Squawk Box Europe Express

Google is the latest U.S company to unveil a UK investment as President Trump prepares to fly into the country for his historic second state visit. Trump is also due to speak to his Chinee counterpart President Xi Jinping on Friday following reportedly successful trade talks about TikTok's ownership. With the FOMC convening, traders are anticipating a cut from the central bank as board of governors Trump nominee Stephen Miran is confirmed by the Senate. However, an appeals court rejects the President's decision to fire Fed governor Lisa Cook over claims she committed mortgage fraud. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Chinese manufacturing growth in August came in at its weakest for a year while retail sales slumped to a nine-month low. Fitch downgrades France's credit rating to A+ from AA- due to a rising debt ratio and political upheaval following the collapse of Francois Bayrou's government. The UK announces investment from big banks and a nuclear power agreement ahead of President Trump's second state visit. However, several large pharmaceutical companies are snubbing further investment in the UK following a falling out over drug pricing. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

U.S. core inflation data comes in as expected while unemployment claims are almost at 4-year highs which boosts hopes of a Fed rate cut next week. Global equities respond by pushing into the green. U.S. Treasury Secretary Scott Bessent is set to hold talks with Chinese Vice-Premier He Lifeng in Madrid next week. Top of the agenda will be trade, security and Tik Tok's presence in the U.S.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

A 36 per cent surge in Oracle shares helps to fuel a second day in the green for the S&P 500 after the tech giant announced a series of multi-billion dollar A.I. cloud deals. A police manhunt is under way following the assassination of conservative activist and founder of Turning Point USA, Charlie Kirk, at a university campus event in Utah. The ECB is expected to hold interest rates steady today but further cuts are still expected by year-end as French political gridlock threatens wider growth across the euro zone. And buy-now, pay-later lender Klarna makes its public debut on the NYSE, breathing new life into Wall Street's capital markets.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Israel fires missiles at Hamas' leadership targets in Qatar, undermining hopes of a ceasefire in Gaza and drawing the ire of President Trump. Emmanuel Macron appoints defence minister Sebastien Lecornu as his next prime minister. Lecornu is now tasked with passing the government's reform agenda as well as a its fiscal package. A U.S. judge has temporarily prevented President Trump from firing Fed governor Lisa Cook over alleged mortgage improprieties, saying that the claims of fraud before she was appointed would not constitute grounds for removal. And in pharma news, drug maker Novo Nordisk is set to slash up to 9,000 jobs on the back of weaker sales and strong competition Stateside. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

We are live in Paris where the French government has collapsed after Prime Minister Francois Bayrou loses a vote of confidence over his austerity budget. France will now seek its fifth prime minister in less than two years. Bayrou warned lawmakers that while they can oust him, they cannot ‘erase reality' about the country's ballooning debt. We are also in Munich at the IAA Mobility 2025 show where European car makers show off their latest models with Chinese rivals cranking up the pressure across the Continent. Xpeng boss He Xiaopeng tells CNBC he plans to take his mass-market Mona brand overseas next year. At the Gastech summit in Milan we speak to TotalEnergies CEO Patrick Pouyanné who says European energy markets must diversify in the face of Opec+ output hikes, U.S. tariffs and tighter sanctions on Russia. And the European single market also dominates discussions at the Ambrosetti Forum with former Italian Prime Minister Enrico Letta telling this channel that President Trump's tariffs have served as a ‘federator' for European unity.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

We hear from U.S. Senator Richard Blumenthal at the Ambrosetti Forum who calls last week's military parade attendees in Beijing “a tableau of tyrants”. The Democratic senator for Connecticut urged the U.S. and Europe to present a united front against an “axis of upheaval”. Japanese Prime Minister Shigeru Ishiba resigns after less than a year in power following a sequence of failed elections. The Nikkei, however, surges on anticipation Ishiba's successor may usher in wider fiscal loosening. French Prime Minister Francois Bayrou is on the verge of being ousted in today's vote of no confidence in his austerity budget - a result which will raise concern over France's ability to cut debt and spending. In oil news, Opec+ nations move to unwind production cuts, boosting output by 137,000bpd in October as Saudi Arabia looks to reassert its market dominance. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

