Squawk Box Europe Express

Chinese exports grow, snapping a six-month losing streak but jitters over the world’s second-largest economy persist, which pushes U.S. crude prices to below the $70 mark. In the U.S., private sector payrolls data is weaker than expected sending Wall Street into the red once more. However, Amazon CEO Andy Jassy tells our colleagues Stateside that consumer sentiment remains robust. Major bank CEOs testify on Capitol Hill where JPMorgan boss Jamie Dimon lashes out at cryptocurrencies, saying they enable various illicit activities and calls on the government to shut them down. We also speak to Muddy Waters Research founder Carson Block who shorts Blackstone Mortgage Trust, warning that commercial property owners will come under ‘significant strain’ next year.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Asian markets are in the green with Japan’s Nikkei leading the charge on strong chip stock performance. Bitcoin reaches $44,000 for the first time since April 2022 on hopes of a potential ETF. U.S. employment positions fall to a low not seen for two and a half years as rate hikes loosen the historically tight labour market Stateside. We hear from BofA CEO Brian Moynihan who says he is confident the economy activity will rebound as rates continue to ease. Apple shares are up 50 per cent this year, pushing the tech company’s market cap to more than $3tn for the first time since August. And in autos news, Brussels is set to delay EV tariffs between the EU and the UK as demand for the vehicles slumps while Danish Tesla workers join their Swedish counterparts in a sympathy strike, railing against the U.S. company’s economic ideology.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Wall Street ends in the red with the Dow snapping a four-day winning streak as tech stocks falter. Services activity in China accelerates at its fastest pace in three months according to a private survey. This runs counter to government data which shows the sector in contraction for the first time this year. In Dubai, COP28 negotiators are reportedly considering a phase-out of fossil fuels. In banking news, Qatar’s sovereign wealth fund is said to be selling down up to $500m of shares in UK lender Barclays.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

UN Secretary-General slams COP28’s Net Zero charter but ExxonMobil CEO tells CNBC exclusively that technology will be key to eventually reducing global emissions. We also hear from U.S. climate envoy John Kerry who rails against COP28 President Sultan Al-Jaber’s claims that there is ‘no science’ for phasing out fossil fuels. U.S. Federal Reserve Chairman Jerome Powell’s dovish comments on rate hikes send gold spiking and helps the S&P 500 to close at a new record high for the year. Uber stocks rise more than 5 per cent in extended trade on the news that the ride-haling firm will join the S&P 500 following a string of successful quarters.  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 record their best month of November in decades to power a global stock market rally. Investors are now betting that the Federal Reserve is finally gaining the upper hand against inflation. Opec + nations move to cut supplies further in a bid to shore up the market but prices remain largely unaffected. In Asia, stocks slide following mixed economic data. However, Chinese manufacturing shows surprise growth. And in Gaza a seven-day truce expires with Israeli forces once again engaging Hamas.  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 Dubai where Egypt hands over the UN’s Cop28 conference keys to the UAE. This comes amid criticism over the new host country’s climate agenda. U.S. futures are in the green with all three major indices on track to post their best monthly performances in a year. In Hong Kong, stocks dip into a five-week low following Chinese manufacturing data falls deeper into contraction. And speaking to CNBC’s Andrew Ross Sorkin at the NYT/Dealbook summit in New York Elon Musk hits out at advertisers who decided to boycott X following the promotion of an anti-semitic post on the platform.  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 in the red following dovish commentary from the Fed which signalled a potential pivot in policy. Billionaire investor Bill Ackman believes a rate cut could come as soon as Q1 next year and warned of a hard landing should rates remain high. We are live at the NATO meeting in Brussels where Finland has closed all borders with Russia, accusing Moscow of deliberately pushing migrant into the country. Foreign Minister Elina Valtonen says her country has responded accordingly. Tributes are flowing following the death of legendary Berkshire Hathaway investor Charlie Munger, aged 99.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

