Squawk Box Europe Express

The Dow hits a fresh record high after U.S. pharmaceutical company Moderna says its vaccine is 94 per cent effective. Travel shares react to the upside, while lockdown stocks such as Zoom and Netflix trade lower. President-elect Joe Biden urges a smooth transition of power to help contain the Coronavirus impact across the United States. In Brussels, Hungary and Poland veto the EU’s virus recovery budget over a clause tying funds to the bloc’s rule of law. In banking news, Spanish banks BBVA and Banco Sabadell confirm tie-up talks which would create the country’s second-largest lender with almost €500bn in assets.

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A major trade deal in Asia drives the continent’s equities higher as fifteen countries in the region sign the world's largest agreement, a move labelled as a 'coup for Beijing'. The deal includes China, South Korea and Japan but not India or the U.S. For the first time, President Trump publicly admits Joe Biden won the election but refuses to concede, while the President-elect prepares to meet vaccine makers as COVID-19 cases across the US top 11 million. Meanwhile, Britain’s Prime Minister Boris Johnson goes into self-isolation after holding a meeting with an MP who later tested positive for COVID-19, as tensions within his inner circle run high. But businesses are regaining confidence in the recovery. The President of Emirates Airlines, Tim Clark tells CNBC he expects the carrier to return to profitability within 18 months, voicing optimism over testing and travel corridors.

And, Space-X launches its Crew Dragon spacecraft into orbit, making Elon Musk's venture the first time a private company launches astronauts into space.

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The S&P 500 loses most of the week's vaccine-based gains after Fed Chair Jerome Powell cautions on a quick return to pre-covid growth rates, while cases stateside hit another daily record. Central bank chiefs hail their joint response at a European Central Bank forum. ECB Executive Board member Isabel Schnabel tells CNBC exclusively that agility will be key for the second wave. And, NBC News projects Joe Biden is the winner in Arizona, nine days after polls closed, further cementing his presidential win as Democrats flip the state for the first time since 1996. China vows to defend the rights of its companies, after President Trump issues an order banning American investment into Chinese firms with ties to the military. And CNBC's East Tech West conference continues with the CEO of Prudential talking health technology, saying his business model will never be the same after Covid.

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Tech stocks on the Nasdaq finally break the sell-off, ending higher while cyclicals lag and futures dip on both sides of the Atlantic. In China, e-commerce giant JD.com sees shares rally, shrugging off regulation concerns. We speak exclusively with CEO Xu Lei who says domestic demand is soaring. President-elect Biden has held bilateral calls with the leaders of Australia, Japan and South Korea as his transition team gathers members. The CEO of Occidental Petroleum, Vicki Hollub, tells CNBC that although wary of the incoming U.S. administration’s energy stance, she is less worried than some in the industry.   

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Tech companies are hit hard amid a rotation trade while under-loved lockdown stocks continue to make gains. Alibaba shares see red as the threat of fresh regulation from Beijing overshadows a Singles Day sales bonanza. CNBC hears exclusively from IBM chairwoman Ginni Rometty who welcomes Joe Biden’s U.S. election win and progress in obtaining a Covid-19 vaccine. And we also hear from Boston Federal Reserve President Eric Rosengren who warns of “a pretty choppy six months ahead”.

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The Dow rallies to its highest level since June after Pfizer and BioNTech claim their vaccine candidate is over 90 percent effective. Travel and airline stocks particularly outperform. However, tech stocks plunge on the news with the Nasdaq seeing the widest trading range with other major markets since the dotcom bubble. US president-elect Joe Biden welcomes the news but remains cautious, urging the public to keep following existing virus restrictions. Attorney-General William Barr orders prosecutors to investigate substantial allegations of voter fraud in last week’s U.S. elections. 

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Joe Biden calls for unity during his first speech as president-elect. U.S. futures react positively as a result. President Trump, however, refuses to concede defeat and will challenge the legality of the election. Biden is reportedly planning to create a Covid-19 taskforce as infections across the U.S. hit new record daily levels. UK Prime Minister and the European Commission President Ursula Von Der Leyen have congratulated Biden on his victory but both Moscow and Beijing have not yet formally reacted.

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The delayed result of the U.S. presidential election still hinges on several key states with vote-counting coming down to the wire. President Trump has doubled down on claims of electoral fraud by the Democrats, despite his campaign losing two legal challenges. The race in Georgia is virtually tied and Pennsylvania remains too close to call. Democrat candidate Joe Biden has urged for calm while ballots continue to be tallied. U.S. Federal Reserve chairman Jerome Powell has urged for political consensus in Washington on agreeing a fiscal stimulus programme. The Dow and S&P continue to rally, gaining more than one per cent for four consecutive days. Subsequently, it’s been the best week for major markets since April.  

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The vote count for the U.S. presidential elections continues, with the result on a knife-edge. Two key battleground state wins have emerged for the Democrats. The Trump campaign has demanded a ballot recount in Wisconsin and is filing a lawsuit in Georgia. President Trump is planning more legal action and has urged the Supreme Court to weigh in on alleged counting irregularities. Meanwhile, Democrat hopes of winning the Senate fade as the Republicans will keep their chamber majority. U.S. futures soar with the S&P recording its best post-election gains in modern times, to help Wall Street break a 2-week losing streak.  

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It’s Election Day in the U.S. A CNBC-Change Research poll indicates that Democrat candidate Joe Biden is holding a narrow lead over President Trump in 6 swing states. Up to 68% of those polled say that they have already cast their ballots. The President has called on the U.S. Supreme Court to review a decision to count mail-in ballots arriving after election day. He warned that the ruling could spark “violence in the streets”. U.S. equities and both Asian and European futures and stocks rally ahead of today’s vote. And in Europe, the second wave continues as France and Spain see a surge in Covid infections – up to 50,000 in a day – while Italy is considering stricter measures to combat the virus but will stop short of a national lockdown.  

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