We are live on the shores of Lake Como in Italy where trade and defence will the focus at the Ambrosetti Forum. We hear from Nobel laureate Joseph Stiglitz who says the EU should have performed better in trade negotiations with the U.S. The S&P 500 hits a new record high and bond yields fall following this week's multi-year highs as markets await today's U.S. jobs data, hoping for further Fed rates easing. Ukrainian allies agree to post-war security guarantees at a summit in Paris with arrangements made for international troops to be stationed on land and at sea, despite admitting that a peace deal remains elusive.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The recent bond rout calms but deeper concerns about the global fiscal picture keeps bond yields at multi-year highs. We hear from Commerzbank CEO Bettina Orlopp who says markets should closely monitor government responses. In the U.S., a soft jobs reports raises hopes of a September rate cut and helps ease pressure on the bond market. Fed chair candidate pick Christopher Waller suggests more rate cuts are on their way. And in France, President Macron holds a ‘coalition of the willing' summit for Ukraine and its allies as supportive nations seek to shore up U.S. support for eventual post-war guarantees.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

French and British bond yields hit multi-year highs as a rout develops on fiscal concerns. Beijing hosts world leaders including Russian President Vladimir Putin and North Korea's Kim Jong-Un at a mass military parade to mark the 80th anniversary of the end of WW2. In tech news, Alphabet company Google notches a huge anti-trust win following a ruling by a U.S court which deemed it would not have to offload its Chrome browser. However, the company was instructed to share its search data with rivals. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Nestlé ousts its CEO Laurent Freixe following the revelation of an undisclosed relationship with a subordinate co-worker. The head of Nespresso, Philipp Navratil, has been appointed to run the Swiss food giant. Russian President Vladimir Putin has held talks with Chinese President Xi Jinping in Beijing, calling him ‘a dear friend' as the two countries seek to strengthen global alliances following the Shanghai Cooperation Organisation summit. In France, Marine Le Pen's Rassemblement National party calls for new elections as Prime Minister Francois Bayrou's government teeters on the brink of collapse. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Chinese President Xi Jinping hosts leaders from more than 20 nations at the Shanghai Cooperation Organisation. Xi outlined his vision for a new global bloc to counter the current U.S. administration. An appeals court in the U.S. rules that most of President Trump's trade tariffs are illegal which could trigger worldwide economic uncertainty. In retail news, shares in Alibaba soar on the back of strong A.I.-related sales in its cloud division. The Chinese e-commerce giant is reportedly working to produce an A.I.-focused semi-conductor. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Fired Fed Governor Lisa Cook faces renewed pressure after a third criminal referral over her mortgage applications surfaces. President Trump shuts down a century-old tax loophole and threatens a 50 per cent levy on goods worth less than $800. And the European Union threatens Iran with a 30-day deadline to offer concessions regarding its nuclear programme or risk increased sanctions being reinstated. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Nvidia shares slump in after-hours trade as slowing revenue growth causes it to miss quarterly expectations in its data centre business. German defence company Rheinmettal unveils what will be Europe's largest munitions plant. We hear from CEO Armin Papperger who says his company is doing his ‘utmost' to fast-track defence production. Tesla European sales fall in July by more than 40 per cent – a seventh consecutive month of decreasing market share for the electric car maker.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Fired Federal Reserve governor Lisa Cook launches a lawsuit against her dismissal by President Trump which is now set to go all the way to the Supreme Court. France is on the brink of yet another parliamentary quagmire after French Prime Minister Francois Bayrou decides to put his budget cuts toa vote of no-confidence. Opposition lawmakers are vowing to oust Bayrou over the measures. Equities and sovereign debt sell off as a result. And in tariff news, Washington applies an additional 25 per cent levy on India as a result of purchases of discounted Russian oil. Option markets wait on Nvidia earnings, anticipating what could be a 6 per cent share move in either direction as Q2 earnings come to a close. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

