Squawk Box Europe Express

President Trump has hailed what he calls a 'morally binding' document on AI guardrails in the face of growing safety concerns - and has signed an executive order to rename the technology after a luncheon with tech leaders at the White House. Meanwhile OpenAI CEO Sam Altman tells CNBC that the firm needs to improve its models safely and confidently before it goes public. And another day, another new high for yields: The yield on 30-year U.S. paper hits its highest in nearly 25 years, as the global bond sell-off continues - with September one of the worst months for sovereigns in years.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Existential risks to humanity – that is what Anthropic has reportedly said in its prospectus, seen by Reuters and the FT, despite still eyeing a $2 trillion valuation. That news comes after OpenAI pulls its latest model over safety concerns, while Mistral AI CEO Arthur Mensch tells CNBC the current AI slowdown debate in the U.S. is a cover for the “negligence” of some rivals. In markets, bond yields continue their inexorable march higher as President Trump rejects a proposal that would reopen the Strait of Hormuz. And in the U.K., speculation mounts that Andy Burnham could signal an end to the totemic 'triple lock' on U.K. pension payments - as he prepares to address Labour's party conference for the first time as Prime Minister.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Crude prices gain after President Trump rejects an Iranian proposal aimed at ending the Middle East conflict and reopening the Strait of Hormuz. In tech, OpenAI pauses training on its most advanced models after yet another agent escapes from an internet-free environment. And in Liverpool, U.K. Chancellor John Healey is preparing to unveil a "new age of industrialisation" later today when he addresses delegates at the Labour Party Conference.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

President Trump hosts Chinese President Xi Jinping at a state banquet at the White House along with some of America's top corporate bosses. Talks between the two leaders focused on the A.I. race and the conflict in the Middle East. The global bond rout continues with the U.S. 30-year note rising to its highest level since June 2004 as investors consider the Federal Reserve's rate path. Crude extended losses on the news of talks progressing between Iran and the US at the United Nations. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The 10-year Treasury yield spikes to its highest level since July 2007 in its biggest one day move in nearly 18 months. The 5 and 30 yields are also at levels not seen since before the financial crisis. The U.S. and China extend their trade truce by two months as Chinese President Xi Jinping touches down in America. Another OpenAI agent goes rogue, this time gaining unauthorized access to an Australian government website, with Prime Minister Anthony Albanese raising his concerns directly with Sam Altman. Global debt surges by more than $10 trillion in the first half of the year, surpassing $365 trillion, according to the IIF's latest report. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Crude prices retreat after a three-hour meeting between U.S. officials and the Iranian delegation at the UN, even with President Trump saying he needs to make a “big decision” over the next step. China's President Xi Jinping prepares to travel to Washington for talks with Trump, but uncertainty is abound over if the Chinese leader will bring a delegation of corporate leaders with him. AI takes centre stage at the UN today with OpenAI CEO Sam Altman and Anthropic CEO Dario Amodei expected to address the Security Council, as the debate over safety ramps up. France steps up support measures as spiking energy prices weigh on the economy, as we discuss the outlook with the CFOs of the country's two biggest banks.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The Nasdaq closes at a record high, driven by the AI trade as Meta posts its best day since April 2025. JP Morgan boss Jamie Dimon discusses the technology's potential impact on inflation. Oil gains slightly as U.S. President Trump prepares to meet with Gulf leaders at the UN General Assembly, where Iran's president will lead a delegation today - amid renewed hopes for a diplomatic solution to the conflict. Shares in Novo sink over as the Danish drugmaker lays out its post-Wegovy growth strategy.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

U.S. Treasury Secretary Scott Bessent and the Chinese Vice Premier He Lifeng agree to set up a “U.S.-China AI dialogue” for security incidents from artificial intelligence. This comes in the lead-up to this week's Trump-Xi summit in Washington. Exit polls spell "disaster" for German Chancellor Friedrich Merz's CDU party after a drubbing in the weekend's state elections. Oil prices hit a one-week low despite weekend attacks by Houthi rebels on Riyadh, as markets hope diplomacy prevails when leaders meet on the sidelines of this week's UN General Assembly.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The bank of Japan delivers a quarter point hike, taking rates to the highest level since 1995. But two dissenting votes raise doubts around further normalization, driving the Yen and JGB yields lower. The Bank of England stands pat but warns rates will likely go up, with Governor Andrew Bailey flagging energy costs as a key threat. The S&P 500 sees its best day since early August as crude prices and treasury yields pull back, with tech stocks driving the charge on Wall Street. Researchers reportedly hack into OpenAI using Anthropic tools, as King Charles convenes AI leaders in Scotland to stress the importance of safety. Palantir CEO Alex Karp tells CNBC the technology must have “reasonable guidelines”.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The Fed hikes for the first time in over 3 years, with the Dow shedding over 600 points while the 10-year Treasury yield holds stubbornly around the 5% mark. The rate hike provokes U.S. President Donald Trump, who once again demands looser monetary policy, calling the FOMC “hostile”. Across the pond the Bank of England looks poised to deliver a hold as long-term borrowing costs hover near their highest in nearly 30 years. And the EU's offer for Canada to become its first-ever associate member also draws the ire of President Trump, who threatens further trade restrictions on the bloc if those plans progress.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