More hostages and prisoners are released as Israel and Hamas agree to extend the truce by a further two days. U.S. Secretary of State Antony Blinken is set to travel to the region - his third visit since the war began. NATO foreign ministers meet in Brussels looking to shore up support for Ukraine. We hear from NATO secretary-general Jens Stoltenberg who says he is confident Sweden’s access into the bloc will happen soon. Chinese fast fashion firm Shein is reportedly listing which could be one of the largest IPOs on Wall Street in a decade. Yesterday’s Cyber Monday is on track to be the biggest online shopping day ever as consumers snap up bargains ahead of Christmas. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Chinese industrial profits gain for a third straight month, but slow sharply in October as policymakers try to fight off softening global demand. Asian equities reverse early gains as China property stocks plunge amid a shadow banking probe, while US futures point lower after a stellar four-week run. And the Israel-Hamas cease-fire holds into a fourth day, with dozens of hostages freed as negotiators work around the clock to extend the truce.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 mixed on the back of accelerating inflation in Japan for the first time in four months. A four-day truce between Israel and Hamas takes effect. The first set of hostages are due for release at 1500 CET. In Germany, the ruling coalition has eased its foot off the debt brake to unveil a special budget following last week’s constitution court ruling which left Berlin’s spending plans in tatters. Barclays reportedly eyes a plan to cut as much as £1 bn in costs which could translate into 2,000 job losses.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Populist Geert Wilders’ Freedom Party (PVV) is set to gain the most seats in the Dutch general election, but the anti-EU politician faces an uncertain coalition path to govern. OPEC+ members delay a key policy-setting meeting by 4 days due to an alleged disagreement over productions levels, sending crude prices lower. The Bundesbank President Joachim Nagel says that interest rates may have peaked and has ruled out a hard landing for the Euro Zone but speaking to CNBC, ECB Vice President Luis de Guindos warned against over-optimism. And in Germany, the coalition government has postponed talks to agree the 2024 budget following last week’s constitutional court ruling on spending.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Nvidia sees shares fall in extended trade with the company warning that export restrictions will seriously hamper China sales this quarter, even as overall revenue triples in Q3. Minutes from the Fed’s November FOMC meeting show officials have little appetite for rate cuts so far, but raise hopes that rate increases are now over. In crypto news. Binance boss CZ steps down and pleads guilty to money laundering charges. The world’s largest cryptocurrency exchange has been ordered to settle $4.3 bn with U.S. authorities. Israel and Hamas agree to a four-day humanitarian pause in order to release hostages and prisoners from both sides. The U.K. eyes a raft of tax cuts ahead of today’s Autumn Statement. We are live in Westminster ahead of this afternoon’s announcement. 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 Nasdaq indices are in the green for the fifth consecutive day, with Microsoft attaining a new all-time share high after Sam Altman joins the company. Following Altman’s ousting, more than 90 people at OpenAI signs a letter demanding his reinstatement. Microsoft CEO Satya Nadella tells CNBC the style of governance at OpenAI is unsustainable. U.S. Treasury Secretary tells this channel the Biden administration has made “considerable” progress in tackling inflation but that further steps remain. And Nvidia is set to report later today with analysts forecasting revenue growth of up to 170 per cent.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Sam Altman's hopes of returning as head of OpenAI are seemingly dashed following a series of last-ditch talks. CNBC confirms former Twitch boss Emmett Shear is set to be appointed interim CEO. U.S. equities are higher for a third consecutive week as cooling inflation buoys sentiment. In Japan, the Nikkei 225 hits a 33-year high. UK Chancellor of the Exchequer Jeremy Hunt promises not to add any inflationary tax cuts in this week’s Autumn Statement, but says that he is committed to bringing down the country’s tax burden. In the Middle East, U.S. -Israeli-Hamas negotiations reportedly inch towards a pause in the fighting in exchange for the release of Israeli hostages in Gaza. And in Argentina, newly elected Javier Milei wins the presidential run-off and promises shock therapy for the country’s economy. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Gap shares soar in extended trade as sales at its Old Navy division lifts spirits ahead of the holiday shopping season, but a cautious outlook at Walmart sends their shares lower. The Dow breaks a 4-day win streak, while crude prices slump to a 4-month low, putting pressure on OPEC+ ahead of a meeting in Vienna at the end of the month. Cleveland Fed President Loretta Mester holds the line, ignoring calls for an early rate cut, telling CNBC the battle against higher prices isn't over yet. Elsewhere Alibaba scraps plans to spin off its cloud business, sending shares lower in Hong Kong and wiping 20 billion dollars off the Chinese tech giant's market value. And Protesters take to the streets of Spain, rallying against a controversial amnesty deal as Prime Minister Pedro Sanchez secures a second term four months after an inconclusive snap election.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