President Trump dismisses Federal Reserve governor Lisa Cook over alleged mortgage loan improprieties but Cook says Trump has no grounds to remove her. In France, Prime Minister Francois Bayrou says he will put his budget cuts to a confidence vote in parliament. The three main opposition parties have already vowed to oppose his measures. And President Trump has threatened further tariffs on countries that tax or regulate American tech companies and his administration is also considering sanctions on EU or member state officials for implementing the Digital Services Act. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Fed Chairman Jerome Powell suggests labor market risks are now greater than inflation fears with a September rate cut now on the table. The markets respond with the Dow posting its best day in more than three months. In M&A news, drinks giant Keurig Dr Pepper is reportedly set to swoop for Dutch coffee group JDE Peet's with an $18bn offer. The combined company would eventually split its drinks and coffee units. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The focus is on Jackson Hole, WY., ahead of U.S. Federal reserve Chairman Jerome Powell's keynote speech. The summit is overshadowed by political pressure over interest rates with policy makers divided over the forecast. Kansas City Fed chair Jeffrey Schmid tells CNBC a September rate cut is not set in stone. Wall Street is in the red with the S&P 500 suffering its longest losing streak since the start of the year as investor jitters over the A.I. outlook affect the world's biggest tech firms. Nvidia is set to cease production of its China-focused H20 chip as authorities cite security concerns and urge local tech firms to stop all purchases. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

U.S. tech stocks are under pressure for a second consecutive day as investors question the staying power of the A.I.-fuelled rally seen across the sector this year. Ahead of the Federal Reserve symposium at Jackson Hole, President Trump demands the resignation of Fed governor Lisa Cook over accusations of mortgage fraud. New data from FOMC minutes show members' division over the Fed's inflation and employment market forecast.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

UK inflation for July comes in at 3.8 per cent year-on-year to dash short-term hopes of an interest rate cut and pile on more pressure on Chancellor Rachel Reeves. Tech stocks are down over A.I. concerns as the White House eyes more equity-acquired stakes in companies enjoying Chips Act funding. A Ukraine peace plan including U.S. security guarantees is developing. President Trump welcomes potential air support from the UK but rules out stationing U.S. troops on Ukrainian soil. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

President Trump encourages Ukrainian President Volodomyr Zelenskyy to hold face-to-face talks with Russian President Vladimir Putin following a marathon day of talks with EU, UK and NATO leaders in Washington. An optimistic Trump said the U.S. would provide Kyiv with security guarantees but also reiterated it would be Europe that would shoulder the bulk of the burden in helping Ukraine defend itself in the future. In tech news, Japan's Softbank has announced an unexpected $2bn stake in troubled chip maker Intel while the U.S. government looks to take a 10 per cent share in the company by converting Chips Act grants into equity.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Ukraine's President heads to Washington DC alongside European leaders for talks with Donald Trump today, with the U.S. President set to push for an end to the war — while the question remains: 'on whose terms?'. This as Friday's Alaska summit fails to yield an agreement — and leaves Kyiv fearing the U.S. could give way to Russia's terms after President Trump backtracks on his sanctions threat. Elsewhere, investors are counting down to the Jackson Hole symposium this week, looking for signs of where the Fed's rate path will lead.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 Anchorage, Alaska, as the city prepares to host today's meeting between Donald Trump and Russia's Vladimir Putin, with the U.S. President saying he's already contemplating a second summit to bring in Ukraine's leadership. Meanwhile, a hotter-than-expected PPI print stateside pours cold water on outside hopes of a jumbo Fed cut in September, and sending yields higher. But markets in Europe remain on track for healthy returns this week. In Asia, Chinese growth data slumps across the board with retail sales, industrial output and fixed asset investment all undershooting expectations - as the threat of tariffs continues to loom over the world's second largest economy.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The U.K. economy grows more than expected in the second quarter, offering some much-needed respite to Chancellor Rachel Reeves. President Trump holds productive talks with European leaders in the build up to Friday's Alaska summit, with the U.S. leader issuing a stark warning to Moscow if it does not agree to a peace deal in Ukraine. Meanwhile, Europe's Stoxx 600 hits a two-week high while the S&P 500 and Nasdaq close at all-time records, as markets price in a 100% chance of a Fed cut next month.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The inflation impact of Trump's tariffs fails to show in July's CPI print, leading investors to ramp up bets on a September Fed cut, and pushing global equity markets higher. Meanwhile, European leaders prepare for today's virtual talks with Presidents Trump and Zelenskyy - calling on the U.S. leader to safeguard Ukrainian territory and not bow to Putin's demands at Friday's Alaska summit. Software stocks on both sides of the Atlantic tumble - with SAP posting its worst day since the COVID-19 outbreak - as investors fret that AI could upend many of the world's biggest software companies.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The U.S. has extended its China tariff deadline by another 90 days, allowing talks to continue as Beijing pledges to hold off on further escalation. Meanwhile, President Trump has confirmed that the U.S. government will take a 15% cut off top chipmakers' China sales, and suggests he could allow Nvidia to begin exporting a downgraded version of its advanced Blackwell chip. Across the Atlantic, EU leaders - apart from Hungary – said that the Ukrainians must have "the freedom to decide their future" ahead of the Trump-Putin summit, while the U.S. President seems to downplay the chances of a breakthrough.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Europe and Ukraine have set their own ceasefire terms ahead of Trump-Putin talks, while the White House reportedly weighs inviting Ukraine's President to Friday's Alaska summit. Meanwhile, European markets are poised to start the week on an upbeat note with the Stoxx 600 coming off its best weekly gains in 3 months, as investors brush off any remaining tariff uncertainty. In the chip space, Nvidia and AMD reportedly agree to give the U.S. government 15 percent of China chip sales in exchange for export licenses, in a potentially unprecedented trade-off.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

