Squawk Box Europe Express

U.S. President Joe Biden signs an executive order banning investment in 59 blacklisted Chinese tech and defence companies. Stateside, markets slide weighed down by tech stocks, with all eyes on today’s non-farm payroll report. We hear exclusively from Russian oil minister Alexander Novak who says Moscow could back out of dollar-denominated oil contracts should Washington persist in its sanctions. Meanwhile, UK travel is back in turmoil after the British government takes Portugal off its Covid travel green list while adding seven nations to its red list. The aviation and tourism sectors nosedive on the unexpected move. And a potential blockbuster deal looks to be in the works with billionaire Bill Ackman in talks to take a 10 per cent acquisition of Universal Music Group through his blank-cheque company. The valuation is estimated at $35bn-$40bn ahead of its listing on the Euronext Amsterdam later this year.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/priva

Washington D.C. is ramping up the pressure on digital tax coming from six nations by slapping tariffs onto $2bn worth of goods. It has, however, immediately suspended the duties for 180 days in order to allow tech tax negotiations to continue. Entertainment giant AMC sees shares soar by 95 per cent as a buying frenzy gathered speed. Meanwhile, Chinese Caixin data for May shows growth slowing on weak foreign demand and rising prices. In Israel, opposition parties reach an eleventh-hour deal to potentially unseat Prime Minister Benjamin Netanyahu. We are also live at the first day of the St Petersburg International Economic Forum with a raft of CEO guests.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Demand optimism drives oil to a two-year high while Opec+ members agree to stick to the policy of gradually increasing production. U.S. markets come off a long weekend with stocks benefitting from pandemic reopening in June. However, Wall Street ended the session flat as investors anticipate this week’s U.S. jobs data. We speak exclusively to Russia’s central bank governor Elvira Nabiullina who says digital currencies represent the future of financial systems. Meanwhile, China’s Sinovac vaccine receives the green light from the WHO, boosting the COVAX program’s capacity to distribute jabs to poorer nations. And in Brussels, the EU signs off on a long-awaited tax transparency bill, but some MEPs remain unconvinced it will do enough to curb tax avoidance.  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 mixed today as regional manufacturing data is sub-par. Japanese and South Korean growth is moderating but privately owned Chinese factories are still ramping up production. In energy news, Brent breaks the $70-a-barrel marker on a surge in demand optimism ahead of the Opec+ meeting later today. Members are expected to gradually ease supply restrictions. G7 countries could be close to agreeing a global minimum tax rate but Japan’s finance minister Taro Asa warned no details would be revealed during this weekend’s bloc meeting. And EU member nations have agreed on the €750bn Covid recovery fund which is due to launch 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 services activity rises as holiday spending grows but factory activity slows. Asian markets trade broadly lower on the back of Chinese manufacturing data. Meanwhile, Bridgewater Associates founder Ray Dalio tells CNBC in an exclusive interview that the yuan will continue to grow as a dominant global currency, if Beijing pushes in that direction. This week, U.S. non-farm payrolls are in focus. The data is due on Friday after weekly jobless claims Stateside fell to their lowest level in more than a year. In France, all adults will become eligible for Covid vaccines starting today as the country aims to climb out of a Q1 double-dip recession. And Israeli Prime Minister Netanyahu may be ousted as opposition leaders reach a deal to oust him after 12 years at the helm.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

President Biden prepares to unveil his first budget. He is reportedly set to ask Congress for as much as $6 trillion in a bid to sustain the recovery. Oil prices nudge higher on the back of strong US economic data - with the Fed's preferred gauge of inflation due later today - and ahead of an OPEC+ meeting next week. But, Dallas Fed President Robert Kaplan thinks an imbalance in housing and labour prices mean the US central bank should start to think about tapering. Kaplan told CNBC it may be time to talk about moderating pandemic-induced asset purchases. Meanwhile, lawmakers on Capitol Hill remain poles apart as Republicans come back with an infrastructure bill counter offer. It's only a little over half of what President Biden's looking for at $928 billion. And in IPO news, JD Logistics delivers the goods on its market debut. The stock was up double digits in Hong Kong, after pricing at the lower end of the range to raise 3-point-2-billion dollars.See Privacy Policy at https://art19.com/privacy and Californ