All eyes are on the Federal Reserve decision today, as America's central bank is all-but certain to have its first hike in over 3 years with the expected move will likely strain ties with U.S. President Donald Trump. Meta's Mark Zuckaberg is weighing in on the AI safety debate, favoring independent evaluation rather than a slowdown in development, but Nvidia's Jensen Huang and OpenAI CFO Sarah Friar come down on opposite sides of the conversation. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Chip names sell off on both sides of the pond amid investor pullback after warnings from AI giants. Software stocks, however, catch a bid, putting the two baskets at a huge divergence. Trump intervenes, calling warnings over the technology a “sick” “hoax,” and telling AI leaders not to kill the “golden goose”, going as far as calling up Jensen Huang during a podcast recording. The 10-year Treasury yield hits its highest ever level in almost 20 years, with traders eyeing a near 95% chance of a Fed hike as the FOMC starts its two-day meeting today.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

AI safety fears have dominated the sphere as Anthropic chief Dario Amodei's proposals to rein in development manage to unite bitter rivals Elon Musk and Sam Altman in support. However, U.S. president Donald Trump disagrees. Trump's relationship with Fed Chair Warsh is set for a new test as investors eye a more-than 85% chance the central bank raises rates at its meeting this week while the President says the U.S. should have the lowest interest rates in the world. Oil prices notch fresh gains amid new strikes on Saudi Arabia and the Strait of Hormuz, which force Saudi to temporarily shut its East-West oil pipeline.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The latest U.S. Treasury buyback disappoints which piles on the pressure to sell global bonds. The 10-year Treasury yield is inching towards 5 per cent. In oil news, WTI tops $100 for the first time since May as continued Iranian attacks on Gulf refineries and vessels attempting to pass out of the Strait of Hormuz drive raise concerns over an extended disruption to supply. The ECB bumps rates by a quarter point as energy price concerns steer the inflation outlook upwards.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

President Trump talks up America's "tremendous" success as he promises a 'dividend' to US adult citizens if the Republicans retain control of Congress - in a pledge totalling more than a trillion dollars. The 10-year US bond yield jumps to its highest level in three years as the Treasury Department announces plans to buy back up to 6 billion dollars in longer-term debt - triple the normal level. UBS CEO Sergio Ermotti telling CNBC he sees investor complacency as geopolitical and economic risks mount. Apple unveils its long-awaited foldable phone, with the 'iPhone Duo' coming in just shy of $2,000 in a major shakeup of its lineup under new CEO John Ternus. The ECB looks poised to raise rates at today's meeting, with traders pricing in a near 100 percent chance of a 25 basis point hike.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Brent nears $100 a barrel as the conflict in the Gulf continues to flare. The IRGC says it attacked 2 American vessels and 8 oil tankers as retaliation for the U.S. targeting Iranian crude supplies earlier this week. Inflation fears rise as a result of surging energy prices, as do expectations of rate hikes from the ECB and Federal Reserve later this week. BoE Governor Andrew Bailey says the global economy is facing several upside inflationary risks. Wall Street closed Tuesday's session in the red as AI models at several software firms come under scrutiny. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Mistral AI raises €3bn at a valuation of more than €21bn. The fund-raising round is among Europe's largest ever. CEO Arthur Mensch tells CNBC that the move will accelerate future growth. Oil prices are at a six-week high with Brent crude nearing the $100-mark. Market sentiment reacts with the chances of central bank tightening looming. Chinese exports in August grow by 25 per cent while Canada's counter-tariffs against the U.S. take hold.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Germany's AfD party wins a resounding election in the eastern state of Saxony-Anhalt with almost 45 per cent of the vote. Ulrich Siegmund, the candidate vying to be the state premier pledges the party will not compromise if it comes to power. Investors attempt to look beyond President Trump's threat to cut off top trading partners if the Federal Reserve fails to cut interest rates. Markets have priced in a 60 per cent chance of a rate hike in September following August's jobs data. Brent nears $100 a barrel as the U.S. and Iran engage in fire across the weekend. The U.S. military said it had targeted 3 Iranian oil tankers following missile launches at two American vessels.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

