Squawk Box Europe Express

President Biden prepares to unveil his first budget. He is reportedly set to ask Congress for as much as $6 trillion in a bid to sustain the recovery. Oil prices nudge higher on the back of strong US economic data - with the Fed's preferred gauge of inflation due later today - and ahead of an OPEC+ meeting next week. But, Dallas Fed President Robert Kaplan thinks an imbalance in housing and labour prices mean the US central bank should start to think about tapering. Kaplan told CNBC it may be time to talk about moderating pandemic-induced asset purchases. Meanwhile, lawmakers on Capitol Hill remain poles apart as Republicans come back with an infrastructure bill counter offer. It's only a little over half of what President Biden's looking for at $928 billion. And in IPO news, JD Logistics delivers the goods on its market debut. The stock was up double digits in Hong Kong, after pricing at the lower end of the range to raise 3-point-2-billion dollars.

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A win for activist investors and a potential win for climate change as hedge fund Engine No. 1 marks a surprise victory, securing at least two seats on the Exxon Mobil board - promising to push the company beyond oil and more towards ESG goals. Meanwhile, Shell is ordered to slash greenhouse emissions by 45-percent by the end of the decade in a landmark legal case that could have huge ramifications for the industry and other polluters across the world. In Washington, CEO’s from America's biggest banks face a grilling on the Hill. They take fire from both sides of the aisle with Senator Elizabeth Warren and JP Morgan’s Jamie Dimon clashing over some of the lender’s actions during the pandemic. And the US and China talk trade for the first time under Biden, even as the White House risks angering Beijing by redoubling efforts to get to the source of the pandemic. An initial report on the matter shows a split in opinion. In the U.K., Boris Johnson's former adviser lays into the Prime Minister and his response to the pandemic - saying he's unfit to hold office. We hear from the country's vaccines minister who defends the PM and the overall vaccine rollout strategy.

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Fed officials move to soothe market concerns ahead of key inflation data this week. San Francisco Fed President Mary Daly tells CNBC to look beyond the short-term metrics. The S&P 500 erases gains to end the day in the red as the market rally stalls, dragged down by weakness in the energy sector. The White House and the Kremlin announce Presidents Biden and Putin will hold face-to-face talks in Geneva in mid-June, as European leaders call for a "Russian reset" after the Belarus flight incident. And US Secretary of State Antony Blinken reiterates America's 'ironclad' commitment to Israeli security, and vows to repair ties with the Palestinians and help rebuild Gaza.

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Fallout from the forced grounding of a Ryanair flight in Minsk continues, with the EU planning fresh sanctions against Belarus and President Biden indicating he will follow suit. Western nations have nearly unanimously slammed the arrest and interrogation of journalist Raman Pratasevich. A senior advisor to the country's exiled opposition leader tells CNBC the Belarusian KGB 'will not let him go easily', expressing grave concern for the safety of the seized journalist. Meanwhile, inflation fears recede as U.S. markets start the week strong. Tech stocks and reopening plays lead Wall Street higher. Bitcoin gets a boost, bouncing back as much as 20 percent from a likely source: Tesla CEO Elon Musk who tweeted about meeting with crypto miners to discuss sustainability. And, sources tell CNBC that Amazon is nearing a deal to buy MGM Studios for worth a possible 9-billion dollars. An announcement could come as soon as today.

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Belarus orders the interception of a RyanAir jet flying over the country, forcing it to land in Minsk and detaining a dissident journalist on board, sparking international condemnation. EU commission president Ursula Von Der Leyen calls the move 'outrageous and illegal,' calling for action as the European Council meeting kicks off today. Asia equities start the week mixed, after the Dow posts its fourth negative week in five, and the S&P records its first consecutive weekly declines since February - with inflation fears continuing to unsettle investors. And Bitcoin volatility continues after steep weekend declines, as Beijing cracks down on cryptocurrencies - forcing miners to shut down operations.

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Wall Street snaps a three-day losing streak as big tech bounces back, while initial jobless claims hit a fresh pandemic-era low. The outlook is slightly less upbeat for crypto holders. The US Treasury looks to tighten regulation of digital currencies by forcing trades over 10 thousand dollars to be reported to the IRS. But milk alternatives get a boost as Oatly shares soar 19-percent on its stock market debut, after pricing its Nasdaq listing at the top of the range. In Europe, BMW expects a billion dollar boost to second quarter earnings as it's dealt a milder antitrust fine than expected, for alleged collusion with rivals on emissions. And, we are in the first day of an Egypt-brokered ceasefire between Israel and Hamas - bringing an end to 11 days of fighting that has claimed the lives of more than 240 people.

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A volatile session on Wall Street sees major markets close in the red. There are wild swings in the crypto market, as Bitcoin plunges some 30 per cent before prominent bulls jump in to support the price. April Fed minutes reveal that central bank governors are considering adjusting QE if the economy continues to improve. ECB Vice President Luis De Guindos tells CNBC the European Central Bank is also ready to counter any “unwarranted” rise in yields. And we also speak to French finance minister Bruno Le Maire who says that, despite shortfalls in the EU’s Covid response, he is confident the bloc will rebound strongly later this year. 

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Global markets follow Wall Street into the red after telco and tech stocks wipe out U.S. gains ahead of Fed minutes being published today. U.S. retail giants, however, beat forecasts. Walmart and Macy’s hike guidance and Home Depot hits record Q1 sales. European car registrations are due out today, while President Biden outlines plans to pump $174bn into American-made EVs, vowing to rival China in the sector. Italian investment banking heavyweight Andrea Orcel is set to appear in court regarding his withdrawn CEO position offer by Santander, albeit with a greatly reduced claim against the Spanish bank. And France begins a tentative reopening of its bars, cafes and restaurants following 6 months of lockdown. Travel and curfew restrictions are also being relaxed.

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Media deals take the spotlight overnight on both sides of the Atlantic. AT&T and Discovery shares close in the red and rub off on other media stocks as investors inspect how the new mega-merger will affect the streaming landscape. Amazon is also reportedly looking to acquire MGM film studios for $9bn. Meanwhile in France, broadcasters TF1 and M6 Groupe enter into merger discussions. Berkshire Hathaway has scaled back its banking and energy stakes while Big Short investor Michael Burry reveals a $530m bet against Tesla. It’s all change at the top at Danone with Antoine De Saint-Affrique ready to take over as CEO in Q3. In virus news, the U.S. will increase vaccine exports following pressure from around the world while UK Health Secretary warns that the Indian variant will imminently become the dominant strain of Covid around the country.

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The UK begins the third phase of reopening with international travel restrictions lifting and the hospitality industry resuming indoor service. But Health Secretary Matt Hancock warns that the country must remain vigilant against the emergence of new variants. AT&T is in talks with Discovery to create a $150bn media giant with a streaming service to rival the likes of Netflix and Disney+. Chinese April retail sales and manufacturing activity slow while new homes prices reach are an 8-month high.

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