Squawk Box Europe Express

The first trading day of 2021 sees U.S. equities nosedive. The decline is the S&P 500’s biggest since 2016 while the Dow suffered its worst open in five years. All eyes are on the state of Georgia where voters go to the polls to decide control of the U.S. Senate. Meanwhile in the UK, Prime Minister Boris Johnson is banking on a successful roll-out of the Covid vaccine after plunging England into a third national lockdown with schools and universities shut. And Hong Kong markets surge higher after the NYSE goes against President Trump’s executive order to delist three of the largest Chinese telcos. In energy news, Opec and its allies disagree over output hikes. Saudi Arabia wants to hold firm but Russia says it’s time to ramp up production.

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U.S. President Trump appears to try to convince Georgia’s state election head to overturn the result over alleged voting irregularities. Meanwhile, China sees manufacturing activity expand but fails to reach the decade high of November. And in Europe, fresh lockdowns are looming while Japan is considering a new state of emergency. But Britain’s Health Secretary Matt Hancock claims today marks a ‘pivotal moment’ in the country’s fight against the virus as it becomes the first to rollout the AstraZeneca-Oxford University vaccine, with 530k doses available today. UK Prime Minister Boris Johnson urges people to “think big” following the country’s official withdrawal from the European Union.

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UK Prime Minister Boris Johnson signs the Brexit trade agreement after MPs overwhelmingly approved the deal. The UK is set to leave the EU at 11pm tonight. Soaring Covid cases and deaths across the UK force a further 20 million people into tighter restrictions. And in China, equities end 2020 on a high on the back of expanded December factory activity but overall growth slows on higher costs. After seven years of trade talks, Brussels and Beijing strike an investment deal which will see European companies receive better access to Chinese markets.  

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The UK becomes the first country to approve AstraZeneca and Oxford University’s vaccine candidate, a potential game-changer for the pandemic recovery. A Colorado man tests positive for the UK variant of the Covid virus. President-elect Joe Biden says the U.S. vaccine rollout is falling behind schedule. U.S. markets close lower following recent record highs after Senate Majority Leader Mitch McConnell stymies a vote on improved stimulus checks. In tech news, Intel shares are up after activist investor Third Point advises the chipmaker on ‘strategic investments in order to claw back market share. Spain sees the creation of its fifth-largest lender as the boards of Unicaja and Liberbank approve the merger.  

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President Trump signs off on the $900bn virus stimulus package, sending U.S. markets soaring to fresh record highs. In Brussels, EU ambassadors unanimously approve the Brexit trade deal with British MPs set to vote on the agreement tomorrow. Alibaba shares rebound in Hong Kong after losing almost €116bn in the previous two sessions as Chinese regulators crackdown on Jack Ma's empire and its subsidiary Ant Group. And in the UK, the AstraZeneca-Oxford University Covid-19 vaccine is due to be approved as the Europe-wide vaccination rollout gathers pace.

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Britain and the EU are expected to unveil a post-Brexit trade agreement today. The deal document is said to be around 2-thousand pages, with both sides having until December 31st to get Parliamentary approval. President Trump has vetoed a bipartisan defense bill, raising fears of a government shut down amid the country's vaccine roll-out. Congress will return on December 28th to decide whether to override the President's veto. Shares in Chinese tech giant Alibaba fell sharply after China's market regulator said it will launch an investigation into the company over antitrust concerns. 

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President Trump has said he may not sign the 900 billion dollar bipartisan relief package, calling the bill a "disgrace." He is demanding changes to several key aspects of the bill, including an increase in direct payments to Americans. British Prime Minister Boris Johnson and European Commission President Ursula von der Leyen have intensified direct talks in a bid to try and reach a compromise on fishing rights. France has re-opened its border with the UK, allowing freight and EU travellers with a negative Covid test to move between the two countries once again. This as the European Commission recommends the bloc review its blanket ban on travel from the UK.

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The Dow Jones claws back heavy losses of up to 2 per cent to close higher following fears of a new Covid variant spreading. U.S. Congress finally passes the latest virus relief bill worth $900bn, sending it to President Trump to sign off on – it’s the first tranche of federal funding since spring. London holds emergency talks with Paris in a desperate bid to reopen the Channel, while Prime Minister Boris Johnson insists the UK can cope with a no-deal Brexit. And in tech news, Apple overshadows Tesla’s first S&P 500 trading day with the announcement it will produce its own electric vehicles by 2024. 

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The UK government has warned the harsh new restrictions in London and across South East England could be in place for months. Prime Minister Boris Johnson imposed Tier 4 measures on Sunday morning, closing all non-essential shops and curbing travel in and out of the area. A number of European countries have banned travel from the UK to prevent the spread of the new coronavirus variant. Italy, Belgium, the Netherlands, Austria and Germany have all suspended flights in and out of Britain. Congress has finally agreed on a $900bn stimulus package, after several months of failed talks. The bill will provide direct payments and unemployment aid to millions of Americans impacted by the pandemic.

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U.K. Prime Minister Boris Johnson has warned talks over a Brexit trade deal are in a "serious situation." This, after a phone call with EU Commission President Ursula von der Leyen, who added "big differences" remain between the two sides despite progress on several key issues. French President Emmanuel Macron has a fever and a cough after he tested positive for coronavirus. That's according to the Elysee Palace, which says the President will isolate for a week while continuing to work remotely. The U.S. Food and Drug Administration's vaccine panel has overwhelmingly backed Moderna's vaccine candidate for emergency use - a move that could see it distributed for public use as soon as next week

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