Squawk Box Europe Express

The final countdown… Less than a day to go before the world’s largest ever IPO, the listing of Saudi Aramco. We hear exclusively from Saudi Arabian finance minister Mohammed Al-Jadaan who tells CNBC the kingdom is not running out of money, despite contending with falling oil prices, lower reserves, a widening deficit and the lower-than-expected size of the Aramco deal . We are live in Riyadh. Chinese consumer inflation reaches an eight-year high as an outbreak of African swine fever continues to drive pork prices up. Meanwhile, Chinese auto sales drive lower for a 17th straight month, as the world's largest car market continues to reel from slowing growth and the trade war with the U.S. In Paris, Russian President Vladimir Putin and Ukrainian President Volodomyr Zelensky have agreed on a ceasefire in renewed peace talks but have yet to bring the five-year-old Donbass conflict to an end. And in Washington, U.S. Democrats plan to introduce two impeachment articles against President Trum

Losing steam…Asian stocks fail to match Wall Street’s Friday rally after a blow-out U.S. jobs print which saw the Dow Jones soar to a two-month high. Hundreds of thousands of pro-democracy protestors stage a huge rally in Hong Kong to peacefully mark six months of demonstrations against the Chinese government. The turmoil continues in France where strikes against a radical pension overhaul spill into a fifth day causing travel chaos nationwide. And focus remains on oil markets after Opec and its allies pledge to deepen production cuts. Saudi Arabia’s energy minister Prince Abdulaziz bin Salman tells CNBC in a First On interview that the timing of the move has nothing to do with the listing of Saudi Aramco, as the kingdom prepares to stage the largest IPO in history. And in the UK, polls place Prime Minister Boris Johnson on track to win a Tory majority in this Thursday’s pivotal general election.  

It’s a day of drama in Vienna as OPEC talks stretch into the night, as ministers consider deeper production cuts to balance the oil market. Saudi Aramco shares price at the top end of the range to raise a record 25 point 6 billion dollars in the world's largest ever IPO. But the valuation falls short of the Kingdom's 2 trillion dollar target. There’s optimism for the U.S.-China trade war as President Trump strikes an upbeat tone on the state of trade talks, but Beijing warns any interim deal must roll back existing tariffs.

Oil markets front and centre. Crude prices steady after a big surge ahead of today's OPEC meeting amid the prospect of deeper production cuts. Iraq's oil minister tells CNBC extending the current deal through June will not be enough. Investors eagerly await the pricing of Saudi Aramco's IPO, with the oil giant's bookrunners reportedly recommending a price at the top end of the range, making it the world's biggest public offering. In tech, Huawei mounts a legal challenge against the U.S. FCC, as it aims to overturn a ruling that bans government funds from being used to purchase the Chinese telecom giant's equipment. Another luxury deal in the works for Gucci owner Kering is reportedly in exploratory talks with Moncler about an agreement to buy the Italian jacket maker. And finally caught on tape, President Trump skips the end of the Nato meeting and calls out Canadian Prime Minister Justin Trudeau, after footage appears to show world leaders joking about the U.S. Commander in Chief.

Stocks across Asia join a global sell-off after the Dow drops another 280 points, as President Trump says a trade deal with China may only come after the U.S. election. In the U.K., the Queen rolls out the red carpet for world leaders to mark the 70th anniversary of NATO, with divisions among allies front and centre ahead of today's meeting. President Trump and his French counterpart Emmanuel Macron suggest they will find a way to avoid punitive measures on the EU, amid fears Washington will impose tariffs on French goods in retaliation for a digital tax.

Trump revives trade war fears. The Dow drops more than 250 points while the S&P 500 has its worst day in two months as U.S. President Donald Trump surprises markets with tariffs on steel and aluminium imports from Brazil and Argentina. President Trump touches down in the U.K. for the NATO leaders meeting amid growing divisions in the alliance. He is due to meet with France's Emmanuel Macron, after the U.S. threatens one-hundred percent levies on up to $2.4 bn of French goods in response to France's digital-services tax. Washington also says it may raise duties on a variety of European products after the World Trade Organisation rejects claims by the EU that it no longer provides subsidies to Airbus.

