second wave continues as France and Spain see a surge in Covid infections – up to 50,000 in a day – while Italy is considering stricter measures to combat the virus but will stop short of a national lockdown.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

UK Prime Minister Boris Johnson is set to announce his new Covid -19 restrictions to parliament, amid concerns the 28-day lockdown may not be enough to control the spread of the virus. In the U.S. an NBC/WSJ polls shows Joe Biden leading President Trump by 10 points a day ahead of the presidential election. President Trump has raised fears of electoral integrity should voting-counting continue past November 3rd. Meanwhile, Asian markets are up across the board on news that Chinese manufacturing activity in October expanded at its fastest rate in a decade.   See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

It’s a big day for U.S. tech earnings. Alphabet Q3 numbers soar past expectations after advertising revenue bounced back following its first ever quarterly decline. Apple also beats analysts’ expectations but investor reaction is muted on a lack of guidance and disappointing iPhone sales. Amazon shares see-sawed wildly in extended trading yesterday with stocks initially up on the online retail giant’s 40 per cent Q3 revenue hike. However, they swung into the negative on news of $4bn of virus-related cost-cutting. Meanwhile, Facebook reports a boost in ad sales, but a drop in North American users keeps sentiment flat. Twitter also sees a dip in user growth while revenue came in better than expected.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Lockdown 2.0… France and Germany announce fresh national restrictions to combat the second wave of Covid-19 over the coming winter months. U.S. markets plunge as the Dow suffering its worst day since June with investor confidence rattled ahead of next week’s presidential election. Asia-focused lender Standard Chartered beats Q3 pre-tax profit expectations but performance remains tempered by low interest rates and pandemic jitters. Airbus issues its first guidance since the start of the virus outbreak and believes it will break even by the fourth quarter. However, the French aerospace giant warns that the global travel industry recovery continues to stutter.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Earnings season is in full swing on both sides of the Atlantic. In Europe, all eyes are on Deutsche Bank’s third-quarter data with a focus on its loan loss provision figures and trading levels. Meanwhile, Danish brewing giant Carlsberg posts better-than-expected Q3 numbers, enjoying a strong summer surge in China and Russia as lockdown measures eased. In tech news, Microsoft beats estimates across the board, but shares plunge on less-than-optimistic revenue guidance. And President Trump admits that a virus stimulus deal will not materialise before next week’s election, blaming House Speaker Nancy Pelosi of standing in the way of an agreement.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Banks are in focus today, as HSBC’s third quarter profit beats expectations but falls 36 percent sending shares higher. The company’s CEO tells CNBC interest rates are expected to remain low. Santander sees net profit treble in the third quarter, but the Spanish bank says it will cut an additional 1 billion euros in costs over the next 2 years.In the U.S., the Dow posts its biggest one day drop since early September and closing below 28 thousand, as rising cases and stalled stimulus weigh on sentiment. Meanwhile the senate confirms Amy Coney Barrett to the supreme court, cementing a conservative majority in the country’s highest judicial body. President Trump's pick says she will be 'politically independent'. And protests break out across Italy after the government imposes renewed virus restrictions, with some demonstrators in Turin turning violent, attacking police with smoke bombs and bottles.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-se

US futures come under pressure as America sees a record weekend rise in COVID-19 cases, while Vice-President Mike Pence stays on the campaign trial despite a number of his close aides testing positive. The surge of virus cases in Europe have led the Italian government to impose fresh pandemic measures, putting a curfew on bars and restaurants, and re-closing gyms and cinemas. Prime Minister Giuseppe Conte called on people to 'grit their teeth' and promised economic support through the lockdown. In the tech space, SAP forecasts darker skies ahead, as the German software giant cut its 2020 outlook on weakening cloud revenues. And Jack Ma hails Ant's much-anticipated IPO as the 'largest in history', as reports suggest the listing could top $35bn, with the official pricing expected this week.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

President Trump and Democrat challenger Joe Biden spar in the final U.S. presidential debate. The topics the pair clashed on included the Covid-19 response, healthcare and the state of economy. U.S. markets close on the upside as American jobless claims fall, signalling an improving economy while House Speaker Nancy Pelosi says a virus stimulus bill is nearing agreement. In Europe, up to two-thirds of French citizens are subject to regional curfews as the country records up to 40,000 new cases in a day for the first time. And there is a return to growth in the luxury sector as strong demand in Asia helps L'Oréal and Kering improve their revenues in the third quarter, but both the cosmetics group and the fashion giant warn of an uncertain outlook. In telco news, Huawei’s double-digit quarterly winning streak ends as U.S. sanctions begin to bite.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Tesla has reported its fifth quarterly profit in a row on accelerated vehicle sales. After-hours trading sees shares higher and CEO Elon Musk believes he can expand production up to 20m vehicles annually. Markets are sceptical of a pre-election virus stimulus deal in the U.S., but House Speaker Nancy Pelosi is optimistic she and the White House are close to an agreement. Spain is the first European nation to record 1 million Coronavirus cases. We hear from Deutsche Post DHL boss Frank Appel who remains confident that the continent’s populace can remain resilient during a potential second wave. And in the UK, sterling surges on renewed hopes of a Brexit trade deal as Downing Street and Brussels signal an intention 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.

Netflix reports its biggest earnings miss ever in Q3 with a sharp slowdown in quarterly subscribers, pushing shares down by more than 5 per cent in after-hours trading. Meanwhile, U.S. futures rise on virus relief hopes. Talks on a stimulus package inch forward but White House Chief of Staff Mark Meadows says certain unresolved issues remain. The OECD Secretary-General Angel Gurria tells CNBC the socio-economic repercussions will outlive the virus itself. This, as the UK records its highest number of daily Coronavirus since June. Meanwhile, Google is hit with a landmark anti-trust lawsuit by the U.S. Department of Justice over alleged unfair practices related to search algorithms and online advertising.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

UBS says it had its best pre-tax Q3 profit in a decade but warns that political instability may result in increased market volatility. U.S. investors wait on stimulus talks ahead the Democrat-imposed deadline for negotiations. But diminished hopes of a deal led US markets to close in the red with the Nasdaq recording its fifth negative session in a row for the first time since 2019. Markets will also keep an eye on the U.S. presidential elections, after it is revealed that the third and final debate between President Trump and his Democrat rival Joe Biden will feature a mute button to avoid interruptions. And in tech news, South Korea’s SK Hynix buys Intel’s memory chip unit for $9bn.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.