Squawk Box Europe Express

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.

Chinese GDP misses forecasts but posts a 4.9 per cent rise in the third quarter with retail and industrial activity supporting the post-virus rebound. U.S. futures surge after House Speaker Nancy Pelosi sets a deadline for a stimulus programme to be approved. In Europe, new restrictions are in place across the continent as many governments struggle to contain a second wave of Covid-19. Italy announces new measures while a 9pm curfew takes effect in France, but a Berlin court overturns a ban imposed on late-night bars. Meanwhile, U.K. Cabinet Office Minister Michael Gove says that the door remains “ajar” for EU trade talks to resume, but PM Boris Johnson readies the country for a no-deal Brexit. And in IPO news, Alibaba-owned Ant Group receives regulator approval for its potentially record-setting dual listing.  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 rival Joe Biden go head-to-head but in separate town hall appearances with the U.S. virus response at the fore of discussions. The White House indicates that it is ready to increase its stimulus offer. Treasury Secretary Steven Mnuchin says House Speaker Nancy Pelosi is the main problem, standing in the way of a deal. We hear from ECB President Christine Lagarde who says that the European economy has some way to go but the central bank has enough measures available in its arsenal to aid the bloc’s recovery. She also warns the U.S. election is adding to volatility. The WHO says that Remdesivir has limited or zero ability in treating Covid patients. And in luxury news, LVMH reports that the sale of leather goods has driven sales back into positive territory in Q3 despite a 7 per cent drop in group like-for-like sales.   See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Another round of U.S. virus talks stall as U.S. Treasury Secretary Steven Mnuchin says that an agreement seems unlikely before the election. Blowout earnings from Goldman Sachs weigh on U.S. futures and fail to rouse Wall Street. Standard Chartered CEO Bill Winters tells CNBC exclusively that banks are well capitalised in preparation for an event such as the pandemic. In France, President Macron slaps harsher restrictions on nine of the country’s biggest cities in a bid to halt the rise in Covid-19 cases. And in South Korea, Big Hit Entertainment, who manage K-pop sensation BTS, has almost doubled its stock price on its market debut.  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 break a 5-day winning streak, deepening losses after Eli Lilly halts is Covid-19 drug trial over safety concerns. The Senate is set to vote on a leaner stimulus package, with IMF Chief Economist Gita Gopinath telling CNBC a rescue package deal could add 2 per cent to U.S. growth next year. Apple CEO Tim Cook hails a new era for the iPhone with the launch of its 12th edition, featuring new pricing and 5G capabilities. And Wall Street banks kick off earnings season with JPMorgan and Citi reporting big EPS beats.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

CNBC hears exclusively from German finance minister Olaf Scholz who says he believes his country’s economy can rebound to pre-virus levels by early 2022, but warned that European leaders need to show further fiscal cooperation. President Trump is back on the campaign trail in Florida after testing negative for Covid-19 but Dr Anthony Fauci says the U.S. is still under-prepared for a second wave in the winter. In tech news, Apple shares surge to their best day since July as investors eagerly anticipate the launch of the latest iPhone. Disney is revamping its business to increase its direct to consumer streaming business, with CEO Bob Chapek telling CNBC he welcomes input from activist investor Dan Loeb. And Johnson & Johnson is forced to halt vaccine trials after a participant falls ill but Russia believes its Sputnik vaccine could be widely available in the country by the end of October.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/priv

Democrats slap down a $1.8tn virus stimulus proposal in a further blow to hopes that an agreement can be reached before the U.S. election next month. President Trump claims he has fully recovered from his bout of Covid-19 and has returned to the campaign trail. France records a new infection high with more cities being placed on the maximum alert level, while Germany sees curfews enforced in Frankfurt and Berlin. In China, the PBOC slashes the forward reserve requirement in a bid to manage the yuan’s appreciation against the dollar.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

US stimulus plan keep markets in check, after mixed messages over the future of a stimulus deal. House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin resume talks in an attempt to reach a piece-meal package. President Trump says he may hold a rally this Saturday after the White House physician says he has completed his COVID treatment and is not showing any symptoms that the illness is progressing. Meanwhile, Chinese stocks rally after the Golden Week holiday, as the country's service sector continues its comeback, with PMI indicators rising for the fifth straight month in September. But, global crude supply concerns persist as Hurricane Delta sweeps across the Gulf of Mexico, halting platform output, while Norwegian oil firms prepare to enter formal talks with unions over the strike action. And a grim day in Europe as many countries experience record infections. The World Health Organisation reports almost 97,000 new cases in the region, driving the global rate to another all-time high.See Privac