President Trump promotes CEA chair and tariff supporter Stephen Miran to the Fed's board of governors praising his expertise in global economics. The STOXX 600 achieves its biggest one-day rise in almost two weeks with European corporate earnings offsetting any potential tariff fallout. Futures are also set to finish the week strongly. The BoE narrowly votes to slash interest rates to a two-year low after an unprecedented deadlock among committee members. Governor Andrew Bailey tells CNBC the UK rate path remains opaque.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

President Trump's reciprocal tariffs kick in. India is still facing the prospect of levies being raised to 50 per cent while Swiss President Karin Keller-Sutter leaves Washington after failing to lower her country's 39 per cent tariff. Germany's Rheinmetall sees sales grow by more than a third in H1 on increased demand across Europe. Siemens confirms its FY guidance with quarterly orders surging by 28 per cent. However, its key profit indicator for its industrial unit falls by 7 per cent on the year. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

President Trump warns he could escalate pharmaceutical tariffs to as high as 250 per cent with extra levies on chips also on the table. Trump tells our colleagues Stateside, he wants to force producers to bring manufacturing home. In Europe, Novo Nordisk sees a Q2 surge driven by strong sales of its anti-obesity drug Wegovy just a week after a profit warning reduced the drug maker's market cap by $70bn. And in banking news, Commerzbank cites restructuring costs behind its fall in Q2 net profit but the German lender is still upping key targets for the rest of the year. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

U.S. equities rally, unfazed by tariffs and weak economic data as investors anticipate further rate cuts from the Federal Reserve. President Trump threatens to increase tariffs on India over its purchases of Russian oil. New Delhi hits back, saying it is protecting its own interests. German chip maker Infineon hikes its full-year margin forecast. CFO Sven Schneider tells CNBC that the impact of tariffs has not been as pronounced as first feared. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Swiss equity markets react for the first time since President Trump imposed a 39 per cent levy on the country last week. European markets look to bounce back following Friday's sell-off which was their steepest one-day decline since April with more quarterly earnings due later this week. And in the U.S., markets anticipate a Fed rate revision at every meeting left this year following last week's disappointing employment print. The White House has defended President Trump's decision to fire Labor Statistics Commissioner Erika McEntarfer. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

