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CNBC International

CNBC's flagship show in Europe sets you up with everything you need to know for the European business day. Anchors Steve Sedgwick, Karen Tso and Julianna Tatelbaum engage in unscripted and dynamic debate on the day's top stories. They are joined by leading business executives, policymakers, financial strategists, fund managers and other newsmakers to provide original points of view and instant analysis of the latest business news and key market themes.

Squawk Box Europe Express

European markets see meagre trading volumes this Christmas Eve but the Stoxx 600 is due to record its best annual trading performance since 2021. The U.S. GDP data comes in far hotter than expected, prompting investors to dial down expectations of a Fed rate cut while the S&P 500 sees yet another record session. BP shares surge after the British oil giant sells off its majority stake in its Castrol lubricants unit to U.S. infrastructure firm Stonepeak for $6bn. 

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Stoxx 600 set for best year since 2021

The Stoxx 600 reaches a new intra-day high with investors now anticipating the U.S. GDP print later today. Drug giant Novo Nordisk sees its shares soar as it seeks to gain U.S. approval for the pill-form version of its weight-loss drug Wegovy. President Trump has reiterated previous calls for acquiring Greenland from Denmark for national security reasons as he appoints a new envoy to the Arctic territory. 

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Investors eye U.S. GDP data

European markets move lower but the Stoxx 600 is on track to notch its best year since 2021. Oil prices rise and gold hits a new record high as the U.S. navy pursues a suspected third ‘dark fleet’ tanker near the Venezuelan coast. In Miami, U.S. officials hail ‘productive’ peace talks between Russia and Ukraine but negotiations show no signs of breaking the impasse.

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Stoxx 600 on track for bumper year

The BoJ hikes interest rates to levels not seen for 30 years, causing yields to spike to multi-decade highs. Governor Kazuo Ueda says the central bank will continue to tighten should the economy move in line with forecasts. After a 16-hour summit, European Union leaders have agreed on a €90bn loan to Ukraine after failing in negotiations to unfreeze Russian assets. Nike scores a top and bottom line beat but the results are marred by poor sales in China, dragging the sports apparel giant’s shares down.

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BoJ raises rates to 30-year peak

BP ousts its CEO Murray Auchincloss overnight following investor frustration with net zero strategy and share under-performance. He is replaced by Woodside Petroleum’s Meg O’Neill who becomes the oil major’s fourth boss in six years. EU leaders gather in Brussels at a crucial summit to decide funding for Ukraine. And European investors await ‘Super Thursday’ with central banks’ rates decisions expected from the ECB, Riksbank, Norgesbank and BoE later today.

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BP's Auchincloss steps down after investor pressure

European futures pint to the green and the UK government is buoyed by the November CPI year-on-year print which came in 0.3 per cent lower than expected. The services CPI is down 0.2 per cent, beating expectations for the month. CNBC sources have learned that Open AI is in talks with Amazon over a potential tie-up worth more than $10bn following Sam Altman’s negotiations with Microsoft which allows the firm to reach across the tech sector. Crude prices edge higher after President Trump’s classification of the Maduro regime in Venezuela a foreign terrorist organisation as well as ordering of a blockade of sanctioned oil tankers. The Venezuelan government says the move is in breach of international law.

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UK November inflation dips ahead of BoE rate decision

The A.I. stock sell-off continues with U.S. futures suggesting a day in the red. Investors now await the U.S. jobs report later today. President Trump signals that a Ukraine peace deal is ‘closer now than we have been, ever’ causing European defence stocks to tumble. However, any breakthrough on Ukrainian territorial issues remains a major sticking point. In crypto news, Bitcoin claws back some ground lost after sinking below the $86k-mark in yesterday’s session – its lowest level of the year.

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Jittery investors continue to dump A.I. stocks

European markets are set to open in the green following Friday’s A.I.-led stock sell-off ahead of a variety of data prints and rate decisions later in the week. Ukraine abandons demands for NATO membership with peace talks continuing in Berlin. Security is increased at Hannukah events worldwide following the massacre of 15 people by two I.S.-inspired gunmen on Bondi Beach, Sydney yesterday.

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European markets shrug off Friday A.I.-fuelled stock sell-off

UK GDP data for October disappoints coming in at -0.1 per cent month on month with services output falling by 0.3 per cent. Oracle shares tumble to their lowest level since January as investors show their concern over the company’s A.I.-related splurge but global markets reached new record highs during yesterday’s session with the S&P 500 breaking through the 6,900-point mark for the first time. Disney and Open A.I. join forces in a $1bn deal with the entertainment giant licensing its characters to feature in the Sora video creation app.

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UK October GDP contracts

The Fed delivers a rate cut - but the most significant dissent in six years, and division over the policy outlook, reveal a split within the central bank. Nasdaq futures falter as Oracle's data centre spend surges, sending the stock down by double-digit percentage points in extended trade - as Norway's Sovereign Wealth fund shows caution on investing in the infrastructure. Bitcoin slips, briefly dipping below $90,000 and extending a fourth quarter downturn as traders brace for a potential crypto winner. 

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Long-awaited Fed decision now in

U.S. equities continue their tough start to 2024 with the Nasdaq on its longest losing run since 2022. Private hiring in the U.S. is up for December with wage growth slowing ahead of today’s NFP data. The ADP’s chief economist Nela Richardson tells CNBC this trend is set to continue. Exxon says it will take a $2.6bn write-down over idled assets in California while Chevron CEO Michael Wirth tells our colleagues Stateside that oil and gas demand is only set to grow. And in tech news, Apple sees shares nosedive and market cap valuation falling by almost $170bn since the start of the year following Piper Sandler’s downgrade of the company – its second this week.

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SQUAWK BOX, FRIDAY 5TH JANUARY, 2024

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