Shoppers flock online helping Black Friday sales hit a record $7.4 bn in the second largest U.S. internet shopping day ever, with Adobe predicting an even bigger Cyber Monday. China's factory activity grows at its fastest pace in nearly three years in November sending Asian stocks higher, while state media says Beijing wants all existing tariffs scrapped as part of a phase-one trade deal. And a surprise in Berlin! The win of a new SPD left-wing leadership team puts Chancellor Angela Merkel's grand coalition on shaky ground.

A peaceful night in Hong Kong as thousands of protesters stage a ‘Thanksgiving Rally’ to thank the U.S. for its support, but the Hang Seng slumps as the city prepares for fresh weekend unrest. Trade deal doubts continue with Chinese stocks set to close out the month in correction territory, but major U.S. indices are on track to log their best month since June. Fitch warns the euro zone is at risk of ‘Japanification’, while British Prime Minister Boris Johnson snubs the UK's first ever climate-focused election debate. Plus, shoppers start to splash out on Black Friday deals, after balloons fly at the Macy's Thanksgiving Day Parade.

The Hong Kong issue leaves a sour taste on Thanksgiving Day. China summons the U.S. ambassador after President Trump signs legislation backing pro-democracy protesters in Hong Kong. The bill is set to test relations between Washington and Beijing as both sides race to complete a phase one trade deal, and weighs on markets in Asia. Deere & Co blames the tensions for its latest profit warning, sending shares in the world's largest farm equipment maker sharply lower. A key YouGov poll puts Boris Johnson's Conservatives on course for a majority in the upcoming election, while Labour accuses the government of putting the National Health Service on the table in US trade talks.

China's industrial profits drop the most in 8 months as the U.S.-China trade war takes its toll, while President Donald Trump says a phase one deal is near. Strong results from Best Buy help drive U.S. stocks to fresh records, while discount retailer Dollar Tree blames tariffs for a cut to its outlook. And in an exclusive interview with CNBC, Dallas Fed President Robert Kaplan says if the U.S. wants more than two percent growth, the economy needs more than just monetary policy.

A strong start for Alibaba in its Hong Kong debut. Shares surge in the first day of trade, delivering a vote of business confidence to the protest-stricken Chinese territory. We’re live at the Hong Kong stock exchange with all of the details. U.S. stocks hit fresh record highs as investors hang on to any signs of progress towards a U.S. China trade deal, while top officials discuss an agreement over the phone. Fed Chair Jerome Powell gives another sign rates are set to stay on hold, saying the central bank is strongly committed to its 2 percent inflation target. Plus, Londoners may be looking for a ride as the city revoke’s Uber’s license over safety concerns, with the ride-hailing giant saying it will appeal the decision.

Merger Monday! Louis Vuitton owner LVMH gets the little blue box, agreeing a deal to buy Tiffany and Co for $16.3 bn dollars. Meanwhile, Novartis inks a $9.7 bn deal to acquire U.S. biotech firm The Medicines Company in an agreement that will expand the Swiss drugmaker's portfolio of heart treatments. In political news, Hong Kong anti-government candidates claim victory in local elections, as voters turn out in record numbers to show strong support for the city's protest movement. U.K. Prime Minister Boris Johnson vows to get Brexit done, and promises no income tax increases and 50,000 more nurses in the new Conservative Party manifesto.

The Dow logs its longest losing streak since August, while stocks across Asia sit in mixed territory amid U.S.-China trade deal doubts. Fighting words from Chinese President Xi Jinping, who says he won't "flinch" from a trade war fight, adding that a 'phase one' deal must be based on respect and equality.The Hong Kong campus siege drags into a sixth day, as the Chinese-controlled city prepares to vote in local elections amid tight security. ECB President Christine Lagarde prepares to give her first high profile speech at the European Banking Conference amid concerns over record low rates. European consumer goods giants Unilever and Henkel are reportedly in talks with U.S. cosmetics maker Coty for its 7 billion dollar beauty portfolio.

Deal delay? Asian equities sink and the S&P posts its worst day in a month following reports that a ‘phase one’ trade agreement between Washington and Beijing may not be agreed before Christmas. However, during a tour of an Apple factory in Texas, President Trump hints that the tech giant could receive an exemption on tariffs for Chinese imports. We are live in Paris at the Women’s Forum Global Meeting where French economy minister Bruno Le Maire tells Karen exclusively that Europe cannot prosper and grow amid the trade war between the U.S. and China but he offers a glimmer of hope, saying that a limited resolution could be imminent. And in M&A news, LVMH has reportedly increased its bid for Tiffany’s with the classic jeweller granting the French luxury group access to its books.