A new economic order for the AI era looms over talks at the European House – Ambrosetti Forum, as policymakers and business leaders gather at Lake Como. Equities rally and yields ease, while Norway's sovereign wealth fund floats unwinding some of its Treasury holdings by roughly $80 billion. Today's U.S. jobs report has traders locked in a dead heat, with CME FedWatch futures on the fence as investors look for clues on the Federal Reserve's next policy move. And Volkswagen's board approves an overhaul that will slash 50,000 jobs and halve its vehicle line-up after a tense standoff with unions.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Treasury yields hover near multi-year highs as investors await Friday's big jobs report for clues on the Federal Reserve's next policy move. New York Fed President John Williams tells CNBC higher yields are not a signal of market dysfunction. Traders brace for possible ‘Yen-tervention' as the dollar eases from a two-week high, raising speculation that Japanese authorities might once again intervene in the foreign exchange market. Washington secures a 'light touch' approach to AI regulation at a G20 technology gathering in North Carolina as Commerce Secretary Howard Lutnick tells CNBC any tariffs on the chip sector will be selective.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The global bond rout deepens as fears over fiscal deficits and rising inflation fuel a multi-decade high in government borrowing costs. US Treasury Secretary Scott Bessent, however, is not concerned. Oil prices continue to climb as the U.S. ramps up strikes on Iran, while Tehran retaliates with attacks on Gulf States. Volkswagen's leadership will propose ending production at four German factories from 2031 at a meeting later this week. Speaking to CNBC, chief negotiator of the IG Metall workers union accuses the carmaker of going back on past agreements. In his first appearance at the House of Commons as the U.K. Prime Minister, Andy Burnham names Margaret Thatcher and Brexit as key reasons for the country's stagnant growth.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

U.S. Treasury Secretary Scott Bessent downplays concerns as the global bond sell-off deepens with the U.S. 10-year treasury yield hitting a 20-month high. The G20 summit in North Carolina leaves European officials astonished at the Russian Finance Minister's attendance, but Bessent says there will be no sanction relief until the war in Ukraine is over. Shein struggles in its Hong Kong IPO, as the valuation of the fast-fashion giant falls by some three-quarters since its private market peak in 2022.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Markets await U.S. Federal Reserve Chairman Kevin Warsh's debut keynote speech at the Jackon Hole Symposium later today. We hear from Cleveland and Kansas City Fed presidents Jeff Schmid and Beth Hammack about their concerns regarding U.S. consumer inflation and the interest rate path. Nvidia notches the second-largest market cap move on record – almost $500bn on the Nasdaq – pushing its share price up by almost 9 per cent following stellar quarterly results. Prospective presidential candidates in France clash in the election cycle's first debate with the centrist parties trailing both sides of the political spectrum.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Nvidia posts another quarterly earnings beat, predicting a 70 per cent surge in sales growth for 2027 and shrugs off concerns over circular financing. CEO Jensen Huang tells CNBC, A.I. growth is accelerating and finally becoming productive. CNBC hears from sources that Anthropic has struck a $45bn cloud deal with Nscale while there are reports Nvidia is set to take over Hugging Face who's platform was briefly hacked by OpenAI's rogue agent several weeks ago. As global bond market volatility continues, all focus turns to Jackson Hole, Wyoming where U.S. Federal Reserve Chairman Kevin Warsh will deliver his debut keynote speech to the symposium later today. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Nvidia earnings are in focus as the AI giant hopes to prove the bears wrong about its $500bn AI financing push. There are expectations of a 100 per cent quarterly surge for the company. OpenAI's chief of data centres, Chris Malone, has quit the company to become the third high-profile departure this month as IPO speculations abounds. Canada imposes tariffs on up $20bn of U.S. goods, escalating the trade war between the two neighbours. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

