Squawk Box Europe Express

President Trump is reportedly aiming to fast-track AstraZeneca’s Covid-19 vaccine, bypassing safety standards as the FDA is set to award the British company and Oxford University ‘emergency use authorisation’ in October. In tech news, Microsoft backs Epic Games in its payment confrontation with Apple. The creator of Fortnite says Apple is unlawfully trying to stamp out any opposition, and the entire gaming industry could be affected. Washington and Brussels agree to a ‘mini-deal’ on almost $200m worth of tariff cuts amid growing signs of easing trans-Atlantic trade tensions. And in a historic scenario, the Gulf of Mexico braces for twin tropical storms Marco and Laura, which are set to make landfall later this week.

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Joe Biden formally accepts the Democrat presidential nomination and uses his speech to slam President Trump for allegedly failing in his most basic duties to the American nation. Putin critic Alexei Navalny is fighting for his life in Omsk, Siberia, after falling ill in a suspected poisoning. Reports suggest he may be transferred to Germany for treatment. In France, President Emmanuel Macron hosts Germany’s Chancellor Angela Merkel. The pair have vowed to avoid further virus lockdowns and border closures at any costs. And in auto news, a U.S. judge has thrown out parts of a lawsuit which claimed Volkswagen had misled its investors over the 2015 emissions scandal, but upheld SEC claims against former CEO Martin Winterkorn.

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Asian markets plunge into the red on jitters over the U.S. pandemic recovery after the Fed paints a gloomy economic picture and hints at potentially more central bank measures to come in September. The Democrats’ choice for vice-president, Kamala Harris, officially accepts her nomination and tells the virtual DNC that the Trump presidency has left U.S. citizens in fear. Apple reaches a new milestone to become the first ever company to achieve a $2tn market valuation. This means the tech giant makes up to 7 per cent of the total worth of the S&P 500 index. And in Frankfurt, the DAX reshuffles its blue chips, pushing disgraced payment processor Wirecard out and letting Delivery Hero in, after the takeaway firm’s strong surge in performance during lockdown.

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A historic high for the S&P 500 as the index manages to recoup its entire Coronavirus losses with a 54 per cent jump from the lows of March. This marks the end of the shortest American bear market in history. U.S. Treasury Secretary Steven Mnuchin slams Democrats for delaying a fresh stimulus bill and tells CNBC that Main Street is greatly affected by the impasse. Joe Biden is formally announced as the Democratic Party presidential nominee. Key party figures vow Biden will end the ‘chaos’ of the Trump administration. And in Hong Kong, the Hang Seng morning session is cancelled as Typhoon Higos drenches the territory.  

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CNBC learns that U.S. software giant Oracle is challenging Microsoft for Chinese app TikTok’s North American assets. BHP has missed its full-year forecasts but keeps its dividend. The Anglo-Australian miner warns that most economies will continue to contract throughout the rest of the year but iron ore prices are set to rebound. In the U.S., a virtual Democratic National Convention has opened with former First Lady Michelle Obama focusing her ire on President Trump’s leadership. And in Belarus, a first sign of concession as President Alexander Lukashenko has reportedly said he would hold a new leadership referendum if the current anti-government protests cease.

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U.S. House Speaker Nancy Pelosi recalls lawmakers in a bid to resolve the mail-in voting dispute. CNBC hears exclusively from senior White House advisor Jared Kushner who defends President Trump’s handling of the Coronavirus pandemic. The U.S. leader piles more pressure onto Chinese firms by threatening to extend his ban on TikTok to include online retail giant Alibaba. Trade talks between Washington and Beijing have been delayed indefinitely. Warren Buffett’s Berkshire Hathaway dumps almost $13bn of shares with the investor selling down its bank stakes in Wells Fargo, JPMorgan and Goldman Sachs. France reports more than 3,000 Covid-19 cases in a single day, while Germany extends a travel warning for Spain’s Balearic islands as fears of a second wave of the virus sweep across western Europe.  

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Chinese retail and manufacturing data for July fails to signal a significant rebound for the economy, raising concerns about China’s rate of recovery. Asian equities have reacted to the downside. In the U.S., President Trump threatens to veto the virus stimulus bill should it involve postal funding for mail-in voting. The Senate is now adjourned until next month potentially causing further delay. Israel and the United Arab Emirates agree a U.S.-brokered peace deal, creating diplomatic ties between the two nations and suspending Israel’s annexation of Palestinian territories in the West Bank. UAE Foreign Minister Anwar Gargash tells CNBC the agreement could diffuse some threats to peace. And France has vowed to retaliate after the U.K. hits travellers with a 14-day quarantine on their return from the country.

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U.S. indices remain defiant in the face of stalled virus stimulus talks with the S&P 500 closing just under record highs. President Trump calls Democratic lawmakers’ demands ‘ridiculous,’ as negotiations for a rescue package remain gridlocked. Joe Biden and his running mate Kamala Harris make their first joint appearance, and the Vice-Presidential candidate immediately launches an attack at President Trump’s handling of the Coronavirus pandemic. The U.K. is considering adding France to its quarantine list where case numbers have soared by more than 2,500 in a day. The British government is wary, however, of repeating the mayhem sparked by its sudden measures against Spain. And German travel giant Tui secures a €1.2bn state aid package from Berlin to see it through the winter.

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A stalemate in talks between Democrat and GOP lawmakers over a multi-trillion dollar stimulus package helps end a week-long rally for the Dow Jones and S&P 500, outweighing optimism over a Covid-19 vaccine. This, as Russia announces it has granted approval for its Sputnik V drug. Presidential candidate Joe Biden chooses Kamala Harris as his running mate – the first black woman to be chosen on a major party ticket. President Trump is swift to attack Harris’s record as a former rival to Biden in the Democrat primaries. And in a bid to make stocks more accessible, electric car maker Tesla offers a 5-4-1 share split, sending valuations soaring in after-hours trading.

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Asian markets rally, following U.S. stocks into the green with the Hang Seng and Nikkei leading the pack. Investors opt out of the tech sector and move towards cyclical stocks. U.S. lawmakers remain divided over the virus relief package, but Treasury Secretary Steven Mnuchin tells CNBC that President Trump’s strategy will yield results in reviving the economy. In Lebanon, the government resigns following last week’s massive port explosion and ongoing protests. Outgoing Prime Minister Hassan Diab blames endemic corruption for the tragedy. And German drug developer Curevac hopes to raise $245m to fund a potential Covid-19 vaccine by listing on the Nasdaq.  

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