Squawk Box Europe Express

The Dow suffers its worst day of the year, plunging 800 point in its fourth worst point drop in history. Investors are spooked after the US 2-10 yield curve inverts, sparking concerns a recession is on the way. President Trump takes aim at Jerome Powell, slamming the Fed for growing fears of a US slowdown, while the 30-year treasury yield falls to a new record low. Furthermore, the US President links protests in Hong Kong with the China trade tensions, and suggests a personal meeting with President Xi Jinping over the political crisis. In Asia, stock join the global sell-off. Recession fears also roil Asian bond markets, with the yield on Japan’s 10-year JGB falling to its lowest level in 3 years.  

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The Trump administration seems to be the first to blink in the trade war, delaying tariffs against key Chinese imports including laptops, cellphones and clothing. The move sends Asian equities into the green after a rally on Wall Street, led by Apple shares which jumped 4 percent in its best day since May. In Hong Kong, the city’s airport re-opens despite another night of protests and more clashes with police. In Italy, the senate shoots down deputy leader Matteo Salvini’s push for a swift no-confidence vote, dealing a blow to the Lega leader’s drive to force a snap election.

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In a volatile day for U.S. markets, the Dow drops nearly 400 points to close below 26,000. Global bond yields resume their decline sending a warning signal to investors of a possible recession. In Asia, the Hang Seng leads losses as Hong Kong protests add to the turmoil. Chief Executive Carrie Lam warns the city is on a path of no return as airport demonstrations extend into a fifth day causing airport shutdown. In Italy, the Italian senate is called back from their summer break to slate a no-confidence vote in the coalition government, as 5-star leader Luigi Di Maio accuses Lega's Matteo Salvini of "stabbing Italy in the back." And finally in Argentina, investment-friendly President Mauricio Macri experiences a re-election setback, sending Argentine assets into decline.

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After a rocky week for Wall Street, Asian equities start the week cautiously higher as Goldman Sachs warns the trade war is raising the prospect of a U.S. recession. Meanwhile, China sets its yuan fix at weaker than 7 for the third straight day. In Italy, deputy Prime Minister Matteo Salvini denies reports he wants to withdraw the country from the euro area as he intensifies his call for a snap election. In corporate news, Sandvik CEO Bjorn Rosengren will assume the top job at engineering giant ABB, taking over from acting CEO Peter Voser in March. And finally, as US President Trump struggles to seal a deal for a 20 member global coalition to protect maritime shipping lanes, we take you aboard aircraft carrier USS Abraham Lincoln as the fleet looks to defend the Strait of Hormuz.

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The U.S. market recovery continues with stocks jumping and bond yields rebounding, as the S&P 500 sits in positive territory at the end of a choppy week of trade. The picture is far more mixed in Asia with Chinese food inflation rising and the PBOC setting a higher-than-expected yuan mid-point, despite its record low level. In Italy, the government is teetering on the edge as Matteo Salvini pulls the plug on the fragile coalition with Five Star and calls for fresh elections in the autumn. Prime minister Giuseppe Conte, struggling to contain his anger, demands that the interior minister explains his move to voters. And in corporate news, Uber shares plunge in after-hours trade with the ride-hailing giant posts its biggest loss ever - more than 5 billion dollars in the second quarter.

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Another day of wild market gyrations. Better-than-expected Chinese trade numbers drive Asian markets higher despite a drop in U.S. imports. China's central bank sets the yuan mid-point weaker than the key 7-per-dollar level for the first time since 2008. Over on Wall Street the Dow plunges by almost 600 points before clawing back most of the losses while the S&P 500 posts its biggest comeback in 18 months. Global bond yields fall as the flight to safety accelerates with the yield on the U.S. 10-year note touching its lowest level since October 2016. News that Saudi Arabia is collaborating with producers to arrest the price slide sees oil rallying following a near-5 per cent drop. And the earnings season continues with numbers due from Deutsche Telekom, ThyssenKrupp, Adidas and Zurich Insurance.

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Wall Street recovers. The Dow jumps 300 points, rebounding from U.S. stocks’ worst day of 2019. The picture in Asia, however, is more mixed with China setting the yuan fix at a weaker-than-expected level. President Trump’s team has played down concerns over an entrenched trade war, with National Economic Council director Larry Kudlow telling CNBC he would like to continue negotiations. The New Zealand central bank shocks the market with a half-point rate cut. And banks dominate the earnings releases in Europe with Commerzbank warning its full-year income has become significantly more ambitious. The low-rate environment forces Unicredit to cut its full-year guidance. Finally, we speak to the CFO of retail giant Ahold Delhaize who tells the show he does not see a big impact from tariffs.

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Markets in turmoil. Squawk Box anchors dissect all the dramatic action across asset classes. Wall Street logs its worst day of 2019 with the Dow plunging more than 750 points, as Washington labels Beijing a currency manipulator. Apple bears the brunt of the sell-off, having the most negative impact on the major indices. Asian equities remain very much in the red following the Chinese government’s decision to suspend purchases of American agricultural produce. However, U.S. futures recover after the PBOC eases some concerns, with Beijing setting the mid-point fix of the yuan at a stronger-than-expected level. Anxiety also moderates in safe havens, with gold coming off a fresh six-year high.

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Asian stock markets plummet to six-month lows following the S&P 500’s worst week of the year. The latest trade tensions between the U.S. and China prompt investors to opt for safe havens. The yuan slides to its lowest level in more than a decade falling past 7 per dollar, with the Chinese central bank blaming ‘trade protectionist’ and ‘unilateral’ moves by the U.S. Hong Kong braces itself for more chaos and the Hang Seng slumps after pro-democracy protestors threaten to paralyse the territory with a general strike. And in corporate news, HSBC announces the surprise departure of CEO John Flint after only 18 months in the job.

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The trade truce is off and has sent markets reeling. Squawk Box anchors digest the massive moves across asset classes after U.S. President Donald Trump loses patience with a lack of progress on trade talks with Beijing and slaps 10 per cent onto $300bn of Chinese goods. The Dow falls nearly 300 points and Asian equities follow Wall Street into the red as Chinese state media insists Trump’s move will backfire. The sudden increase in trade tensions also impacts bond yields with the U.S. ten-year slumping to its lowest level since 2016. And oil claws back some ground after falling 8 per cent amid renewed fears of a global economic slowdown. Elsewhere, U.K. Prime minister Boris Johnson’s majority in the House of Commons shrinks following a by-election in Wales. On the corporate front, we break earnings from Credit Agricole and Allianz.

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