Squawk Box Europe Express

Squawk Box anchors discuss the volatile moves in markets amid conflicting signals from the White House. U.S. stocks close higher amid signs of easing global trade tensions as sources tell CNBC President Donald Trump plans to delay auto tariffs by up to six months. But the U.S. President takes aim at China elsewhere, targeting Huawei with an executive order focused on banning telecom gear from 'foreign adversaries'. Foreign investors ditch Chinese stocks as the International Institute of Finance says the recent flare-up in trade tensions has triggered 4 billion dollars in outflows from mainland equities. And Publicis Chairman Maurice Lévy speaks to Karen Tso live in Paris, where world leaders and tech executives are meeting to address online violence and extremism following the terror attack in New Zealand in March.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Squawk Box anchors discuss the recovery in equity markets as U.S. President Donald Trump and the Chinese government downplay tensions in the trade war. The Dow posts its best day in a month as Wall Street recovers from Monday's sharp sell-off, and stocks across Asia rise. Tech shares help lead the rebound with Apple rising more than one and a half percent, as investors wait for earnings from Chinese giants Alibaba and Tencent. China posts a weaker than expected rise in April industrial output, while retail sales growth drops to a 16-year low. Shares in Commerzbank close sharply higher following a report that Italy's Unicredit is stepping up plans to bid for the German lender. On the earnings front, French lender Credit Agricole, Germany energy firm RWE and cement giant LafargeHolcim report numbers.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Squawk Box anchors discuss the massive sell-off in stock markets, after China retaliates in the trade war with the U.S, raising tariffs on $60 billion dollars worth of goods. The Dow tumbles 600 points, while the S&P 500 notches up its worst day since early January, losing more than one trillion dollars in market cap since May 3rd. Tech stocks lead the losses, as Beijing targets products such as cellphones and laptops, with Apple closing down nearly 6 percent, suffering its worst day since 2013. US bond yields fall amid speculation the Chinese government could sell its Treasury holdings, while the yield curve inverts as fears of an economic downturn rise. Bayer the one stock in focus after a California court orders the German chemical group to pay 2 billion dollars over claims its Roundup product caused cancer.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Squawk anchors discuss the deadlock in trade talks between the U.S. and China. Shares in Asia slip and US futures fall as China and the U.S. stand their ground over trade, casting doubt over the prospect of a deal to end the tariff war, as Washington hikes levies on 200 billion dollars worth of Chinese goods. U.S. Secretary of State Mike Pompeo addresses increased tensions with Iran in an exclusive interview with CNBC, saying the military ramp-up in the Persian Gulf is not raising the risk of conflict, but is aimed at changing the behavior of the Iranian leadership. Uber stutters in its widely anticipated debut, dropping over 7 percent to close well below its IPO price and sending shares in rival Lyft to a fresh low.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Squawk Box anchors discuss how, true to his word, President Trump has imposed 25 per cent of tariffs on $200bn of Chinese goods overnight as trade negotiations in Washington are set to resume for a second day. Chinese stocks have surged on Beijing’s promise to retaliate to Trump's move. Ride-hailing giant Uber has set its IPO price at the lower end of its range meaning it is valued at more than $75bn. And Amazon CEO Jeff Bezos is setting his sights on space with plans to send people to the Moon using his aerospace company Blue Origin, all within half a decade. There are also first-quarter results from Deutsche Post DHL and Telefonica. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Squawk Box anchors discuss the continued slide in Asian stock markets following President Trump’s accusations that Beijing has reneged on trade commitments ahead of negotiations in the US capital today. Beijing has indicated it will retaliate against any increase in tariffs. Meanwhile, in Canada, lawyers for Huawei CFO Meng Wanzhou say that President Trump is deliberately attempting to link her extradition case to the trade talks with China. Disney profits soar off the back of strong performances from its theme parks and it announces its record-breaking Avenger: Endgame will stream exclusively on Disney Plus later this year. There are also first quarter earnings from Deutsche Telekom and Italy’s Unicredit. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Squawk Box anchors discuss the US market impact of renewed trade war fears with the Dow plunging by 470 points- its worst day since the start of the year. The S&P and Nasdaq also post their biggest declines since March. The tariff threats are felt across the Pacific with China’s April trade surplus coming in well below estimates as exports dip unexpectedly and imports rebound. CNBC hears from DoubleLine CEO Jeffrey Gundlach who believes stocks are now in a bear market and that President Trump is likely to follow through on his threat to increase tariffs on Beijing. Back in the US, in its first report since going public, ride-sharing firm Lyft posts a large loss and drivers threaten a global walk-out over low pay in the run-up to Uber’s own IPO. On the earnings front, Siemens beats expectations as it also announces the spin-off of a gas unit, while high taxes weigh on Commerzbank, as net profit falls by more than 50% in the first quarter.See Privacy Policy at https://art19.com/privacy and Califor

Squawk Box anchors discuss the latest escalation in trade tensions between the U.S. and China after Washington accuses Beijing of backtracking on its trade commitments. However, the Dow stages a major comeback and Asian stocks recover, as it’s confirmed that the next round of trade talks is still going ahead, with the Chinese delegation due to travel to the US, despite President Trump’s renewed tariff threats. Warren Buffett tells CNBC that markets have remained sanguine and warned of the perils of a trade war. And in Australia the dollar surges and stocks rise as the RBA decides to keep rates on hold at 1.5 per cent. On the earnings front, French infrastructure group Alstom, German consumer giant Henkel and one of the world’s biggest staffing companies, Adecco, report first quarter earnings.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Squawk Box anchors discuss the sell-off in equity markets amid heightening US-China tensions following President Trump’s sudden pledge to hike tariffs on $200bn of Chinese goods from this Friday. Asian stocks plummet and US futures point to a sharp decline on fears that Beijing could pull out of this week’s round of trade talks. St. Louis Federal Reserve President James Bullard tells CNBC that the central bank may have to rethink its rates strategy on the back of record employment levels. And in the UK, Prime Minister Theresa May urges Labour leader Jeremy Corbyn to come to a cross-party agreement on her Brexit deal.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Squawk Box anchors discuss a number of earnings from the big European banks starting with HSBC, which has posted a 31 percent jump in Q1 profits thanks to strong income growth in Asia and cost-cutting measures. French lender Societe Generale suffers a double-digit fall in net profit amid volatility in its corporate and investment bank. On the market front, oil stocks decline to a one-month low. Also in the US, President Trump’s second Federal Reserve board member choice Stephen Moore bows to political pressure to withdraw his candidacy while Berkshire Hathaway chairman Warren Buffett tells CNBC he has invested in Amazon shares.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Squawk Box anchors discuss the Federal Reserve’s decision to hold rates. US stocks slide after Chair Jerome Powell says low inflation is “transitory”, dampening prospects of a rate cut.In Beijing, US Treasury Secretary Steven Mnuchin boosts hopes of a US-China trade deal following talks yesterday. CNBC has learned that an agreement could come as early as next Friday. BNP Paribas Q1 net profits are up by more than a fifth off the back of better-than-expected revenues. The bank says it remains on course to hit its 2020 targets. Earnings for Dutch lender ING, Danish brewer Carlsberg and online retail giant Zalando are also released.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Squawk Box anchors discuss Apple’s stock surge in extended trading as dipping iPhone sales are offset by a demand in the tech giant’s services and the group issues an optimistic outlook. The S&P 500 hits another record, marking its best start to the year since 1987 and joining the Dow and the Nasdaq in its fourth positive consecutive month. President Trump urges the Federal Reserve to cut rates to further boost the US economy ahead of its policy meeting. Meanwhile in Venezuela, opposition leader Juan Guaido has once again urged the armed forces to rise up against a defiant President Maduro, sparking violent scenes in the capital Caracas. And we hear from the head of Saudi Arabia’s Public Investment Fund, Yasir Al-Rumayyan in Los Angeles on his company’s stake in Uber ahead of the ride-hailing giant’s IPO.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Squawk Box anchors discuss Chinese manufacturing numbers which have suffered an unexpected drop in April as growth momentum cools. Meanwhile in the US, the S&P 500 hits an intra-day record peak off the back of rising consumer spending in March and increased optimism for a US-China trade deal. Alphabet Q1 earnings miss forecasts, causing shares to slide after hours, with increased advertising competition behind the slump in performance. And a mixed picture for aviation as Airbus backs its FY outlook after posting a rise in Q1 core earnings but over at Boeing it’s a case of damage limitation following the fallout from the 737 Max crashes in Ethiopia and Indonesia.