A win for activist investors and a potential win for climate change as hedge fund Engine No. 1 marks a surprise victory, securing at least two seats on the Exxon Mobil board - promising to push the company beyond oil and more towards ESG goals. Meanwhile, Shell is ordered to slash greenhouse emissions by 45-percent by the end of the decade in a landmark legal case that could have huge ramifications for the industry and other polluters across the world. In Washington, CEO’s from America's biggest banks face a grilling on the Hill. They take fire from both sides of the aisle with Senator Elizabeth Warren and JP Morgan’s Jamie Dimon clashing over some of the lender’s actions during the pandemic. And the US and China talk trade for the first time under Biden, even as the White House risks angering Beijing by redoubling efforts to get to the source of the pandemic. An initial report on the matter shows a split in opinion. In the U.K., Boris Johnson's former adviser lays into the Prime Minister and his response to

Fed officials move to soothe market concerns ahead of key inflation data this week. San Francisco Fed President Mary Daly tells CNBC to look beyond the short-term metrics. The S&P 500 erases gains to end the day in the red as the market rally stalls, dragged down by weakness in the energy sector. The White House and the Kremlin announce Presidents Biden and Putin will hold face-to-face talks in Geneva in mid-June, as European leaders call for a "Russian reset" after the Belarus flight incident. And US Secretary of State Antony Blinken reiterates America's 'ironclad' commitment to Israeli security, and vows to repair ties with the Palestinians and help rebuild Gaza.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Fallout from the forced grounding of a Ryanair flight in Minsk continues, with the EU planning fresh sanctions against Belarus and President Biden indicating he will follow suit. Western nations have nearly unanimously slammed the arrest and interrogation of journalist Raman Pratasevich. A senior advisor to the country's exiled opposition leader tells CNBC the Belarusian KGB 'will not let him go easily', expressing grave concern for the safety of the seized journalist. Meanwhile, inflation fears recede as U.S. markets start the week strong. Tech stocks and reopening plays lead Wall Street higher. Bitcoin gets a boost, bouncing back as much as 20 percent from a likely source: Tesla CEO Elon Musk who tweeted about meeting with crypto miners to discuss sustainability. And, sources tell CNBC that Amazon is nearing a deal to buy MGM Studios for worth a possible 9-billion dollars. An announcement could come as soon as today.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https:

Belarus orders the interception of a RyanAir jet flying over the country, forcing it to land in Minsk and detaining a dissident journalist on board, sparking international condemnation. EU commission president Ursula Von Der Leyen calls the move 'outrageous and illegal,' calling for action as the European Council meeting kicks off today. Asia equities start the week mixed, after the Dow posts its fourth negative week in five, and the S&P records its first consecutive weekly declines since February - with inflation fears continuing to unsettle investors. And Bitcoin volatility continues after steep weekend declines, as Beijing cracks down on cryptocurrencies - forcing miners to shut down operations.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Wall Street snaps a three-day losing streak as big tech bounces back, while initial jobless claims hit a fresh pandemic-era low. The outlook is slightly less upbeat for crypto holders. The US Treasury looks to tighten regulation of digital currencies by forcing trades over 10 thousand dollars to be reported to the IRS. But milk alternatives get a boost as Oatly shares soar 19-percent on its stock market debut, after pricing its Nasdaq listing at the top of the range. In Europe, BMW expects a billion dollar boost to second quarter earnings as it's dealt a milder antitrust fine than expected, for alleged collusion with rivals on emissions. And, we are in the first day of an Egypt-brokered ceasefire between Israel and Hamas - bringing an end to 11 days of fighting that has claimed the lives of more than 240 people.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

A volatile session on Wall Street sees major markets close in the red. There are wild swings in the crypto market, as Bitcoin plunges some 30 per cent before prominent bulls jump in to support the price. April Fed minutes reveal that central bank governors are considering adjusting QE if the economy continues to improve. ECB Vice President Luis De Guindos tells CNBC the European Central Bank is also ready to counter any “unwarranted” rise in yields. And we also speak to French finance minister Bruno Le Maire who says that, despite shortfalls in the EU’s Covid response, he is confident the bloc will rebound strongly 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.

