Squawk Box Europe Express

President Trump says he is on the road to recovery after being hospitalised with Covid-19 on Friday. He was put on a course of treatments normally prescribed for more severe cases as his oxygen levels fluctuated over the weekend. Trump surprised fans and well-wishers with a motorcade drive-by yesterday as contact tracing within the White House was ramped up. Asian markets have rallied and European and U.S. futures are up after the President’s physician predicted he could be discharged later today. Meanwhile in Europe, case numbers rise with Paris and Berlin emerging as new virus hotspots.

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President Trump tests positive for COVID-19. Both he and the First Lady begin self-isolating as the White House physician says the President feels well and will continue his duties in full. The announcement follows the news that top aide Hope Hicks had tested positive after recently travelling with the Trump administration’s inner circle. The news drags on US futures and sends risk assets broadly lower.

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U.S. Treasury Secretary Steven Mnuchin tells CNBC that he is prepared to meet Democrats in order to strike an agreement on the virus stimulus deal after earlier talks stalled, delaying a House vote on the matter. Following Tuesday night’s fractious first presidential debate, planners promise a more orderly face-off next time with new rules. In Japan, trading is suspended after a technical glitch downs systems at the Tokyo Stock Exchange. German pharmaceutical giant Bayer says it is looking to make a further €1.5bn in cost cuts which could result in job losses. However, it is maintaining its dividend despite the virus downturn weighing on its farms unit. And in utilities news, French waste and water giant Veolia has extended its deadline for Engie to improve its offer for a 30 per cent stake in Suez.   

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U.S. President Donald Trump and Democrat candidate Joe Biden go head-to-head in the first of three presidential debates. The two clashed over healthcare, race, the economy and the Covid-19 pandemic during a fraught ninety minutes in Cleveland. Markets react with U.S. futures largely negative. Stateside indices are now on course to finish September mostly in the red. Disney announces 28,000 job losses and the theme park operator singles out California’s decision to keep Disneyland shut as a major reason behind the cuts. In China, September PMI figures show solid factory activity and services expansion as export orders grow as well. And in the UK, virus cases hit a record high of 7,000 with hospital deaths also on the rise.

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US markets close sharply higher but the Dow, Nasdaq and the S&P 500 are all set to finish September firmly in the red to break a 5-month winning streak. As cases continue to rise amid the virus resurgence, Democrats are hopeful of striking a deal with the White House after proposing a fresh $2.2tn stimulus bill. Meanwhile the U.S. election race heats up with the first presidential debate set for tonight in Cleveland. This, as it is reported that President Trump paid no federal income tax for a decade. In Europe, Brexit talks resume and sterling rallies, but disputes between Brussels and London remain. European Commission President Ursula Von Der Leyen says that she is still hopeful of coming to an agreement to minimise the negative impact on both the British and EU economies. And in luxury news, LVMH slams U.S. jeweller Tiffany for its “catastrophic performance” and is filing its own lawsuit over the collapse of the proposed $16.6bn tie-up

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A U.S. judge makes an eleventh-hour ruling to stop the Trump administration from blocking TikTok from app stores. This, as the Chinese social media company looks to seal the deal with Oracle and Walmart. Washington-Beijing trade tensions continue to weigh on the technology sector as China’s largest chip maker sees its shares dive after it is hit with tighter U.S. restrictions over security concerns. President Trump formally nominates Judge Amy Coney Barrett for the Supreme Court and is looking to confirm her ahead of November’s elections. In corporate news, HSBC shares jump on the news that Ping An Insurance has increased its stake in the bank, while Commerzbank names Manfred Knof as its new CEO. And Europe sees widespread anti-lockdown demonstrations with protestors and local authorities in Marseille, Madrid and London defying government decrees.  

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Major U.S. indices survive a rocky session, finishing marginally to the upside. However, stocks are still on track to log a fourth week of losses. The outlook Stateside is marred by more pandemic uncertainty as Covid-19 cases in the U.S. rise to 7 million, with a surge in the MidWest and the Great Plains. In the UK, Chancellor Rishi Sunak unveils a £10bn programme to safeguard jobs as he confirms the furlough scheme will wind down next month. In tech news, a U.S. judge rules that the government must defend its decision to ban Chinese social media firm TikTok in court or delay plans to ban downloads of its app. President Trump says cyber-security is his primary concern. And, CNBC learns that French drug maker Sanofi and rival GSK’s joint effort could produce more than a billion Covid-19 vaccine doses by early 2021.

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The Dow loses 500 points in a broad U.S. sell-off, as Federal Reserve Chairman Jerome Powell says more fiscal support is needed, while other central bankers say the US economy remains in a 'deep hole'. Asian equities join the declines, with the Hang Seng and Shenzhen Composite taking the heaviest losses, while European markets look set to open in the red. In corporate news, Tesla takes the trade war into its own hands, suing the U.S. government and Trade Representative Robert Lighthizer over the tariffs on Tesla imports from China.

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‘Perilous point’: UK Prime Minister Boris Johnson imposes a new round of lockdown restrictions that could last up to 6 months as cases rise. At a virtual UN General Assembly, tensions rise as President Trump slams China for its role in the Covid-19 outbreak. Chinese President Xi Jinping says he is not seeking a cold war, nor a hot one. US indices break their losing streaks with tech stocks once again leading the pack. In retail news, sportswear giant Nike’s shares are set to hit a record high on strong Chinese demand and surging online sales.

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Markets on both sides of the Atlantic plunge on heavy losses for banks and travel stocks. The Dow falls 500 points, the S&P 500 posts its first four-day losing streak since February and the Stoxx 600 sees its worst day since June. In the UK, Prime Minister Boris Johnson is expected to impose a new round of Coronavirus restrictions including a 10pm pub curfew and rolling back returns to work. TikTok negotiations continue with Beijing accusing Washington of bullying behaviour. An op-ed in a government-backed Chinese newspaper blasts the social media app’s deal with Oracle and Wal-mart, raising concerns that Beijing may not support the agreement. And President Trump has vowed to nominate a replacement for the late Supreme Court Judge Ruth Bader Ginsburg this weekend. NBC News has learned that Judge Amy Coney Barrett is the frontrunner.

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