U.S. Treasury Secretary Scott Bessent has warned of secondary sanctions on any third parties attempting business with the Islamic regime, including China. Bessent also insists the Treasury's auction schedule would continue apace even amid the department's buybacks. Germany's finance minister Lars Klingbeil has blamed the global spike in bond yields on the conflict in the Gulf. In crypto news, Bitcoin surges past $80,000 for the first time since mid-May on the back of increased inflows of spot Bitcoin ETFs.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

U.S. futures dip ahead of Nvidia earnings and U.S. Federal Reserve Chairman Kevin Warsh's debut speech at this week's Jackson Hole Symposium. Both events could have significant impacts on how markets trade for the rest of the year. U.S. Treasury Secretary Scott Bessent vows to impose crippling new sanctions on Iran and any ‘enabling' countries ahead of a widely anticipated press conference later today. Nordic and Baltic national leaders pledge continued military and financial support for Ukraine as the country marks Independence Day. UK Prime Minister Andy Burnham is also due to travel to Kyiv today – his first international visit as leader.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Treasury yields have rebounded despite yesterday's buyback intervention relief from U.S. Treasury Secretary Scott Bessent. In an exclusive interview, Bessent told CNBC he is prepared to increase the operation beyond $4bn. The bond sell-off has impacted the equities markets which closed deep into negative territory at the end of Thursday's sessions. European futures are flat following a down week on the Continent. In crypto news, Bitcoin surpasses the $70,000-mark, adding approximately 20 per cent this week. We hear from Coinbase CEO Brian Armstrong who says the sector is now set for another bull market. And in banking news, Italy's Monte dei Paschi offers a double takeover of Banco BPM and Banco Generali. If approved, the deal would be valued at close to €70bn and would trump Intesa's own takeover bid.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

There's some relief in the global government bonds market thanks to U.S. Treasury pledges to double buybacks for longer term bills. President Trump resumes criticism of the Federal Reserve for high interest rates amid rising debt burdens. Trump also escalates the economic pressure on Iran, threatening any third-party country doing business with the Islamic Republic and preparing to significantly increase sanctions on the country. ECB President Christine Lagarde says U.S. moves away from the global economic order are having a negative impact on eurozone growth. She urged policy makers not repeat the mistakes of the dotcom boom in today's A.I. era. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The global rout in bonds eases somewhat but yields on sovereign debt remain at highs not seen for decades. Investors now turn their attention to UK inflation data and last month's FOMC minutes. Equities also sell off Stateside and in Asia, especially in chip stocks, while European futures are firmly in the red. Chinese humanoid developer Unitree sees its shares balloon by more than 600 per cent on its Shanghai market debut as China showcases its ambitions for its national robotics industry.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

President Trump threatens to bomb ally Oman should it impede efforts to re-open the Strait of Hormuz following yesterday's expiration of the MOU with Tehran with no immediate signs of diplomatic efforts from both sides. Brent moves to beyond $90 a barrel as a result while equities and bonds suffer losses. The U.S. 30-year T-bill surges to its highest level since 2007. The ECB has warned U.S. Big Tech stocks are due a correction and the euro zone's households, insurers and pension funds are all vulnerable to any potential pull-back.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

European futures are set to start in the green after snapping a four-week winning streak. Investors are anticipating UK employment and inflation data, flash PMIs and the latest FOMC meeting minutes later this week. The U.S.-Iran MOU expires later today with the impasse forcing President Trump to concede Americans will have to contend with higher fuel prices. Heatwaves cause wildfires in Belgium while the level of the Rhine in Germany falls to a new record low. Berkshire Hathaway increases its stake in Alphabet. The tech giant is now its third-largest holding. Form 13F filings in the U.S. reveal a big tech ‘tug-of-war' among institutional investors. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

U.S. inflation concerns ease with producer prices coming in unchanged for July, cutting the odds for a September Fed hike. South Korea's KOSPI surges further following last month's sell-off. European futures are in the green following an otherwise lacklustre week but the continent is poised for one of its strongest earnings seasons in years. The U.S. 30-year T-bill auction racks up the highest borrowing costs in 25 years – up at 5.2 per cent – as investors examine Washington's spiraling debt pile.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