President Trump launches his latest round of tariffs, hitting Canada and Switzerland with higher levies due to start in a week's time. The dollar jumps on the move – its first monthly gain since Trump assumed office – while the euro and sterling slump to their respective worst months in 3 years. Daimler Trucks revises FY profits forecasts by what could be more than 20 per cent citing poor performance in the U.S. market. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Meta ups its guidance on the back of a Q2 profits beat while Microsoft outperforms, growing revenue at its fastest pace in three years. In aviation news, Airbus confirms its delivery targets for the year despite engine supply delays from Pratt & Whitney. CEO Guillaume Faury tells our U.S. colleagues he is pleased about the trading environment following the U.S.-EU/UK deals. Asia-focused bank Standard Chartered announces a $1.3bn buyback following a 26 per cent H1 profit surge. The lender's CFO, Diego De Giorgi, says non-rate affected units are ‘booming'.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Swiss lender UBS posts a Q2 net profit beat but CEO Sergio Ermotti tells CNBC that tariff ‘fatigue' is beginning to affect client sentiment. Chinese and U.S. negotiators have failed to confirm a trade truce following 2 days of discussions in Stockholm. U.S. Treasury Secretary Scott Bessent speaks to our colleagues Stateside and says that any extended pause will be ultimately decided up on by President Trump. Disappointing revenues of up to a quarter at Gucci drag parent company Kering down in Q2. The French luxury giant warns of a second price adjustment following the U.S- EU trade deal. And Japan, the Pacific coast of the U.S. as well as Guam and Hawaii brace for a tsunami following a massive 8.8 Richter Scale earthquake off the coast of Russia's far East.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

European leaders vent their frustration at the trade deal secured by U.S. President Donald Trump with the EU as details of the agreement begin to sink in around the bloc. Trump has said he will set tariffs in the 15-20 per cent range ahead of the Friday, 1st August global deadline. Philips hikes its guidance after concluding that Trump's tariffs will affect profits less than previously expected.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

U.S. President Donald Trump and European Commission President Ursula von Der Leyen announce a deal to avert a full-blown trade war but the EU will still be hit with tariffs of 15 per cent. European futures move higher on the news as investor sentiment stabilises ahead of the tariff deadline this Friday. Heineken posts an H1 beat and backs its FY forecast.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

President Trump tours renovations at the Federal Reserve and says costs have spiralled to $3.2bn at the site but Chairman Jerome Powell pushes back against the claims. LVMH suffers a larger-than-expected fall in Q2 sales as CEO Bernard Arnault announces plans to open a new factory in Texas. VW Group cuts its FY guidance following an almost-30 per cent plunge in operating profit in the second quarter. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Tesla shares slump after CEO Elon Musk warns of potential ‘rough quarters' ahead as EV subsidies expire and European sales nosedive by 40 per cent in June. Deutsche Bank sees profits double in H1 to €5.3bn on strong inflows to its private bank and asset banking arm. CFO James Von Moltke tells CNBC he believes the German economy is gaining in confidence. European futures are up as the EU and U.S. move closer to negotiating a 15 per cent tariff package, similar to that agreed between Washington and Japan earlier this week.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The U.S. and Japan agree to what President Trump calls ‘the largest trade deal in history'. Tariffs on most goods including autos have been reduced to 15 per cent, sending shares spiking among car manufacturers. Italian lender Unicredit hikes its guidance following an unexpected profit jump in Q2 just a day after it abandoned its bid for smaller domestic rival Banco BPM. CEO Andrea Orcel tells CNBC the takeover move had become ‘a drag'. SAP posts a 24 per cent cloud revenue beat but still misses expectations. CFO Dominik Asam says he remains confident thanks to a strong pipeline in H2.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The White House maintains pressure on Federal Reserve Chairman Jerome Powell to cut interest rates but markets appear sanguine. The S&P 500 closes at a fresh record high while Treasury Secretary Scott Bessent tells our colleagues Stateside that he intends to investigate the Fed's decision-making. Brussels is reportedly preparing a range of ‘nuclear options' should the EU fail to agree a trade deal with Washington ahead of President Trump's August 1st deadline. Anglo-Swedish drug firm AstraZeneca says it will invest around $50bn for manufacturing and R&D in the US over the next five years as it braces for potential pharma tariffs.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Japanese Prime Minister Shigeru Ishiba's ruling coalition loses its majority in the upper house with rival parties advocating tax cuts and increased spending. U.S. Commerce Secretary Howard Lutnick says he believes an EU trade deal is feasible. However, reports suggest some EU leaders are considering harsher retaliatory moves should President Trump raise the baseline tariff rate. And in aviation news, Ryanair's net profits almost double in the second quarter as Easter travel boosts Europe's largest budget carrier. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Netflix posts a Q2 beat on the back of strong subscriber growth and advertising sales and has hiked its revenue forecast. Shares move slightly down in after-hours trade, however, as investors brace for rising costs in H2. Federal Reserve governor Christopher Waller is urging a rate cut this month, citing growing weakness in the U.S. labor market. And in Japan, the ruling coalition could lose its upper house majority in this weekend's election as an upstart right-wing party threatens to add pressure to the country's finances. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

