Squawk Box Europe Express

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.

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.

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.

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.

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.

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.

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.  

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.  

Squawk Box anchors discuss the stumble suffered by US stocks following disappointing numbers from Goldman Sachs and Citigroup. Meanwhile, Asian shares receive a boost from solid Chinese home price data. Chicago Federal Reserve President Charles Evans exclusively tells CNBC that US interest rates can remain unchanged all the way until autumn next year. Following a massive fire at Notre Dame cathedral, President Macron vows to rebuild the collapsed roof and spire of the historic Parisian monument. Also, Italy’s Deputy Prime Minister Luigi Di Maio tells this channel that Rome will remain on course with its anti-austerity project and he denies that his administration is seeking another showdown with Brussels.

Squawk Box anchors discuss Wall Street’s potential record highs after strong bank earnings and Asian stocks soar to a nine-month peak on hopes of Washington and Beijing striking a trade deal. We have an exclusive interview with Huawei CEO Ren Zhengfei from Shenzhen who believes his daughter’s arrest may be a politically motivated move by the US administration. Meanwhile, President Trump targets the Federal Reserve over its ‘killer’ tightening while outgoing ECB president Mario Draghi ponders the Fed’s independence. We also hear exclusively from Italian finance minister Giovanni Tria who says the US has so far not reacted negatively to Rome signing up for China’s BRI. And Tiger Woods claims victory at the Masters in Augusta – his first major title in over a decade.

Squawk Box anchors discuss the IMF’s warning about the Chinese slowdown being bigger than first thought ahead of this morning’s trade data. However, UBS chairman Axel Weber tells CNBC that he remains optimistic about the country’s economy. Also speaking at the IMF’s spring meetings, French finance minister Bruno Le Maire tells this channel that the US-EU trade spat must be resolved following President Trump’s threat of $11bn worth of tariffs on European goods. Meanwhile, Uber files for its highly anticipated IPO but with revenues flat-lining it warns it may never turn a profit. And two senior executives from collapsed Dubai private equity firm Abraaj are arrested on US fraud charges.

Squawk Box anchors discuss last night’s crunch EU summit with Brussels granting the UK a flexible extension to its withdrawal from the bloc until 31st October this year. The Federal Reserve and ECB reinforce fears of a global slowdown causing a Chinese stock sell-off while US Vice-President Mike Pence tells CNBC exclusively that he agrees with President Trump on the need to lower interest rates. And US Treasury Secretary Steven Mnuchin tells this channel that Washington and Beijing have arrived at a trade deal enforcement agreement.  

Squawk Box anchors discuss the IMF’s latest cut to its global growth forecast citing trade tensions as President Trump threatens new tariffs on EU products. EU leaders are ready to grant UK Prime Minister Theresa May a long extension to Brexit but France says the delay agreement must contain strict caveats. Meanwhile, Germany’s finance minister Olaf Scholz tells CNBC that his country is braced for any Brexit result. And we hear exclusively from the head of Germany’s Ver.di labour union who claims his group wields enough power to scupper a Deutsche Bank-Commerzbank merger.

Squawk Box anchors discuss the US government’s threat to slap $11bn-worth of tariffs on EU products, including aircraft, wine, cheese and apparel, in response to Brussels’ subsidies for Airbus. UK Prime Minister is travelling to France and Germany in a last-ditch effort to win backing for another Brexit extension ahead of this week’s emergency EU summit and Standard Chartered is reportedly to pay out $1bn to settle charges that it violated US sanctions on Iran. We are also live in Tel Aviv ahead of what could be one of the closest Israeli elections in years with Prime Minister Benjamin Netanyahu seeking a fifth term in office.

Squawk Box anchors discuss U.S. stocks logging their second straight weekly rise after a strong jobs print, while Chinese shares reverse early gains despite hints of more stimulus from Beijing. President Trump revives his attack on the Federal Reserve calling on the central bank to cut rates and start quantitative easing, while top White House officials say the prospective Fed board nominations for Herman Cain and Stephen Moore are on track. And the U.K. Prime Minister calls for continued cross-party talks to break the Brexit deadlock, and warns voters that Parliament must agree on a deal to leave the EU before the latest deadline this Friday.

Squawk Box anchors discuss the Dow jumping more than 150 points amid hopes for a U.S.-China trade deal as Beijing's top trade negotiator says a 'new consensus' has been reached. Meanwhile, the man who coined BRIC - former Goldman Sachs asset management chairman Jim O'Neill - tells CNBC he thinks a trade deal will get done, but not fix the real issues plaguing the world's biggest economies. President Trump recommends Herman Cain for a seat on the Federal Reserve Board, and a U.S. Federal Judge gives Tesla CEO Elon Musk and the SEC two weeks to sort out their differences over contempt claims.

Squawk Box anchors discuss the upcoming trade talks between President Trump and China’s top trade negotiator Liu He with White House chief economic advisor Larry Kudlow touting progress on many sticking points. In the UK, MPs pass a bill to delay Brexit by one vote as initial cross-party talks between Prime Minister Theresa May and Labour leader Jeremy Corbyn ended inconclusively. Meanwhile in Japan, former Renault-Nissan CEO Carlos Ghosn is rearrested a fourth time over new financial misconduct allegations and Tesla’s Q1 deliveries of the Model 3 slump by almost a third due to transit problems to Europe and China. 

Squawk Box anchors discuss the UK Prime Minister Theresa May’s decision to seek another Brexit extension from the EU as she announces plans to reach across the aisle and hold compromise talks with Labour. Meanwhile, EU Competition Commissioner Margrethe Vestager tells CNBC exclusively that a delay to Brexit is not something to be feared. Asian stocks surge to a fresh seven-month high on hopes of a US-China trade deal. Beijing’s chief trade negotiator Liu He is due in Washington for the next round of talks. And in an exclusive interview with CNBC, the IMF’s managing director Christine Lagarde says that despite global growth slowing, a rebound is due later this year.

Squawk Box anchors discuss the US stock markets’ strong start to the second quarter on the back of surprisingly solid gains in manufacturing activity in the US and China, also helping Chinese stocks hit a seven-month high. In the UK, MPs again fail to back alternatives to the Brexit deal. We have detailed analysis from Westminster. The OECD predicts that Italy’s budget deficit will rise to 2.5 per cent this year and Lyft’s debut gains are wiped out with the ride-hailing firm falling 12 per cent on the second day of trade. Meanwhile, we’re live in Turkey, where President Erdogan’s AK party is disputing local elections which saw it lose several key cities.

Squawk Box anchors discuss the best first quarter for the S&P 500 in twenty years while Asian stocks surge off the back of unexpectedly strong Chinese manufacturing growth. UK prime minister Theresa May plans her next move to deliver Brexit following the third defeat of her withdrawal agreement on Friday. We are live in Kiev where actor and comedian Volodomyr Zelensky has taken the lead in the first round of voting in Ukraine’s presidential election. We are also live in Istanbul after President Erdogan’s AK party loses seats in key cities in local elections, including the mayor of Ankara.