July's U.S. inflation slows down to come in at 3.4 per cent with the core print falling to 2.5 per cent. Markets now expect the September rate decision to remain on hold. The CEO of Norway's sovereign wealth fund says he is cautious about AI funding even though the fund's gains are largely derived from tech. NBIM's Nicolai Tangen tells CNBC he is still optimistic about economic resilience around the world in the long term. Shipping titan Maersk boosts its FY guidance on the back of a robust volume growth outlook . Rival carrier Hapag-Lloyd sees an increase in Q2 revenues due to higher spot rates.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Coreweave shares surge after the AI cloud provider posts a beat on both the top and bottom line. Data centre infrastructure firm Super Micro is also up on positive forecasts. Investors await the latest U.S. inflation data with the headline number expected to be 3.4 per cent. There is no clear agreement about the Federal Reserve's next move. Oil inches higher as attacks on shipping in both the Strait of Hormuz and the Bab el-Mandeb raise fears of escalation as well as increase concern over crude supply chains. A top Iranian security official doubles down on Tehran's demands to re-open the Gulf. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Nvidia makes a massive financing push, teaming up with top Wall Street bosses who pledge more than half a trillion dollars in capital. CEO Jensen Huang tells CNBC that his company's chips platform will become its own asset class. Hopes of a new deal over the Strait of Hormuz fade with President Trump claiming the U.S. fully controls the waterway and that it should be Iran who pays the U.S. reparations for 50 years of ‘damage'. Crude inches higher and Asian equities remain mixed while futures in Europe and the U.S. are flat.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Iran raises the price for reopening the Strait of Hormuz, demanding U.S. reparations under June's memorandum of understanding. Yemen's Houthi rebels hit a Saudi oil refinery just days after Riyadh signs a mutual regional defence pact with Turkey and Pakistan. Berkshire Hathaway's Greg Abel pumps almost $20bn in investments in the second quarter, including almost $10bn in Alphabet.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The Iran draft plan to reopen the Strait of Hormuz reportedly prohibits vessels from ‘hostile' states including the U.S. and Israel. A U.S. official tells CNBC that any temporary passages must be unimpeded for all. In tech news, Alphabet raises $25bn in debt to fund A.I. projects while Kansas City Federal Reserve Jeff Schmid asks whether the sector is becoming another ‘too big to fail.' China sees exports rise almost 24 per cent in July on the back of strong demand for its chip components. Meanwhile, President Trump imposes a 15 per cent tariff on poly-silicone products to target semi-conductor and photovoltaic product supply chains. Investors await July's U.S. jobs report later today. Economists expect a boost of up to 83,000 jobs due in part to the recent World Cup.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Big Tech moves were in focus during Wall Street's session on Wednesday as DeepMind CEO Demis Hassibis' departure drags Alphabet down. SpaceX shares were also down following the company's debut earnings with investors now awaiting the first expiration of its insider lock-ups earlier today. Germany's Commerzbank posts an almost 100 per cent jump in quarterly net profit beating expectations ahead of a potential takeover from Italian lender Unicredit. Siemens hikes its FY guidance as orders surge by almost 14 per cent on strong demand from infrastructure and data centres. CEO Roland Busch tells CNBC every one of its units is ‘firing on all cylinders'. Iran and Oman inch closer to a deal to reopen the Strait of Hormuz with the pact reportedly granting Tehran control over entry rights to the waterway. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

High investment costs outweigh SpaceX's earnings beat with investors concerned about AI capex doubling from the previous quarter. Asian equities are in the green, following fresh record highs on Wall Street yesterday. Oil retreats as U.S. Treasury Secretary Scott Bessent tells CNBC he sees movement in opening the Strait of Hormuz. In pharma news, Novo Nordisk shares dive in the U.S. session despite the drug maker hiking its guidance due to investor fears over sales of its Wegovy fat loss pill. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

BP reports earnings amid continued price volatility and the company looks to market its North Sea assets. President Trump says talks with Iran have resumed despite Tehran denying the two sides are negotiating. Oil inches higher following a three-week low and President Trump slams IOCs for windfall profits in the sector and urges retail price cuts. The White House is due to host top A.I. company bosses later today to discuss cyber security as Palantir CEO Alex Karp attacks the leading labs over data protection.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Oil prices slump after President Trump announces new Iran talks are imminent, citing pressure from Gulf allies to hold off on a massive round of airstrikes. European and U.S. futures are in the green ahead of the first trading session of August. In Japan, the yen stabilises after U.S. and Japanese authorities confirm joint market intervention. Reports emerge of a $400bn mega-merger between AstraZeneca and Bristol Myers-Squibb which would potentially be one of the largest deals in the pharma sector ever. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The Kospi rollercoaster continues - Korea's main stock index records its best day ever as SK Hynix and Samsung increase their valuations by more than a quarter. The Nasdaq breaks a 6-day losing streak as Microsoft adds the most to its market cap in a single day of any company, ever. Elsewhere, the Bank of England delivers its fifth hold in a row, with the MPC voting 6 to 3 to keep rates unchanged. And Italian defence giant Leonardo upgrades its profit and order forecasts for the year as new contracts surge 45-percent in the first half.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

