Squawk Box Europe Express

President Trump calls on Republican ‘holdouts’ to agree to his budget plans in a private meeting. Trump said he was confident the bill would soon be passed as law. Our colleagues Stateside sit down with Tesla CEO Elon Musk who says he wants to continue at the helm of the auto maker for the next 5 years and is committed to ramping up the number of autonomous vehicles on U.S. roads by next year.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

EV Battery maker CATL lists on the Hong Kong stock exchange, sending shares soaring. It’s the world’s largest IPO this year. UK Prime Minister Keir Starmer re-sets relations with the EU, promising to boost Britain’s global trade standing but the move provokes anger domestically. JP Morgan Chase CEO Jamie Dimon says markets and central banks are ‘complacent’ about risk amid a ballooning U.S. deficit, tariffs and rising global tensions.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Global markets fall and yields jump as Moody's cuts its U.S. credit rating - the first time in history that the country hasn't held a perfect AAA rating with any of the major agencies. Attention turns to London as the U.K. and EU near a historic reset of trade relations - as Ryanair CEO Michael O'Leary calls for closer ties between the two sides.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

President Trump concludes his multi-stop Middle East tour having signed mega A.I. and aviation investment deals in Abu Dhabi, Doha and Riyadh but has raised concerns among some of his administration regarding advanced A.I. security restrictions. UK Prime Minister Keir Starmer is in Albania for talks with European counterparts on a potential post-Brexit deal. Youth mobility and fishing rights will be key topics on the agenda. Swiss luxury firm Richemont sees a rise in quarterly sales and manages to narrowly scrape a beat but warns of continuing global economic uncertainty.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

President Trump’s Middle Eastern tour continues to Doha where he helps Boeing secure a mega-deal with Qatar Airways. He heads to the UAE later today. Shares in trading platform Etoro Group soar off the back of its Nasdaq IPO which could potentially herald a reset in IPO sentiment on Wall Street. Siemens posts a Q2 beat, hiking its FY guidance. CEO Roland Busch tells CNBC a tariff deal with the U.S. will help trigger a ‘normal’ growth rate.  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 hails his return to Saudi Arabia where he has secured hundreds of billions of dollars of investment from the kingdom. He will be heading to Qatar later today. The U.S. Agriculture Secretary, Brooke Rollins, says Trump’s global trade negotiations will be a boon to the whole world. German shipping giant Hapag-Lloyd confirms its FY outlook despite trade concerns on the horizon. Defence firm Renk doubles its quarterly orderbook, seeing intakes of €550m.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Global markets rally on the back of yesterday’s U.S.-China trade truce with mining and tech stocks leading European gains. Stateside, the Magnificent 7 companies add $800bn in market cap. President Trump signs an executive order to force European countries to pay higher prices for pharmaceuticals and vows to punish countries which refuse to match lower drug costs in the U.S. And President Trump embarks on his first major foreign trip since regaining office to Saudi Arabia where he expects to secure big strategic, tech and infrastructure deals.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The U.S. and China reach a trade deal with both sides slashing their respective tariffs by 115 per cent. U.S. Treasury Secretary Scott Bessent says both sides have moved towards balanced trade. China-exposed shares soar in Europe with luxury, autos and tech leading the way. However, pharma stocks plummet following President Trump’s announcement that he will sign an executive order to reduce drug prices for Americans by up to 80 per cent.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

U.S. and Chinese trade negotiators hail ‘substantial’ momentum following talks in Geneva over the weekend. Further details are promised later today. President Trump vows to sign an executive order which would see American drug prices cut by up to 80 per cent. Italian lender Unicredit posts a top and bottom line beat in Q1 and raises its FY guidance. CEO Andrea Orcel tells CNBC his bank’s plans for consolidation are progressing.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The U.K. And the U.S. seals the first trade agreement of Trump's tariff war — but loose ends remain on the details. Meanwhile, attention turns to this weekend's negotiations between the U.S. and China in Switzerland, as President Trump says he may consider lowering the sky-high tariff level against Beijing. In Europe, Commerzbank bucks expectations to report nearly 12% profit growth in the first quarter, as the German lender looks to fend off advances from 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.