U.S. President Donald Trump threatens to increase tariffs on China sending Asian stocks lower if there is no 'phase one' agreement on a trade deal. The U.S. Senate passes a bill in support of Hong Kong protesters, eliciting swift criticism from China. Beijing calls it a blatant interference in internal affairs and vows to retaliate, also weighing on market sentiment. U.S. retail stocks take it on the chin amid weak results and forecasts from Kohl's and Home Depot, ahead of the Christmas holiday shopping season. And we are live in Moscow where we speak to VTB chairman Andrey Kostin about his view on the global slowdown and how much political tensions are weighing on the Russian economy.

Under siege… Hong Kong tensions run high as anti-government protestors remain barricaded inside the city’s Polytechnic University for the past three days. Martin Soong reports from the site as the territory’s CEO Carrie Lam urges a peaceful solution to the crisis. U.S. stocks rise to fresh record highs but are tempered, as CNBC learns that Chinese officials are pessimistic about the prospect of an early trade agreement between Washington and Beijing. We speak to top investors, including Pimco’s vice chairman, about hopes for a deal in Nansha at CNBC’s East Tech West summit. We also hear from the VP of Chinese ride-hailing group and Uber rival Didi Chuxing, who talks about the prospect of expanding the business beyond China in an on-stage fireside. And we break results from Swiss lender Julius Baer, which lowers its full-year targets, saying net new money flows from clients will be lower than previously anticipated.

A positive start to the week in Asia. Equities move higher as China cuts a key liquidity rate for the first time in more than four years and touts progress in the U.S. trade talks. Washington reportedly prepares to grant Huawei a license extension, but the chairman, Liang Hua, taking the stage at CNBC’s East Tech West conference in Nansha, says any decision will have a limited impact. Elsewhere, violent clashes grip Hong Kong as police and protesters engage in a fierce battle at a university campus, while the high court rules that a ban on face masks is unconstitutional. In corporate news, Saudi Aramco aims for a $1.7tn valuation in its highly anticipated IPO, short of the $2tn goal set by the Kingdom's crown prince. We are also live at the Dubai Airshow which so far has failed to attract the big spenders. The CCO of Airbus tells this channel that Boeing’s troubles with its 737 Max model don't benefit anyone in the aerospace industry.

On trade tenterhooks… Asian equities are mixed, looking for clues on trade negotiations, as White House economic adviser Larry Kudlow strikes a positive tone and China’s ambassador to the U.K. tells CNBC exclusively that Beijing wants to get a deal done. Speaking before the House Finance Committee, Federal Reserve chairman Jerome Powell says the U.S. economy is stellar and there is no reason it shouldn’t continue to grow, despite risks in manufacturing. The fallout from the first public impeachment inquiry hearings continues, with House Speaker Nancy Pelosi saying that President Trump’s behavior towards Ukraine is tantamount to bribery - a charge he vehemently denies. And in corporate news, Chinese e-commerce giant Alibaba is upbeat about the future in spite of the ongoing violence in Hong Kong, where it is launching its retail campaign for a $13bn listing.    

Stalemate snag…trade talks between the U.S. and China hit an impasse with Beijing missing industrial output and retail sales expectations in October. In the U.S., Federal Reserve chairman Jerome Powell dismisses President Trump’s call for negative rates, telling Congress that the move would be ‘inappropriate’ for the robust American economy. Media giant Disney’s shares soar, contributing to three-quarters of the Dow’s record gains after its new streaming service Disney+ garners 10 million subscribers on the day of its launch. Not to be outdone, the S&P 500 posts its 20th record day of trade in 2019, one of its best calendar years in decades.   

No trade transparency! U.S. President Donald Trump leaves markets on edge as he threatens to ‘substantially’ raise tariffs on China if a deal can’t be reached, but suggests that an agreement is imminent. In a speech at the Economic Club of New York, Trump also criticises Federal Reserve chairman Jerome Powell for not following other central banks into negative rates, ahead of Powell’s testimony to Congress. The ongoing violence in Hong Kong also weighs on markets in Asia. Geoff joins the show from Singapore in a special edition of Global Squawk Box, while Steve and Hadley discuss energy market uncertainty in Abu Dhabi, as the IEA warns that global oil demand will contract from 2025 as the transition to alternative sources gathers pace.