Squawk Box Europe Express

Unicredit CEO Jean-Pierre Mustier steps down after clashing with the Italian bank’s board over his restructuring plan and pressure to acquire Monte Dei Paschi Di Siena. OPEC members fail to reach an agreement on output which delays a meeting with other oil producers and pushes crude prices lower. Zoom shares dip in after-hours trading after the video app said that surging demand during lockdown has increased costs, offsetting its better-than-expected Q4 results.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Manufacturing activity in China soars to its fastest rate in three years and services PMI hits an 8-year high. Meanwhile, the White House is set to blacklist Chinese chipmaker SMIC and oil major CNOOC for alleged ties to the Chinese military. This, as Congress is also looking to vote to tighten rules on Chinese companies seeking a U.S. market listing. Black Friday numbers are in Stateside, with online sales surging by 22 per cent to $9bn – the second-largest spending day on the web in American history. In M&A news, S&P Global is reportedly looking to buy London-based data firm IHS Markit for $44bn in what would be the largest merger of 2020.    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 surge by almost 30 per cent in October as the manufacturing sector clocks its sixth consecutive month of growth since the pandemic. Hungary and Poland dig their heels in over ‘rule of law’ concerns to deny resolution over the EU budget and potentially delay recovery funds. Polish PM Mateusz Morawiecki warns member states they are threatening the break-up of the bloc. U.S. markets point to a calm open after Thanksgiving, despite President Trump claiming vaccine delivery for emergency workers and seniors can begin next week. Trump also said he will concede the White House if the Electoral College confirms its final results early next month.  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 see a Thanksgiving sell-off. Meanwhile, President-elect Biden’s call for people to observe Covid rules is met with a mass holiday travel getaway across the country. This, as rising jobless claims came in worse than expected. In Europe, ECB Vice-President Luis De Guindos has told CNBC that while bank profits on the Continent will be temporarily weak, the sector remains robust. UK markets closed lower yesterday following Chancellor Rishi Sunak’s spending review where he warned of an extended economic emergency. Britain’s GDP for 2020 is set for its biggest contraction in 300 years. And following Monday’s markets euphoria over the AstraZeneca/Oxford vaccine announcement, the head of the White House virus taskforce has now voiced doubts over the drug’s trial datasets. In M&A news, Salesforce is reportedly hoping to snap up workplace app Slack, pushing shares up by 20 per cent.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-

The Dow breaks the 30,000-point barrier for the first time ever with the index set to enjoy its best month since 1987. President Trump calls it “a sacred number”. Meanwhile, President-elect Joe Biden tells NBC the White House is sincere in its transition efforts and that the transfer of power will continue smoothly. In France, President Macron warns citizens to do everything possible to avoid a third Covid-19 wave as he outlines easing restrictions in the run-up to Christmas. UK Chancellor Rishi Sunak will unveil a £4.3bn spending plan to buffer mass unemployment as public borrowing hits levels not seen since WW2. And airlines around the world are likely to lose $160bn over 2020-21. We hear from the boss of IATA who says that not enough is being done to bolster the sector as it awaits mass vaccine rollouts.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

President Trump gives ground, agreeing to provide assistance to the Biden transition team by instructing a Federal agency to brief and fund the incoming administration. Dow futures jump on the news and the Russell 2000 small-cap index hits a new record high. Former Federal Reserve chair Janet Yellen is widely tipped to become the first female U.S. Treasury Secretary, while former U.S. Secretary of State John Kerry is also nominated to take on the role of climate czar as the Biden administration seeks to rejoin the UN Paris Agreement.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

G20 leaders meet virtually and call for global, equitable access to vaccine programmes and continued economic support. Host Saudi Arabia has lauded the stimulus measures enacted by governments around the world. Vaccine optimism has U.S. futures pointing to the upside along with opening calls in Europe, this despite a surge in cases in the States. Germany may begin vaccine roll-outs as soon as December and in Spain from January. And President-elect Joe Biden is to name his cabinet choices tomorrow. Former deputy national security advisor under President Obama, Anthony Blinken, is reportedly set to become Secretary of State.  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 calls for an end to certain virus support programmes, causing futures to dip. The Fed, however, pushes back against wrapping up business support measures. President-elect Joe Biden says he will name a new treasury secretary around Thanksgiving and vows not to lock down the economy. In Europe, Brexit negotiations are set to resume remotely after a member of the EU delegation tested positive for Covid. Meanwhile, the WHO plays down any efficacy of virus treatment drug Remdesivir.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 close sharply in the red on the back of New York Mayor Bill De Blasio’s public school closures in response to rising Covid-19 cases in the city. This, as the overall Covid-related death toll in the U.S. reaches 250,000. JPMorgan CEO Jamie Dimon says continued caution is needed despite the news that the Pfizer-BioNtech vaccine deliveries could begin by Christmas. Meanwhile, global corporate debt is set to hit a record $277tn by year-end with the IIF warning that emerging economies will be hardest hit. And CNBC hears from Senator Elizbeth Warren and Obama Foundation co-chair Valerie Jarrett who urge a solution to the deadlock in the U.S. presidential transition.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Wall Street closes in the red after disappointing retail sales in the U.S. renew calls for more fiscal support, with Democrats urging Republicans to return to the negotiating table. Legendary investor Masayoshi Son tells CNBC he is selling off Softbank assets to hoard cash in a bid to mitigate any Covid-related ‘worst-case scenario’. Facebook’s Mark Zuckerberg and Twitter’s Jack Dorsey appear before the Senate to defend their U.S. election coverage and moderation of content. A White House report warns of a renewed ‘aggressive and unrelenting community spread’ of Covid-19 across America. And in the latest M&A news, Deutsche Boerse announces it has bought a $1.8 bn share in Institutional Shareholder Services.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

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.