American equities plummet and borrowing costs hit their highest in nearly two decades as investors find little to like in the Fed's fifth 'hold' in a row. But, Chairman Warsh hints that a hike could be on the way. Elsewhere, investors digest a mixed bag of tech earnings from across the pond. Microsoft's cloud growth accelerates at its fastest pace in nearly five years, but Meta takes a hit as Mark Zuckerberg doubles down on AI spending. And strong EV demand boosts Renault sales in the first half, as the French carmaker withstands pressure from its Chinese peers.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Another day, another circuit breaker on the Kospi: AI capex fears spill across Asian equity markets, on the back of a five-percent slump in Nvidia shares that sees Apple regain its crown as the world's most valuable public company. In other news, oil prices extend yesterday's declines amid hopes for some kind of resolution to the Iran conflict. LVMH gets a lift as sales inch higher in the second quarter, with US strength helping the company to shrug off weaker demand in Europe. And Mercedes-Benz sees a boost in second quarter operating profit but warns of intense competition and subdued demand in China.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Oil prices plunge as Iran reportedly says it will hold off on strikes as long as the US does the same, while Trump advisers fear over munitions supplies. Calming hostilities in the Middle East helps lift equity futures on both sides of the Atlantic - investors brace for a big week of corporate earnings and central bank decisions. Elsewhere, CXMT becomes the biggest China-listed company by total market cap in its blockbuster IPO - surging more than 500-percent in Shanghai. And French President Emmanuel Macron is set to hold a crisis cabinet meeting today, as hundreds of thousands of people are displaced as wildfires tear across France and Spain.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Middle East concerns push Brent to $100 a barrel while equity and debt markets see sell-offs on both sides of the Atlantic. European stocks suffer their biggest losses in a fortnight with German yields spiking to their highest level in 15 years. President Trump launches his latest round of tariffs with most major trading partners affected. Eu foreign policy chief Kaja Kallas has called the measures a ‘negative surprise'. German software giant SAP pares back its FY guidance but its cloud order backlog is up by 26 per cent. Meanwhile, VW shares are lower in pre-market sales after the car maker predicted 2026 sales to fall by 3 per cent.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Alphabet shares pare back overnight as investors scrutinise its ever-increasing capex plans. Tesla is also down after missing on earnings while free cash flow turns negative. Elsewhere, Unicredit raises its outlook after posting a beat on both the top and bottom lines as CEO Andrea Orcel tells CNBC the bank is firing on all cylinders. And forex headwinds take a bite out of Roche's first half sales, but the Swiss drugmaker confirms its full-year targets.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

UK inflation data hits the tape - new Prime Minister Andy Burnham vows to practice fiscal discipline, scrapping VAT on electricity bills and facing calls to extend tax breaks for young workers. Elsewhere. three tankers carrying Saudi oil are forced to U-turn in the Red Sea amid Houthi threats, as a new front opens up in the US-Iran conflict. On the tech front, Samsung is reportedly in talks to invest up to 1 billion euros in French AI firm Mistral. And Santander says it's on track to meet its targets for the year after underlying net profit jumps by nearly a fifth amid higher revenues.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

New UK Prime Minister Andy Burnham pledges immediate action on the cost of living: scrapping VAT from electricity bills. That, after announcing John Healey as his surprise pick for Chancellor. Elsewhere, Yemen's Houthis impose a naval embargo on Saudi Arabia, while President Trump warns Iran "will pay" for the deaths of US soldiers. And Novartis reaffirms its guidance after beating on the top and bottom lines, with second quarter net sales coming in at almost 14-and-a-half billion dollars.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Andy Burnham is set to enter No. 10 later today to become the UK's fifth prime minister in 4 years. We are live at Downing Street for the latest. Brent crude surpasses $90 per barrel, up 2.9 per cent in session as the U.S. targets Iran for a ninth consecutive night. Three U.S. troops have been confirmed dead following Iranian retaliatory strikes in Jordan and Iraq. Ryanair posts a miss for the first quarter, down by more than a third on the year. Passenger revenue slumps and jet fuel spikes with prices trending lower in the current quarter. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.