Kamala Harris faces off with Mike Pence in the Vice Presidential Debate. The Senator accuses President Trump of the 'greatest failure in American history' in his Covid-19 response, but Mike Pence says Democrats are excessively pessimistic. Meanwhile hopes of a skinny stimulus package from the White House, helps the Dow rally more than 500 points to post its best day since July. In Europe, infections continue to rise with France reporting a new all-time high for coronavirus cases, as 19,000 people test positive over the last 24 hours. President Macron warns new restrictions will be put in place. Over 500 people are admitted to hospital in the UK as the infection rate doubles in a week, with Prime Minister Boris Johnson defending his local lockdown strategy. And in corporate news: Samsung says third quarter profit likely rose almost 60 percent driven by demand for devices and increasing chip orders.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-

President Trump cancels stimulus talks until after the election, triggering a Wall Street sell-off. Bridgewater founder Ray Dalio tells CNBC that the move could be damaging to the U.S. economy. Instead, Trump urges lawmakers to focus on passing Judge Amy Coney Barrett’s Supreme Court nomination. He also vows to take part in next week’s presidential debate, but Democrat rival Joe Biden voices concerns the President could still be contagious following his Covid-19 hospitalisation. We hear from IMF Managing Director Kristalina Georgieva who says the global GDP outlook will be upgraded but warns of a difficult recovery ahead. And in energy news, crude prices are hit by U.S. virus stimulus talks stalling while supply is threatened by an extended offshore workers’ strike in Norway and the potential shutdown of Gulf of Mexico platforms ahead of Hurricane Delta.   See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

An upbeat President Trump returns to the White House after his four-day stint in hospital with Covid-19, but his physician remains cautious as more staff in his administration test positive for the virus. Democrat presidential nominee Joe Biden tells a Florida town hall that the President was wrong to dismiss the importance of masks, adding that prevention measures are crucial to fighting the pandemic. Meanwhile, the country must wait for a stimulus package after House Speaker Nancy Pelosi and U.S. Treasury Secretary Steven Mnuchin fail to secure a deal with talks set to continue today. In the UK, Chancellor Rishi Sunak warns against uncontrolled borrowing and says he has a “sacred responsibility” to balance the country’s public finances.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

President Trump says he is on the road to recovery after being hospitalised with Covid-19 on Friday. He was put on a course of treatments normally prescribed for more severe cases as his oxygen levels fluctuated over the weekend. Trump surprised fans and well-wishers with a motorcade drive-by yesterday as contact tracing within the White House was ramped up. Asian markets have rallied and European and U.S. futures are up after the President’s physician predicted he could be discharged later today. Meanwhile in Europe, case numbers rise with Paris and Berlin emerging as new virus hotspots. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

President Trump tests positive for COVID-19. Both he and the First Lady begin self-isolating as the White House physician says the President feels well and will continue his duties in full. The announcement follows the news that top aide Hope Hicks had tested positive after recently travelling with the Trump administration’s inner circle. The news drags on US futures and sends risk assets broadly lower.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

U.S. Treasury Secretary Steven Mnuchin tells CNBC that he is prepared to meet Democrats in order to strike an agreement on the virus stimulus deal after earlier talks stalled, delaying a House vote on the matter. Following Tuesday night’s fractious first presidential debate, planners promise a more orderly face-off next time with new rules. In Japan, trading is suspended after a technical glitch downs systems at the Tokyo Stock Exchange. German pharmaceutical giant Bayer says it is looking to make a further €1.5bn in cost cuts which could result in job losses. However, it is maintaining its dividend despite the virus downturn weighing on its farms unit. And in utilities news, French waste and water giant Veolia has extended its deadline for Engie to improve its offer for a 30 per cent stake in Suez.   See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

U.S. President Donald Trump and Democrat candidate Joe Biden go head-to-head in the first of three presidential debates. The two clashed over healthcare, race, the economy and the Covid-19 pandemic during a fraught ninety minutes in Cleveland. Markets react with U.S. futures largely negative. Stateside indices are now on course to finish September mostly in the red. Disney announces 28,000 job losses and the theme park operator singles out California’s decision to keep Disneyland shut as a major reason behind the cuts. In China, September PMI figures show solid factory activity and services expansion as export orders grow as well. And in the UK, virus cases hit a record high of 7,000 with hospital deaths also on the rise.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

US markets close sharply higher but the Dow, Nasdaq and the S&P 500 are all set to finish September firmly in the red to break a 5-month winning streak. As cases continue to rise amid the virus resurgence, Democrats are hopeful of striking a deal with the White House after proposing a fresh $2.2tn stimulus bill. Meanwhile the U.S. election race heats up with the first presidential debate set for tonight in Cleveland. This, as it is reported that President Trump paid no federal income tax for a decade. In Europe, Brexit talks resume and sterling rallies, but disputes between Brussels and London remain. European Commission President Ursula Von Der Leyen says that she is still hopeful of coming to an agreement to minimise the negative impact on both the British and EU economies. And in luxury news, LVMH slams U.S. jeweller Tiffany for its “catastrophic performance” and is filing its own lawsuit over the collapse of the proposed $16.6bn tie-upSee Privacy Policy at https://art19.com/privacy and California Priv