Squawk Box Europe Express

We hear from a slew of ECB board governors at the IMF Annual Meetings in Washington where they tell us the European economy is on the right trajectory to bringing inflation down and to boost growth but they remain divided over on how to tackle potential future pitfalls. U.S. Treasury Secretary Scott Bessent tells CNBC the White House will act in the U.S.’s best interest as the trade war with China threatens to flare up once again. Bessent said the stock market will not influence any U.S. government decisions. Nestlé posts better than expected Q3 sales with investors anticipating new CEO Philippe Navratil’s new strategy for the Swiss food giant. And in tech news, the world’s largest contract chip maker, TSMC, posts a near 40% rise in net profit in the third quarter.

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ECB President Christine Lagarde refuses to call an end to the central bank’s interest rate cutting cycle despite hailing the resilience of euro zone economies. Lagarde tells our colleagues Stateside she is anticipating all risks. Dutch chip maker ALSM posts net bookings ahead of forecasts for Q3 and is expecting stable sales next year despite a major slowdown in Chinese demand. Luxury giant LVMH posts a 1 per cent increase in third quarter sales thanks to a rebound in the Chinese market. We speak to the CEO of Swiss watch maker Breitling, Georges Kern, who says an easing of political tensions would immediately boost luxury goods consumption.

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The S&P 500 and Nasdaq enjoy their best session since May, even as trade tensions with China simmer while Broadcom jumps 10% after becoming the latest chipmaker to ink a deal with OpenAI. President Trump declares the end of the war in Gaza, as the last living Israeli hostages are returned and hundreds of Palestinian detainees are released. At a special summit in Egypt, Trump points to an era of peace. Silver prices set an all-time high after a historic short-squeeze on the London market.

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Futures point to a stock market rebound across Europe and the US as President Trump says 'it will all be fine' - after triggering a Friday sell-off with his 100% tariff threat against China. Meanwhile, Israel's military says the first hostages have been released by Hamas under the Gaza ceasefire agreement, as President Trump flies into the region. Iraq's Prime Minister tells CNBC he hopes today marks the start of lasting peace. Over in France, Sebastian Lecornu unveils his new government, two days after being reappointed Prime Minister - and prepares to present a budget proposal today.

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The U.S. government shutdown continues into a tenth day, dragging the Dow to its worst session in almost a month. Europe’s Stoxx 600, however, enjoys its longest week-to-week winning streak since August. We are live in Paris where the office of President Macron has pledged to pick his new prime minister – France’s sixth in less than two years – by the end of today. The Israeli cabinet has ratified President Trump’s ceasefire deal with Hamas which could see operations in Gaza suspended within 24 hours and Israeli hostages freed by the start of next week.   

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Israel and Hamas agree on the first phase of a U.S.-brokered ceasefire deal and hostage return in what is a crucial first step to ending the two-year conflict. We are live in Paris where outgoing Prime Minister Sebastian Lecornu predicts France should have a replacement for his post within 48 hours as lawmakers attempt to calm the latest political turmoil engulfing the country. In Hong Kong, listed shares of HSBC nosedive after the lender announces it will cease buybacks for three years in a proposal to take Hang Seng Bank private.  

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Fears of a strong A.I.-fueled rally puts an end to a seven-day winning streak for the S&P 500 but gold shows no sign of stopping, breaking through the symbolic $4000/oz level. The U.S. government shutdown enters its second week with little hope of any breakthrough. President Trump has hinted he could deny back-pay for certain federal workers. And BMW is forced to slash its FY sales forecasts on the back of U.S. tariffs and poor Chinese demand. The German auto maker now says a dip on the year looks inevitable.

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French President Emmanuel Macron scrambles to deal with the fallout of Prime Minister Sebastian Lecornu’s shock resignation yesterday which caused yields to soar and French equities to plunge. The U.S. government shutdown continues, edging gold prices ever closer to the landmark $4,000 mark. And in tech news, chip designer AMD sees shares skyrocket by up to 20 per cent following its multi-billion dollar tie-up with ChatGPT maker OpenAI.

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The Nikkei hits an all-time high, surpassing the 48k-mark for the first time ever following the ruling LDP leadership vote which will see Sanae Takaichi installed as the country’s first female prime minister. The U.S. government shutdown enters its sixth day with President Trump threatening mass federal lay-offs. In France, new prime minister Sebastien Lecornu picks his new cabinet with Macron ally Roland Lescure set to become the country’s new finance minister

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Equity markets on both sides of The Pond notch another week of record highs as investors seem to shrug off any concerns relating the U.S. government shutdown. Into its third day, President Trump continues to warn that the shutdown will result in mass Federal agency lay-offs. U.S. Treasury Secretary Scott Bessent tells CNBC the Democrats are responsible for the shutdown and will feel its ‘ramifications’. And in autos news, Tesla posts record Q3 deliveries but shares are down as investors fear the fallout for the sector as EV tax credits expire.  

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