The UK and U.S. may potentially unveil a major trade deal as soon as this afternoon. President Trump has teased that an announcement is due at 3PM BST. The U.S. Federal Reserve has held rates steady once again, citing increased economic uncertainty ahead. Meanwhile, in the UK, the BoE is set to slash rates for a second time this year with more moves expected over the summer.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Beijing moves to increase stimulus into the economy from rate cuts to liquidity injections in an attempt to counter the effects of President Trump’s tariffs. U.S. and Chinese officials are due to hold trade talks in Switzerland this weekend. India bombs targets in Pakistan in retaliation for last month’s terror attack on Hindu tourists in the divided region of Kashmir. Danish pharma giant Novo Nordisk slashes its FY forecast despite an 18 per cent surge in quarterly sales.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 Scott Bessent tells CNBC that the White House is involved in talks with 18 key trading partners and that some deals are imminent. Ford suspends its outlook and reveals a $2.5bn loss as tariff uncertainty weighs. In Germany, the CDU’s Friedrich Merz is to become Chancellor later today following his party’s grand coalition agreement with the SPD.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

President Trump shrugs off concerns about his handling of the U.S. economy in an interview with NBC’S Meet The Press, stressing that his main goal is to agree a fair trade deal with China. Warren Buffett shocks Berkshire Hathaway shareholders by announcing his retirement. The billionaire investor has led the company for more than 60 years and will now hand over leadership to vice-chairman Greg Abel. Crude prices fall as Opec+ nations agree to speed up production hikes once again. Also in oil news, Shell is reportedly considering a takeover of rival BP.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

China said it is mulling tariff talks with the U.S. after the Trump administration reaches out - saying Beijing's door is always open. On the earnings front, Standard Chartered posted a 10% rise in first quarter net profit, with the Asian-focused lender maintaining its guidance despite heightened uncertainty. Apple and Amazon fell in extended trade despite earnings beats, as tariff uncertainty weighs on the outlook for big tech. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Meta and Microsoft both score quarterly profit beats on the top and bottom line, unfazed by the Trump tariff war. Qualcomm, however, sees its stock fall in after-hours trade and concern about the levies begins to weigh on its guidance. Spain’s competition watchdog endorses BBVA and Banco Sabadell’s €12bn merger deal. It now requires government approval. And in autos news, Tesla denies it ever considered replacing CEO Elon Musk following his extensive role for DOGE in the Trump administration. Trump, for his part, said Musk could stay in his cabinet as long as he wishes.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

UBS scores a Q1 beat with a better-than-expected net profit of $1.7bn on strong wealth management income. We hear from CEO Sergio Ermotti. Wall Street performance slumps to its worst level during the start of a new White House administration since President Gerald Ford’s in 1974, however Commerce Secretary Howard Lutnick tells our colleagues Stateside the first trade deal is imminent. And logistics giant DHL confirms its FY guidance despite the turbulence caused by Trump’s tariff policies.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

HSBC launches a $3bn buyback while Deutsche Bank beats on both the top and bottom line. Spain declares a state of emergency following a massive power outage with flights and other transport suspended and mobile and internet connections lost. Portugal was also hit by the blackout. Mark Carney and the Liberal Party are voted into power in Canada setting up a showdown with U.S. President Trump on trade tariffs and independence.  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 has signed more than 200 trade deals to mark his first one hundred days in office amid varied recent polling. U.S Treasury Secretary Scott Bessent says progress is being made in trade talks with many Asian nations. European Commission President Ursula von Der Leyen announces she will meet with President Trump for trade talks following a brief meeting on the sidelines of Pope Francis’ funeral. U.S. equities suffer their worst start to the year in more than 30 years.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Alphabet shares rose in extended trade after reporting a top and bottom line beat, with its search and advertising units showing strong growth despite increasing AI competition. At the annual IMF meeting, ECB Governing Council Member Robert Holzmann told CNBC that he expects further rate cuts to come, but that the outcome of tariff talks will ultimately decide how much lower the base rate will fall. Bank of England Governor Andrew Bailey told CNBC exclusively that he doesn't think that the U.K. economy is on the brink of a downturn - despite the latest warning from the IMF. Over in Asia, Nissan flags a record loss of up to $5.3 billion dollars due to impairment charges as new CEO Ivan Espinosa attempts to turn around Japan's third largest automaker.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.