Squawk Box Europe Express

Twitter shares soar as it posts its fastest quarterly revenue since 2014, citing a successful advertising revamp. Intel beats on Q2 forecasts but remains cautious on the year ahead, due to supply chain and price constraints. U.S. airlines are buoyant with American Airlines and Southwest posting profits as travel demand soars Stateside. And Tokyo is set to open the 2020 Olympic Games amid a slew of political scandals and Covid infections. NBC hears exclusively from Japanese PM Yoshihide Suga, who says that rallying support for the Games remains difficult.

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U.S. markets finish in the green for a second day running with earnings in full swing. Up to 88 per cent of S&P 500 companies having already beat Q2 expectations. Bitcoin is buoyed by comments from Tesla CEO Elon Musk who has suggested that the electric car maker is likely to reinstate the cryptocurrency for payments. The U.S. and Germany have agreed on the completion of the Nord Stream 2 pipeline but the move has been slammed by Ukraine which fears Russia could weaponise the deal. And in corporate news, Swiss-Swedish robotics manufacturer ABB has seen orders rise by 32 per cent in Q2 but warns of supply chain bottlenecks and rising raw material costs.

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U.S. markets rebound from Monday’s plunge with the Dow posting its biggest session jump in a month. Small caps also surge while treasury yields calm. Meanwhile, streaming giant Netflix falls short on Q2 expectations as disappointing post-lockdown customer growth weighed on its outlook. In aviation news, a domestic U.S. resurgence buoys United Airlines which expects to log profits for the rest of the year, despite a sixth-straight quarter of losses. And we have a slew of European earnings including SAP, AkzoNobel and Software AG.

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The Dow posts its worst session since October, while the 10-year Treasury yield hits a five-month low amid continued Covid concerns. UBS beats Q2 forecasts with a $2bn net profit on the back of favourable market conditions and client activity. The U.S. State Department raises a travel advisory for the UK over increasing Covid cases but Prime Minister Boris Johnson says the time for the country to reopen was right. Billionaire investor Bill Ackman tells CNBC exclusively that the SEC drove a ‘dagger in the heart’ of Pershing’s attempted SPAC of Vivendi’s Universal Music Group unit.

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The UK drops almost all Covid-related restrictions despite rising infection rates. In Asia, renewed virus fears force equities into the red as global infections near 200 million. Up to 180 people have died and hundreds more remain missing across western Germany and Belgium following last week’s deadly flash floods. In energy news, Opec+ nations end their stalemate over supply, sending crude prices down.  

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U.S. Treasury Secretary Janet Yellen tells CNBC that price pressures are likely to remain in the short term, sending Treasury yields lower and the S&P 500 into the red. Morgan Stanley beats Q2 earnings forecasts on strong results in its investment bank arm, capping off a good week for U.S. banks. There are more than 50 people dead and at least a thousand missing as devastating flash floods hit Germany’s North Rhine-Westphalia state and the Benelux region. This, as German Chancellor Angela Merkel meets with U.S. President Joe Biden to agree a united front against alleged Russian aggression. The pair, however, admitted to differences on the construction of the Nord Stream 2 pipeline in the Baltic Sea.

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Chinese economic growth cools in Q2 at 7.9 per cent, however, retail sales and manufacturing still outperform forecasts for the quarter. U.S. Federal Reserve Chairman Jerome Powell insists to Congress that inflation remains transitory but that the central bank is ready to act should this change significantly. U.S. banks continue to beat earnings expectations with Bank of America, Citi and Wells Fargo in the spotlight but low rate concerns and inflation weigh on shares. In autos, Daimler has offset soaring semi-conductor costs by hiking prices. It has beaten estimates with a Q2 profit margin just short of €5.5bn. And Brussels unveils sweeping new plans to cut back emissions by more than 50 per cent by the end of the 2020s. 

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US markets are jittery after inflation rises 5.4 percent – its fastest pace since 2008. San Francisco Federal Reserve President Mary Day tells CNBC that history suggests the current price hikes will be temporary. JPMorgan sees quarterly profit double, prompting the lender to release provisions, while Goldman Sachs enjoys its second-highest quarterly revenue ever. In Germany, VW has launched plans to transition to 50 percent EV sales by 2030. 

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Chinese exports in June surge on increased global demand and import data is also higher than expected. EU nations agree to suspend plans for a digital services tax and the Eurogroup is joined by U.S. Treasury Secretary Janet Yellen as part of her continuing global corporate tax campaign. In commodities news, lumber gains are pared back while oil is up as U.S. inventories fall, outweighing fears the Covid Delta variant may upset the global recovery. The UK moves to reopen on Monday 19th July while restrictions in France increase once more.  

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G-20 nations endorse a landmark global corporate tax deal and pledge to support the Covid recovery. Italian central bank governor Ignazio Visco tells CNBC that the ECB’s inflation policy is justified. Asian equities are up after another record-breaking session on Wall Street and new policy support from China. Beijing is also increasing its crackdown on tech companies launching its pre-IPO security checks. Chinese authorities are also blocking Tencent’s $5.3bn merger with video game streaming sites Huya and DouYu citing anti-trust reasons.   

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