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Squawk Box anchors discuss the Spanish election results where the incumbent PSOE has won but failed to secure a majority. Russia’s central bank governor Elvira Nabiullina tells CNBC exclusively that she fears a global slowdown but feels a recession won’t materialise next year. The US posts stronger-than-expected Q1 GDP with investors looking ahead to this week’s Federal Reserve meeting for further signs on its policy path. And oil slumps for a second consecutive session on the back of President Trump’s previous call for OPEC to raise output. Plus, there are Q1 results from Philips, Uber prices shares at $44-$50 ahead of its IPO and Avengers: Endgame breaks box office records, earning $1.2bn during its opening weekend.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Squawk Box anchors discuss Amazon’s record Q1 profits which have beaten expectations, but are there clouds on the horizon as the retail giant flags a lower operating profit in Q2. Ride-hailing app Uber begins its IPO road show today seeking a listing of up to $90bn. In Beijing, President Xi Jinping addresses the Second Belt and Road Forum, asking for fair trade practices from partners. Following the collapse of merger talks, Deutsche Bank and Commerzbank shares both fall but Deutsche CFO James Von Moltke tells CNBC that consolidation of the lender’s asset management arm DWS is still a possibility.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Squawk Box anchors discuss continuing Q1 earnings with better-than-expected results coming in for UBS despite sharp declines at the Swiss bank’s investment arm. CEO Sergio Ermotti predicts market conditions will improve by the end of this quarter. There are conflicting reports on whether Deutsche Bank and Commerzbank will update investors on their merger talks before Deutsche reports Q1 earnings tomorrow. In the US, Facebook Q1 earnings top estimates but the social media giant braces for an expected $3bn fine from the Federal Trade Commission. And Tesla posts a big loss but expects a return to black in H2. Results are also due in from Bayer, Peugeot and Wirecard. Meanwhile, in Japan, former Nissan chairman Carlos Ghosn is granted bail again and in Vladivostok, North Korean leader Kim Jong-Un is hosted by Russian President Vladimir Putin in their first ever face-to-face summit.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Squawk Box anchors discuss the strong start to Q1 earnings which have pushed the S&P and Nasdaq to new closing highs. Twitter also sees its stocks surge after beating expectations this quarter with President Trump hailing his White House meeting with CEO Jack Dorsey despite an earlier attack on the social media giant for alleged political bias against conservative voices. Deutsche Bank and UBS are reportedly holding merger talks between their respective asset management divisions which could create a European investment giant. And Washington is set to send a high-level delegation to Beijing next week in a bid to finalise a trade deal between the two countries.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Squawk Box anchors discuss soaring oil prices following Washington’s decision to end sanctions waivers on Iranian crude imports. We preview the busiest week of corporate earnings this year so far with European banks and US tech giants set to report. In the US, Herman Cain has withdrawn his name from a seat on the Federal Reserve board citing low pay rather than opposition from the Senate and in Sri Lanka a day of mourning is observed after the Easter Sunday massacres with questions emerging over intelligence handling ahead of the attacks.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Squawk Box anchors discuss the fall in Asian stocks from a nine-month high despite hopes of Washington and Beijing closing a trade deal by the end of next month. Luxury group Kering beats its Q1 sales forecasts – just – with help from Gucci but the company says Chinese demand remains strong. Meanwhile, online image-sharing company Pinterest is set to go public today with shares priced above its expected range at $19. And due later today in the US, the redacted Mueller report will finally be released to Congress.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Squawk Box anchors discuss China’s Q1 data, with its economy beating growth expectations to officially come in at 6.4%. Qualcomm’s shares surge after it surprisingly resolves a legal wrangle over royalties with Apple which could now see its chips feature again in iPhones. Meanwhile, Netflix posts a strong first quarter off the back of record subscriptions but the media services provider warns that price hikes may deter new customers in Q2. And Goldman Sachs CEO David Solomon exclusively tells CNBC that current US economic performance has led him to revise his earlier predictions of a 2019 recession.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.