Global markets follow Wall Street into the red after telco and tech stocks wipe out U.S. gains ahead of Fed minutes being published today. U.S. retail giants, however, beat forecasts. Walmart and Macy’s hike guidance and Home Depot hits record Q1 sales. European car registrations are due out today, while President Biden outlines plans to pump $174bn into American-made EVs, vowing to rival China in the sector. Italian investment banking heavyweight Andrea Orcel is set to appear in court regarding his withdrawn CEO position offer by Santander, albeit with a greatly reduced claim against the Spanish bank. And France begins a tentative reopening of its bars, cafes and restaurants following 6 months of lockdown. Travel and curfew restrictions are also being relaxed.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Media deals take the spotlight overnight on both sides of the Atlantic. AT&T and Discovery shares close in the red and rub off on other media stocks as investors inspect how the new mega-merger will affect the streaming landscape. Amazon is also reportedly looking to acquire MGM film studios for $9bn. Meanwhile in France, broadcasters TF1 and M6 Groupe enter into merger discussions. Berkshire Hathaway has scaled back its banking and energy stakes while Big Short investor Michael Burry reveals a $530m bet against Tesla. It’s all change at the top at Danone with Antoine De Saint-Affrique ready to take over as CEO in Q3. In virus news, the U.S. will increase vaccine exports following pressure from around the world while UK Health Secretary warns that the Indian variant will imminently become the dominant strain of Covid around the country.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The UK begins the third phase of reopening with international travel restrictions lifting and the hospitality industry resuming indoor service. But Health Secretary Matt Hancock warns that the country must remain vigilant against the emergence of new variants. AT&T is in talks with Discovery to create a $150bn media giant with a streaming service to rival the likes of Netflix and Disney+. Chinese April retail sales and manufacturing activity slow while new homes prices reach are an 8-month high.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Wall Street rebounds after three straight days of losses with the Dow enjoying its best session since March but stocks are set to stay in negative territory for the week. Disney posts better-than-expected Q1 results on strong theme park revenues but a slowdown in streaming subscriptions weighs on the share price as economies emerge from lockdowns. Alibaba suffers its first quarterly loss since it went public in 2014. The Chinese e-commerce titan’s earnings were impacted by a massive anti-trust penalty levied by Beijing regulators. And in energy news, Colonial Pipeline is back and up and running but not before paying a $5m ransom to cyber criminals, according to NBC News sources.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

U.S. markets are reeling from inflation hitting a near 13-year high. Nearly all sectors tumble into the red with the Dow reporting its single-worst session since the beginning of the year. The Nasdaq posts the biggest declines, with Apple losses leading the way. Meanwhile, Tesla CEO Elon Musk announces the electric car maker will no longer accept Bitcoin as payment due to environmental concerns related to electricity use in crypto-mining.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

A wild rollercoaster Wall Street session sparks inflation fears, pushing stocks lower across Asian markets. The Nasdaq ends up on the flatline while the Dow records its worst day since February, tumbling 500 points. St. Louis Fed Chairman James Bullard becomes the latest central banker forecasting higher inflation. Bullard tells CNBC that talk of tapering is premature while the effects of the pandemic still resonate in some parts of the economy. Last Friday’s Colonial Pipeline ransomware attack is being felt at the pumps with gasoline supplies tightening and forecourt queues forming across the U.S. east coast. A decision on fully reopening the facility is expected today. Meanwhile, violence flares in the Middle East as Hamas and Israeli forces exchange rocket fire. The UN warns the situation could spiral into full-blown war. And in autos news, Nissan has forecast a third consecutive year of losses, causing shares to nosedive into the red. The Japanese car giant’s operations have been hampered by the global se

Inflation fears weigh on Asian markets and U.S. futures amid accelerated rotation out of high-growth tech stocks. Tesla shares have slumped more than 6 per cent. In Japan, Softbank and Tokyo Electron lead a steep decline in the Nikkei. China’s April manufacturing prices rise at the fastest pace in more than three years but consumer prices remain weak on the back of price rise fears related to the global semi-conductor shortage. Meanwhile, U.S. petrol prices soar to an 8-year high, as the Colonial Pipeline remains disabled following the weekend ransomware attack. The hacking group responsible - believed to be based in Russia - apologised for its actions, while American investigators continue their probe. And in pharma news, Pfizer-Biontech’s vaccine will soon become available to young teenagers in the United States following successful tests by the FDA.    See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

A major U.S. fuel pipeline suffers a cyber attack, shutting down facilities serving up to 50 million people. NBC News sources learn Russian criminal groups may be responsible for the ransomware hacking on Colonial Pipeline. The U.S. government has issued an emergency declaration following the incident, with oil prices moving higher. In broader markets, Wall Street hits new highs on Friday despite the April U.S. jobs numbers coming in below expectations. Scottish First Minister Nicola Sturgeon has launched a renewed push for a second independence referendum following the SNP’s resounding victory in last Thursday’s elections. There is fresh discord between Brussels and Washington over Covid vaccine patents with EU leaders slamming President Biden’s IP waiver plan and calling for production to be ramped up to aid poorer nations.   See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.