Episodes
The S&P 500 closes at a record high – the seventh consecutive day in the green – boosted by Tesla’s performance. However, IBM shares close nearly 10 per cent lower, pushing the Dow to close lower on the day. In China, property giant Evergrande has reportedly paid a key interest payment, bumping shares higher and raising hopes in the sector that the company can avoid a default. European corporates continue their latest earning disclosures. L’Oréal reports higher Q3 performance on strong...
Published 10/22/21
Strong U.S. earnings push the Dow to a new intra-day high, while Bitcoin hits its own record. Tesla shares sink in extended trade after the EV maker issues a warning about supply chain problems affecting margins. In France, retail giant Carrefour holds its FY cashflow outlook steady despite taking a hit from Covid restrictions. And Swiss-Swedish robotics and automation giant ABB cuts guidance, as earnings miss forecasts.
Published 10/21/21
U.S. indices are firmly in the green with the S&P 500 posting a fifth consecutive day of gains, boosted by positive Q3 earnings. Asian equities have followed suit. Netflix announces that Squid Games has become its biggest TV show ever, pushing the streaming giant’s latest earnings ahead of forecasts. Meanwhile, the first ever Bitcoin futures ETF gains on its first day of trading, pushing the cryptocurrency towards its all-time high. In luxury news, however, Gucci posts a miss as new Covid...
Published 10/20/21
The S&P 500 is in the green for the fourth day running ahead of key U.S. earnings. Industrial production Stateside, however, slumps to a more than six-month low. Alibaba’s Hong Kong shares trade higher following the launch of a new server chip for its cloud unit which could directly compete with Amazon and Microsoft. And Apple shares jump as investor’s cheer the tech giant’s newly launched Air Pods and MacBooks powered by its in-house semi-conductors, further breaking away from Intel. We...
Published 10/19/21
China’s economy grows at its weakest pace for a year as energy troubles and supply chain bottlenecks stifle momentum. But consumption remains strong as retail sales beat expectations. The PBOC says that the fallout from the Evergrande debt crisis is manageable but admits that ‘mismanagement’ within some of the country’s biggest companies does pose risks. The BoE’s Andrew Bailey says rising costs may prompt action from the central bank but ECB president Christine Lagarde tells the IMF that she...
Published 10/18/21
The S&P posts its best day since March as earnings season kicks into gear on a upbeat day for US markets. All three major averages are now on track to end the week in positive territory. Banking stocks are among the winners on Wall St. Bank of America, Morgan Stanley, Citi and Wells Fargo all post earnings beats as trading ramps up and credit reserves are released. As the gas crisis grips Europe and prices soar, Russia's Deputy Prime Minister Alexander Novak tells CNBC that the Nord...
Published 10/15/21
President Vladimir Putin tells CNBC his country is not weaponising gas against Europe but instead blames the U.S. for not addressing supply issues in advance. Putin was speaking at Russia’s Energy Week, where we also spoke to a slew of energy bosses, including BP CEO Bernard Looney who said the current gas crisis can only be resolved with further investment in the sector. Meanwhile, two more UK gas companies - Pure Planet and Colorado Energy – collapse amid the autumn price spike. In...
Published 10/14/21
China sees accelerating export growth beat expectations for the month of September, but imports fall short, prompting fears of a domestic slowdown. The IMF revises its global growth outlook, citing supply chain issues and the Covid pandemic for the cut. Chief Economist Gita Gopinath urges a more urgent global vaccine rollout. And earnings season gets under way with LVMH Q3 sales up 20 per cent, but an Asian Covid resurgence is hampering growth in its watches and jewellery divisions. Later...
Published 10/13/21
Oil surges with U.S. crude at 7-year highs but Wall Street finished in the red as global equities markets fret over inflation concerns. Under-fire IMF Managing Director Kristalina Georgieva gets the backing of the agency over a data-rigging scandal, but U.S. Treasury Secretary Janet Yellen warns over slipping ethical standards. Chinese property giant Evergrande fails to honour yet another debt deadline. Rival real estate companies Modern Land and Sinic also move to delay their own due dates....
Published 10/12/21
A positive week for Wall Street gives way to disappointing U.S. jobs data in September, despite Congress agreeing to extend the debt ceiling. Meanwhile, world leaders reach a historic agreement for a minimum global tax rate of 15 per cent. The energy sector continues to be in focus with oil prices continuing to rise on surging demand. WTI hits its highest level in 7 years, surpassing $80 a barrel. Gas, however, falls. UK industry leaders still warn of potential shutdowns without government...
Published 10/11/21
U.S. markets hit a three-day green streak after lawmakers in Congress agree to extend the debt ceiling until early December. Chinese services activity bounces back, while stock markets resume activity positively following the Golden Week holiday. In Germany, Armin Laschet says he will stand down as leader of the CDU following the party’s worst electoral showing ever with leadership elections proposed for next week. The OECD inches closer to a 15 per cent global tax agreement after Ireland...
Published 10/08/21
The GOP offer a temporary truce in federal funding talks with Democrats, potentially extending the debt ceiling to December. U.S. equities rebound on the news and Asian stocks rise amid a volatile week of trading so far. Meanwhile, natural gas prices in Europe whip-saw on Wednesday after Russian President Vladimir Putin offers to boost supplies to the continent, as the Kremlin expects prices to ease further once Berlin greenlights the Nord Stream 2 pipeline. Germany’s FDP and the Greens enter...