US President Joe Biden and China's Xi Jinping agree to open high level military talks and create a presidential hotline, as the two countries vow to work together. Data optimism pushes Wall Street toward a third straight week of gains, after U.S. factory inflation declines at its fastest rate in three and a half years. Target shares post one of their best daily performances on record, after the firm notches its biggest earnings beat in two and a half years and sells down inventory – while traders eye Macy's and Walmart earnings out today. Siemens reports record sales growth for the full year, but cautions that revenues will slow in 2024. And, the U.S. Senate passes a stopgap funding bill to avert a government shutdown, sending it to the President's desk ahead of Friday's midnight deadline.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Global markets enjoy softer-than-expected U.S. inflation data with consumer prices flat-lining in October. As a result, the S&P 500 posts its best day since April. In Germany, Siemens Energy locks in a €15bn rescue package from the government to secure it following poor performances from is wind turbine unit. The Chinese yuan is buoyed by positive factory and retail data for October as the PBOC injects more supportive measures. And in Washington, the risk of a government shutdown has been averted in the House with the stop-gap funding bill now heading to the Senate.  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 poised as investors anticipate the Fed’s next move ahead of today’s U.S. inflation print. In the UK, a shock return for former prime minister David Cameron who has been drafted in as foreign secretary in a contentious reshuffle by Rishi Sunak. Shares in troubled engineering giant Siemens Energy move higher on news of a state aid guarantee as soon as tomorrow. And in Brussels, officials agree a 12th package of sanctions against Russia. The bloc’s sanction envoy David O’Sullivan tells CNBC that punitive financial efforts are slowly taking effect on the country’s economy.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Moody’s lowers its US outlook but maintains its AAA rating amid looming political turmoil as new House Speaker Mike Johnson works to avert a government shutdown. Asian equities search for direction and U.S. futures are in the red after the Nasdaq posts its best daily performance since May. Danish pharma giant Novo Nordisk publishes positive results from its cardiovascular trials as its attempts to lengthen the gap over rival Eli Lilly. U.S. Treasury Secretary Janet Yellen has met with Chinese Vice Premier He Lifeng ahead of this week’s meeting between President Biden and Xi Jinping in San Francisco in a bid to smooth economic tensions.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

U.S. Federal Reserve Chairman Jerome Powell remains hawkish about the prospect of further rate cuts and has warned of being complacent following several months of positive data Stateside. His comments, along with a poor 30-year bond auction broke the Wall Street rally and pushed Treasury yields higher. In Spain, the PSOE strikes an amnesty deal with Catalan separatists, paving the way for Pedro Sanchez to return as prime minister. The move has infuriated the opposition Partido Popular. Siemens Energy stock is up by 6 per cent following reports of a breakthrough in talks to guarantee state funding to prop up the company’s €100bn order book. In crypto news, Bitcoin hits a 18-month high and Ether breaches the key $2,000-level on the news that BlackRock is moving to a spot ETF. We hear from Ripple CEO Brad Garlinghouse who says that a new form of regulation is required.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.