Squawk Box Europe Express CNBC International

Tesla shares surprisingly hold up despite the EV maker missing massively on both the top and bottom lines. Elon Musk has hinted to investors that more affordable options are in the pipeline. The S&P 500 posts its best day since February with investors shrugging off rate concerns. We hear from Oaktree Capital’s Howard Marks who says the days of easy capital are unlikely to return. Luxury giant Kering posts double-digit Q1 sales declines and warns that profits could fall by up to 45 per cent in H1. On Capitol Hill, the U.S. Senate votes overwhelmingly to pass a $95bn aid package to Ukraine, Israel and Taiwan. And we are live in Rotterdam at the WEC where RWE CEO Markus Krebber tells CNBC that green transition costs could soar due to capital and geo-political risks.  

The S&P 500 see its six-day losing streak come to an end and Nvidia enjoys its best trading day in more than a month with Mag 7 earnings in focus. Tesla shares fall a further 3 per cent – its seventh straight loss – with investors concerned for what could be the EV maker’s worst earnings in seven years. SAP posts a 24 per cent surge in quarterly cloud revenue and targets greater growth through A.I. services. And we are live in Rotterdam at the World Energy Congress where the Dutch Deputy PM tells CNBC that Brussels can do far more to accelerate the energy transition.

The Nasdaq suffers its worst trading week since 2022 as the tech rally pauses with Nvidia shares falling 10 per cent. The sharp decline in demand for EVs and stiff Chinese competition again forces Tesla to slash prices in several markets. After months of delay, U.S. House lawmakers finally approve $60bn of aid to Ukraine. President Volodomyr Zelenskyy has called for the rapid transfer of arms to his country. Tik Tok is in focus Stateside after House lawmakers approve a bill which will force owner ByteDance to either sell the video-sharing platform or face a ban in the country. The bill now passes to the Senate.

Israel retaliates against Iran, reportedly carrying out a limited operation against the country. Iranian state TV said missiles were deployed to down drones over the central city of Isfahan. Asian equities are in the red as a result with oil rising and the dollar catches a bid as investors go risk-off. At the IMF/World Bank Spring Meetings in Washington, we hear exclusively from German finance minister Christian Lindner who says the EU and the U.S. must cooperate closely in the face of trade competition from China. We hear from top ECB policy makers who are increasingly converging on the month of June as the likely beginning of rate cuts, barring any particularly bad news along the way.

As ECB policy makers increasingly appear to agree on a June rate cut, Bundesbank President Joachim Nagel tells CNBC that caveats still remain. In the U.S., a Boeing whistleblower testifies in the Senate, blasting his former employer over safety negligence and calling for the grounding of the Dreamliner. UBS is eyeing further lay-offs with cuts likely to fall in banking, markets and wealth management divisions. ABB hikes its full-year guidance after a Q1 beat on a stronger-than-expected order book.

Federal Reserve Chairman Jerome Powell has said that inflation is likely to delay rate cuts this year and says recent data has not provided the central bank with enough confidence to move. However, ECB President Christine Lagarde tells our colleagues Stateside that cuts are due soon, barring any major shocks. The IMF raises global forecasts for growth and hikes its U.S. outlook. The group’s First Deputy MD tells CNBC that the Fed’s prudence is justified. And a lack of demand from Chinese consumers weigh on French luxury giant LVMH’s Q1 sales.