Published 10/07/21
Wall Street rebounds from recent lows, with tech stocks solidly in the green following Tuesday’s rout. Meanwhile, the U.S. heads towards a potential default if Congress cannot pass measures to raise the debt ceiling. U.S. Treasury Secretary Janet Yellen tells CNBC exclusively that delays failing to pay government debt could be “catastrophic”, warning of a potential recession. Gas prices soar once again in Europe and the U.S. causing fresh inflationary jitters. This as UK gilt yields hit...
Published 10/06/21
Wall Street falls sharply lower, dragged down by U.S. tech stocks and rising bond yields. Financials and energy shares are also lower as investors eye the Fed’s next tapering move. Facebook shares tumble following a six-hour outage of its platforms while a whistleblower accuses the social media giant of “a betrayal of democracy”. U.S. oil prices surge to a seven-year high as Opec+ nations refuse to increase production. Volvo Cars have announced plans they will be seeking a Swedish listing...
Published 10/05/21
Evergrande shares are suspended in Hong Kong markets following Chinese media reports that Hopson Development is set to swoop in for a $5.1bn stake of its property unit. In other M&A news, U.S. private equity company CD&R has snapped up UK supermarket chain Morrisons for close to $10bn and is reportedly looking to install former Tesco boss Sir Terry Leahy as chairman. CNBC learns that U.S. trade representative Katherine Tai will announce that Beijing is not complying with the Trump-era...
Published 10/04/21
Wall Street ends its worst month since the start of the pandemic. September saw Covid-related losses, supply chain issues and inflation woes all weighing heavily on U.S. indices. In Washington a shutdown was averted with President Biden signing off on a late-night bill to fund Congress. However, Democrats have bowed to partisan pressure and delayed the vote on the trillion-dollar infrastructure programme. And, BMW raises its full-year guidance in spite of the ongoing chip crisis. The German...
Published 10/01/21
Wall Street recovers but the S&P 500 and the Nasdaq are set to report their worst month for a year. We hear from the Delivering Alpha investor summit where TPG’s Jim Coulter predicts a volatile October. All eyes are on the U.S. Senate where Republicans are expected to continue their opposition to President Biden’s spending plans as well as a bill to suspend the debt ceiling after the measure was voted through the U.S. House of Representatives. The stand-off could set the scene for a...
Published 09/30/21
The Nasdaq suffers its worst session since March with tech titans such as Alphabet, Facebook and Microsoft all tumbling. There is talk of a looming broader correction in the sector. Asian markets see more selling as U.S. yields remain at 3-month highs with pandemic support set to be wound down. The Federal Reserve Chairman Jerome Powell warns Congress that inflationary pressures could be around for longer than first thought due to worsening supply chain pressures. U.S. Treasury Secretary...
Published 09/29/21
The UK fuel shortage crisis continues with supplies to emergency and essential services believed to be under threat. Officials, however, claim that panic-buying is now receding. Meanwhile, Chinese factory profits decline for the sixth consecutive month as rising commodity prices and supply chain issues bite. Also in China, Evergrande shares rise after the PBOC promised to protect housing market consumers. The property giant faces another interest payment tomorrow. In the U.S., Dallas Fed...
Published 09/28/21
Germany’s preliminary official election results are in but there is still no clear winner in the federal elections of Europe’s biggest economy. The CDU/CSU have suffered their worst showing since 1949, but the party candidate Armin Laschet believes he still has a chance of victory. The FDP and Greens will be kingmakers in the result, potentially paving the way for the country’s first 3-party coalition. Evergrande’s EV arm falters in Hong Kong trading as it issues a call for cash and postpones...
Published 09/27/21
We are live in Berlin and London for a special edition of Squawk Box ahead of Sunday’s German federal elections. Polls have narrowed with the SPD’s lead over the CDU now just down to a couple of points. During the last TV debate before the vote, candidates sparred over taxation, debt and foreign policy in the face of an ascendant China. We also hear exclusively from ECB President Christine Lagarde who believes that Angela Merkel’s 16-year tenure has left the country in a much stronger...
Published 09/24/21
November seems likely for a potential Fed tapering announcement. Chairman Jerome Powell looks to possibly end support by the summer of 2022, with a rate hike later that year. The Dow and S&P react, closing in the green and ending a four-day losing streak, with bank stocks cheering the news. In China, Evergrande shares jump after the chairman pledges to prioritise shareholders, but doubts remain about an $83.5m interest rate payment on an offshore bond due today. And in Germany political...
Published 09/23/21
Chinese property development giant Evergrande says it is set to make an interest payment on its bonds as scheduled tomorrow. However, former PBOC advisor Li Daokui says that the company’s debt problems are far greater and the firm could well be dissolved. Mainland Chinese markets attempt to claw back losses on the news after an extended weekend. In the U.S., the House of Representatives has voted to prevent a government shutdown and suspend the debt ceiling. The GOP says it will block the...
Published 09/22/21
U.S. indices suffer a torrid session, with the S&P 500 posting its worst day since May while the Dow falls by more than 600 points. In Japan, the Nikkei is also down. Standard & Poor’s warns Chinese property developer Evergrande will potentially default without government support. Beijing is seen as unlikely to step in with aid, unless the risk of contagion rises. And European countries are holding emergency energy talks to see off creeping gas prices, but UK Business Secretary Kwasi...
Published 09/21/21
European gas prices soar, as the UK’s business and energy minister prepares to hold emergency talks with suppliers, but COP26 President Alok Sharma has played down concerns. In Germany, the SPD’s Olaf Scholz has emerged the clear winner in the latest TV debate ahead of this weekend’s general election. Chinese property developer Evergrande faces twin bond payment deadlines this week, prompting its share price to plunge on the Hang Seng.
Published 09/20/21