President Trump denies he plans to fire U.S. Federal Reserve Chairman Jerome Powell following reports he had written a draft dismissal letter and discussed the move with lawmakers. Trump did again, however, criticise Powell for his failure to lower interest rates. The world's largest contract chip maker, TSMC, posts a massive 60 per cent surge in profits in the second quarter. Drug giant Novartis hikes its full-year guidance on the back of a narrow Q2 core earnings beat and double-digit sales numbers. European Commission President Ursula Von Der Leyen outlines her next budget plans but faces stiff criticism from Brussels and member states for the content and handling of the €2.3tn package.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

UK Chancellor Rachel Reeves gives her Mansion House speech and calls on regulators to strip back red tape in order to boost growth. In the U.S., the June inflation print comes in slightly higher as tariffs begin to affect the core CPI number with President Trump continuing to slam the Federal Reserve's measures. In France, Prime Minister Francois Bayrou infuriates Marine Le Pen's Rassemblement National party after proposing a €44bn tax rise package as well as slashing two public holidays from the calendar to encourage economic activity. In autos news, disappointing European demand and Chinese competition prompts Renault to cut its full-year guidance. The company has also installed finance chief Duncan Minto as interim CEO.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Nvidia expects the green light from the U.S. government to resume selling a key AI chip in China with deliveries to begin soon. Domestic consumption drives Q2 growth in China but the threat of a trade war with the U.S. still looms. And U.S. President Trump u-turns on arms deliveries to Ukraine, including sending Patriot missiles and threatening Russia with secondary tariffs in the event of no ceasefire within 50 days.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 the European Union with a 30 per cent tariff on exports into the U.S. starting on 1st August. However, Trump says a deal could be reached if the EU was willing to make concessions. The EU is holding off from any retaliatory measures for now but European Commission President Ursula Von Der Leyen says the bloc is preparing to target up to €90bn of U.S. products should negotiations fail. European futures dip but should avoid a severe sell-off as investors pin hopes on a settlement to be reached between Washington and Brussels.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 Washington as President Trump says he will send a tariff letter to the European Union by the weekend - after slapping Canada with a 35% levy. Meanwhile, JPMorgan boss Jamie Dimon has a simple message for Europe: you're losing the battle to rival the US and China. Across the Atlantic, European leaders are set to meet with Chinese President Xi Jinping this month, sources confirm to CNBC - averting potential embarrassment ahead of a likely contentious summit.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

President Trump hits Brazil with a 50% tariff - despite the U.S. having a trade surplus in goods with the country - citing the prosecution of former President Jair Bolsonaro. The world's biggest company gets even bigger: Nvidia becomes the first company in history to breach $4 trillion in market cap as investors pile back in on AI bets. Meanwhile, Kellogg shares spike in extended trade amid reports Nutella-maker Ferrero is nearing an acquisition deal, in what would be a rare European takeover of a U.S. rival.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 substantial levies on copper and the pharma sector, as the EU scrambles to agree on a tariff deal. U.S. Commerce Secretary Howard Lutnick says that both sides are making progress. Meta bets on EssilorLuxottica - reportedly taking a $3.5 billion minority stake in the Ray-Ban maker as the U.S. tech giant makes a push in the 'smart glasses' space. Elon Musk lashes out at one of the most bullish Tesla analysts on Wall Street, telling Wedbush Securities' Dan Ives to "Shut up," after he called for Musk to cut back on politics.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

President Trump hits trading partners with higher tariffs from August, including 25% on Japan and South Korea, while Treasury Secretary Scott Bessent says the U.S. is weighing several new deals. The European Union is reportedly set to dodge any tariff escalation, with Ireland's Trade Minister saying he expects an extension of the status quo, allowing time for further talks. Meanwhile, officials from Japan and South Korea hold calls with US Commerce Secretary Howard Lutnick, saying they'll hold further talks before the new tariffs come into effect next month.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.