Squawk Box Europe Express

Squawk Box anchors discuss continuing Q1 earnings with better-than-expected results coming in for UBS despite sharp declines at the Swiss bank’s investment arm. CEO Sergio Ermotti predicts market conditions will improve by the end of this quarter. There are conflicting reports on whether Deutsche Bank and Commerzbank will update investors on their merger talks before Deutsche reports Q1 earnings tomorrow. In the US, Facebook Q1 earnings top estimates but the social media giant braces for an expected $3bn fine from the Federal Trade Commission. And Tesla posts a big loss but expects a return to black in H2. Results are also due in from Bayer, Peugeot and Wirecard. Meanwhile, in Japan, former Nissan chairman Carlos Ghosn is granted bail again and in Vladivostok, North Korean leader Kim Jong-Un is hosted by Russian President Vladimir Putin in their first ever face-to-face summit.

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Squawk Box anchors discuss the strong start to Q1 earnings which have pushed the S&P and Nasdaq to new closing highs. Twitter also sees its stocks surge after beating expectations this quarter with President Trump hailing his White House meeting with CEO Jack Dorsey despite an earlier attack on the social media giant for alleged political bias against conservative voices. Deutsche Bank and UBS are reportedly holding merger talks between their respective asset management divisions which could create a European investment giant. And Washington is set to send a high-level delegation to Beijing next week in a bid to finalise a trade deal between the two countries.

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Squawk Box anchors discuss soaring oil prices following Washington’s decision to end sanctions waivers on Iranian crude imports. We preview the busiest week of corporate earnings this year so far with European banks and US tech giants set to report. In the US, Herman Cain has withdrawn his name from a seat on the Federal Reserve board citing low pay rather than opposition from the Senate and in Sri Lanka a day of mourning is observed after the Easter Sunday massacres with questions emerging over intelligence handling ahead of the attacks.

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Squawk Box anchors discuss the fall in Asian stocks from a nine-month high despite hopes of Washington and Beijing closing a trade deal by the end of next month. Luxury group Kering beats its Q1 sales forecasts – just – with help from Gucci but the company says Chinese demand remains strong. Meanwhile, online image-sharing company Pinterest is set to go public today with shares priced above its expected range at $19. And due later today in the US, the redacted Mueller report will finally be released to Congress.  

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Squawk Box anchors discuss China’s Q1 data, with its economy beating growth expectations to officially come in at 6.4%. Qualcomm’s shares surge after it surprisingly resolves a legal wrangle over royalties with Apple which could now see its chips feature again in iPhones. Meanwhile, Netflix posts a strong first quarter off the back of record subscriptions but the media services provider warns that price hikes may deter new customers in Q2. And Goldman Sachs CEO David Solomon exclusively tells CNBC that current US economic performance has led him to revise his earlier predictions of a 2019 recession.  

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Squawk Box anchors discuss the stumble suffered by US stocks following disappointing numbers from Goldman Sachs and Citigroup. Meanwhile, Asian shares receive a boost from solid Chinese home price data. Chicago Federal Reserve President Charles Evans exclusively tells CNBC that US interest rates can remain unchanged all the way until autumn next year. Following a massive fire at Notre Dame cathedral, President Macron vows to rebuild the collapsed roof and spire of the historic Parisian monument. Also, Italy’s Deputy Prime Minister Luigi Di Maio tells this channel that Rome will remain on course with its anti-austerity project and he denies that his administration is seeking another showdown with Brussels.

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Squawk Box anchors discuss Wall Street’s potential record highs after strong bank earnings and Asian stocks soar to a nine-month peak on hopes of Washington and Beijing striking a trade deal. We have an exclusive interview with Huawei CEO Ren Zhengfei from Shenzhen who believes his daughter’s arrest may be a politically motivated move by the US administration. Meanwhile, President Trump targets the Federal Reserve over its ‘killer’ tightening while outgoing ECB president Mario Draghi ponders the Fed’s independence. We also hear exclusively from Italian finance minister Giovanni Tria who says the US has so far not reacted negatively to Rome signing up for China’s BRI. And Tiger Woods claims victory at the Masters in Augusta – his first major title in over a decade.

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Squawk Box anchors discuss the IMF’s warning about the Chinese slowdown being bigger than first thought ahead of this morning’s trade data. However, UBS chairman Axel Weber tells CNBC that he remains optimistic about the country’s economy. Also speaking at the IMF’s spring meetings, French finance minister Bruno Le Maire tells this channel that the US-EU trade spat must be resolved following President Trump’s threat of $11bn worth of tariffs on European goods. Meanwhile, Uber files for its highly anticipated IPO but with revenues flat-lining it warns it may never turn a profit. And two senior executives from collapsed Dubai private equity firm Abraaj are arrested on US fraud charges.

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Squawk Box anchors discuss last night’s crunch EU summit with Brussels granting the UK a flexible extension to its withdrawal from the bloc until 31st October this year. The Federal Reserve and ECB reinforce fears of a global slowdown causing a Chinese stock sell-off while US Vice-President Mike Pence tells CNBC exclusively that he agrees with President Trump on the need to lower interest rates. And US Treasury Secretary Steven Mnuchin tells this channel that Washington and Beijing have arrived at a trade deal enforcement agreement.  

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Squawk Box anchors discuss the IMF’s latest cut to its global growth forecast citing trade tensions as President Trump threatens new tariffs on EU products. EU leaders are ready to grant UK Prime Minister Theresa May a long extension to Brexit but France says the delay agreement must contain strict caveats. Meanwhile, Germany’s finance minister Olaf Scholz tells CNBC that his country is braced for any Brexit result. And we hear exclusively from the head of Germany’s Ver.di labour union who claims his group wields enough power to scupper a Deutsche Bank-Commerzbank merger.

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