Squawk Box Europe Express

Chinese GDP misses forecasts but posts a 4.9 per cent rise in the third quarter with retail and industrial activity supporting the post-virus rebound. U.S. futures surge after House Speaker Nancy Pelosi sets a deadline for a stimulus programme to be approved. In Europe, new restrictions are in place across the continent as many governments struggle to contain a second wave of Covid-19. Italy announces new measures while a 9pm curfew takes effect in France, but a Berlin court overturns a ban imposed on late-night bars. Meanwhile, U.K. Cabinet Office Minister Michael Gove says that the door remains “ajar” for EU trade talks to resume, but PM Boris Johnson readies the country for a no-deal Brexit. And in IPO news, Alibaba-owned Ant Group receives regulator approval for its potentially record-setting dual listing.  

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

President Trump and Democrat rival Joe Biden go head-to-head but in separate town hall appearances with the U.S. virus response at the fore of discussions. The White House indicates that it is ready to increase its stimulus offer. Treasury Secretary Steven Mnuchin says House Speaker Nancy Pelosi is the main problem, standing in the way of a deal. We hear from ECB President Christine Lagarde who says that the European economy has some way to go but the central bank has enough measures available in its arsenal to aid the bloc’s recovery. She also warns the U.S. election is adding to volatility. The WHO says that Remdesivir has limited or zero ability in treating Covid patients. And in luxury news, LVMH reports that the sale of leather goods has driven sales back into positive territory in Q3 despite a 7 per cent drop in group like-for-like sales.   

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Another round of U.S. virus talks stall as U.S. Treasury Secretary Steven Mnuchin says that an agreement seems unlikely before the election. Blowout earnings from Goldman Sachs weigh on U.S. futures and fail to rouse Wall Street. Standard Chartered CEO Bill Winters tells CNBC exclusively that banks are well capitalised in preparation for an event such as the pandemic. In France, President Macron slaps harsher restrictions on nine of the country’s biggest cities in a bid to halt the rise in Covid-19 cases. And in South Korea, Big Hit Entertainment, who manage K-pop sensation BTS, has almost doubled its stock price on its market debut.  

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 break a 5-day winning streak, deepening losses after Eli Lilly halts is Covid-19 drug trial over safety concerns. The Senate is set to vote on a leaner stimulus package, with IMF Chief Economist Gita Gopinath telling CNBC a rescue package deal could add 2 per cent to U.S. growth next year. Apple CEO Tim Cook hails a new era for the iPhone with the launch of its 12th edition, featuring new pricing and 5G capabilities. And Wall Street banks kick off earnings season with JPMorgan and Citi reporting big EPS beats.

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

CNBC hears exclusively from German finance minister Olaf Scholz who says he believes his country’s economy can rebound to pre-virus levels by early 2022, but warned that European leaders need to show further fiscal cooperation. President Trump is back on the campaign trail in Florida after testing negative for Covid-19 but Dr Anthony Fauci says the U.S. is still under-prepared for a second wave in the winter. In tech news, Apple shares surge to their best day since July as investors eagerly anticipate the launch of the latest iPhone. Disney is revamping its business to increase its direct to consumer streaming business, with CEO Bob Chapek telling CNBC he welcomes input from activist investor Dan Loeb. And Johnson & Johnson is forced to halt vaccine trials after a participant falls ill but Russia believes its Sputnik vaccine could be widely available in the country by the end of October.  

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Democrats slap down a $1.8tn virus stimulus proposal in a further blow to hopes that an agreement can be reached before the U.S. election next month. President Trump claims he has fully recovered from his bout of Covid-19 and has returned to the campaign trail. France records a new infection high with more cities being placed on the maximum alert level, while Germany sees curfews enforced in Frankfurt and Berlin. In China, the PBOC slashes the forward reserve requirement in a bid to manage the yuan’s appreciation against the dollar.  

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

US stimulus plan keep markets in check, after mixed messages over the future of a stimulus deal. House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin resume talks in an attempt to reach a piece-meal package. President Trump says he may hold a rally this Saturday after the White House physician says he has completed his COVID treatment and is not showing any symptoms that the illness is progressing. Meanwhile, Chinese stocks rally after the Golden Week holiday, as the country's service sector continues its comeback, with PMI indicators rising for the fifth straight month in September. But, global crude supply concerns persist as Hurricane Delta sweeps across the Gulf of Mexico, halting platform output, while Norwegian oil firms prepare to enter formal talks with unions over the strike action. And a grim day in Europe as many countries experience record infections. The World Health Organisation reports almost 97,000 new cases in the region, driving the global rate to another all-time high.

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Kamala Harris faces off with Mike Pence in the Vice Presidential Debate. The Senator accuses President Trump of the 'greatest failure in American history' in his Covid-19 response, but Mike Pence says Democrats are excessively pessimistic. Meanwhile hopes of a skinny stimulus package from the White House, helps the Dow rally more than 500 points to post its best day since July. In Europe, infections continue to rise with France reporting a new all-time high for coronavirus cases, as 19,000 people test positive over the last 24 hours. President Macron warns new restrictions will be put in place. Over 500 people are admitted to hospital in the UK as the infection rate doubles in a week, with Prime Minister Boris Johnson defending his local lockdown strategy. And in corporate news: Samsung says third quarter profit likely rose almost 60 percent driven by demand for devices and increasing chip orders.

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

President Trump cancels stimulus talks until after the election, triggering a Wall Street sell-off. Bridgewater founder Ray Dalio tells CNBC that the move could be damaging to the U.S. economy. Instead, Trump urges lawmakers to focus on passing Judge Amy Coney Barrett’s Supreme Court nomination. He also vows to take part in next week’s presidential debate, but Democrat rival Joe Biden voices concerns the President could still be contagious following his Covid-19 hospitalisation. We hear from IMF Managing Director Kristalina Georgieva who says the global GDP outlook will be upgraded but warns of a difficult recovery ahead. And in energy news, crude prices are hit by U.S. virus stimulus talks stalling while supply is threatened by an extended offshore workers’ strike in Norway and the potential shutdown of Gulf of Mexico platforms ahead of Hurricane Delta.   

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

An upbeat President Trump returns to the White House after his four-day stint in hospital with Covid-19, but his physician remains cautious as more staff in his administration test positive for the virus. Democrat presidential nominee Joe Biden tells a Florida town hall that the President was wrong to dismiss the importance of masks, adding that prevention measures are crucial to fighting the pandemic. Meanwhile, the country must wait for a stimulus package after House Speaker Nancy Pelosi and U.S. Treasury Secretary Steven Mnuchin fail to secure a deal with talks set to continue today. In the UK, Chancellor Rishi Sunak warns against uncontrolled borrowing and says he has a “sacred responsibility” to balance the country’s public finances.

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.