Squawk Box Europe Express

Wall Street suffers another A.I.-fueled sell-off with enterprise software and private capital leading losses. Investors’ fears reappear following the unveiling of a new Anthropic programming language and a report predicting mass white collar job losses. Asia-focused lender Standard Chartered posts a Q4 miss despite seeing a surge in its wealth management business and the announcement of a $1.5bn share buyback. CEO Bill Winters tells CNBC the current tariff turmoil is delaying investments. As an updated global tariffs regime of 10 per cent take effect, U.S. President Donald Trump warns countries against ‘playing games’ with the SCOTUS decision to strike down his reciprocal levy agenda. The EU is to delay approval of its U.S. trade deal following the latest tariff announcements.

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U.S. President Donald Trump unleashes a new 15 per cent global baseline tariff – the maximum legal amount – following the Supreme Court’s ruling that reciprocal country-specific levies were illegal. The European Commission has insisted Washington honours its trade pact following Friday’s SCOTUS verdict. U.S. trade envoy Jamieson Greer says all agreements will remain in place. The tariff retaliation has pushed European futures south and Wall Street is also poised to start the new week deep in the red.

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Crude prices move higher with Brent now surpassing $70 a barrel after President Trump warns of potential consequences should Iran fail to reach a deal over its nuclear programme. U.S.-based private credit group Blue Owl announces it will halt investor withdrawals from a debt fund for retail traders, causing shares to slump across the sector. We are live at the A.I. Impact summit in New Delhi where CNBC learns that Nvidia is launching a new $30bn investment into OpenAI. Google DeepMind co-founder and CEO Demis Hassabis says the sector is suffering from a shortfall of memory and chips. And in aviation news, Airbus cuts its output target causing shares to fall but AF-KLM posts more than €2bn in FY profit.

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News of a potential choreographed change at the top of the ECB has pushed Europe’s Stoxx 600 to another record close. Wall Street also closed in the green even though FOMC minutes signal a rate cut pause in the near term. We are live at the A.I. Impact summit in New Delhi where we hear from Microsoft CEO Brad Smith. He tells CNBC that U.S. and European tech companies should be wary of increased Chinese competition within the A.I. sector. Continued tensions in the Arabian Sea over potential U.S. naval intervention in Iran, pushing crude prices more than 4 per cent higher in yesterday’s session. Swiss food giant Nestlé beats Q4 sales expectations and has unveiled plans to streamline its product portfolio.  

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We are live at the A.I. Impact summit in New Delhi where Mistral CEO Arthur Mensch tells CNBC that a large proportion of enterprise software could end up heavily disrupted by artificial intelligence. German chemicals giant Bayer settles a $7.25bn litigation deal regarding of thousands of lawsuits over the roundup weedkiller. The agreement has pushed shares up by more than 7 per cent at yesterday’s market close in Europe. The Reform UK party is to launch its plans for the OBR and the BoE later today but the central bank’s independence is not up for discussion.

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European equities futures point south as Wall Street is set to return to trading following the President’s Day holiday. A.I. concerns remain with the Nasdaq stuck deep in the red. Eurogroup ministers meet in Brussels to plan to strengthen the euro’s role globally. The bloc is also preparing to unveil new draft laws designed to protect key sectors of industry. In Geneva, a second round of nuclear talks between the U.S. and Iran are due to begin with President Trump indirectly involved. Officials from Ukraine, Russia and the U.S. also meet for another round of peace negotiations.

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U.S. Secretary of State Marco Rubio insists that Washington wants to reform rather than abandon the trans-Atlantic alliance. We speak exclusively to German foreign minister Johann Wadephul at the Munich Security Conference who says Rubio’s speech assured the path of future cooperation. European equities are called higher while U.S. markets are shut for President’s Day with A.I. concerns continuing to be felt across sectors. Japanese Q4 GDP disappoints, coming in at only 0.2 per cent on the year and far below expectations.

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AI disruption fears hit equity markets once again, sending the S&P 500 and Nasdaq lower with transport, commercial real estate and software stocks all under pressure. Meanwhile, global leaders gather for the Munich Security Conference as U.S. allies in Europe look to chart a more independent course. And in corporate news, L'Oreal Q4 sales miss expectations as strong numbers out of the U.S. and Europe fail to offset weakness in China, sending U.S.-listed shares sharply lower, but CEO Nicolas Hieronimus tells CNBC he's confident the French beauty giant will bounce back.

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U.S. stocks give up an initial bounce as investors digest a mixed jobs report - the headline figure more than double expectations but growth for last year revised lower. German industrial giant Siemens raises its outlook after posting a 10% jump in first quarter orders, but Mercedes full year earnings more than halve as the automaker takes a €1 billion hit from tariff costs. And in Japan, Softbank notches a fourth straight quarter of profit, boosted by rising valuations of its stakes in AI giants Nvidia and Open AI.

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Futures stretch into the green on both sides of the Atlantic as investors await a crucial U.S. non-farm payrolls print with the White House aiming to temper expectations. Dutch brewing giant Heineken announces it will be slashing thousands of jibs in the next two years and it has lowered its FY growth forecast after weak demand for its beers. German lender Commerzbank enjoys a Q4 beat on the top and bottom line and expects net profit for the year to top expectations. CEO Bettina Orlopp tells CNBC the bank is always open to renewed interest from Unicredit. On Wall Street, shares in U.S. financial stocks plunge following the unveiling of Altruist’s new A.I.-powered tax planning tool. We hear from Anthoropic’s CCO Paul Smith who says his company is set on extracting real value from A.I.

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