Squawk Box Europe Express

The U.S. government remains shut down but President Trump says his administration will use the opportunity to save money in key areas. Markets remain sanguine with the Stoxx 600 and the S&P 500 recording all-time highs. In Copenhagen, European leaders back the introduction of drone walls to block increasing Russian incursions. The bloc falls short of agreeing to use frozen Russian assets to help with the reconstruction of Ukraine. OpenAI unveils its latest partnership with South Korea’s Samsung and SK Hynix, sending both companies’ shares soaring. Meanwhile, we are live at Italian Tech Week in Turin where the CTO of Microsoft, Kevin Scott, tells us OpenAI is key to his firm’s future.   

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The U.S. government shuts down after Democrats and Republicans failed to agree on a federal funding deal. President Trump has warned of lay-offs. Ahead of today’s EU summit in Copenhagen, we speak exclusively to Luxembourg’s Prime Minister, Luc Friedman, who says that the bloc must provide stronger deterrence in the face of an increasingly hostile Russia. Sports giant Nike posts a surprise growth in sales which has pushed its stock up by almost 5 per cent as its turnaround strategy begins to pay off. The retailer warned, however, that progress will not necessarily be linear.  

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Pharma stocks in Asia plunge following President Trump slapping tariffs of up to 100 per cent on the sector with the EU avoiding the brunt of the impact due to its trade deal with the U.S. Q2 GDP in the U.S. expands by more than expected, notching the fastest pace of growth in almost two years. President Trump signs an executive order to keep TikTok operational Stateside. The company is valued at $14bn but Beijing avoids commenting on the deal.  

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We are live in Canary Wharf with Squawk On The Road where the UK’s economic outlook is front and centre. We’ll be speaking to business leaders and executives to get their take on the national forecast. Federal Reserve Chairman Jerome Powell cools rate cut expectations sending both U.S. and European stocks into the red. Powell said the current economic situation Stateside poses ‘two-sided risks’. 

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Nvidia unveils plans for a $100bn investment in Open A.I. with the two firms partnering on data centres. CEOs Jensen Huang and Sam Altman tell CNBC the giant investment will release the sector’s potential. Dutch chip equipment maker ASMI slashes its FY forecasts, citing disappointing demand in two key units. Fed board governor and Trump ally Stephen Miran urges the central bank to cut rates by almost two percentage points.

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The U.S. unveils an H-1B visa with a $100,000 price tag which has sent shockwaves through U.S.-based tech sector companies. Indian tech stocks have plunged in early trade as a result. President Trump says he has an agreement with Chinese President Xi Jinping to keep TikTok operational in the United States with Oracle chairman Larry Ellison and media mogul Lachlan Murdoch set to be investors. The UK joins Portugal, Canada and Australia in recognising Palestinian statehood ahead of the UNGA. And in banking news, Spain’s BBVA has upped the ante to increase a hostile takeover bid for smaller rival Banco Sabadell.

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President Trump ends his second state visit to the UK by signing a ‘tech prosperity deal’ with the country and haling the ‘special relationship’ between the two countries. UK Prime Minister Sir Keir Starmer heralds the agreement as the biggest investment package of its kind. The BoE keeps interest rates steady and reins in bond sales. Governor Andrew Bailey admits that the path for future cuts is now uncertain. Intel shares are up following Nvidia’s purchase of a $5bn stake in the chip maker. Nvidia CEO Jensen Huang describes the move is ‘an incredible investment. 

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U.S. Federal Reserve Chairman Jerome Powell delivers a long-anticipated rate cut as labour market concerns mount Stateside. President Trump is treated to a series of royal ceremonies, military parades, a flypast and a lavish white-tie banquet during his unprecedented second state visit to the UK. Today the focus turns to trade deals and a business roundtable together with Prime Minister Sir Keir Starmer. And in the City, investors await a potential Bank of England rate hold and whether policy makers move to rein in the pace of UK gilts.   

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U.S. tech companies unveil more than $50bn in UK investments as President Trump arrives in the country for an unprecedented second state visit. CPI figures in the UK come in at 3.8 per cent – up 0.3 per cent month-on-month in August. In the U.S., investors are braced for a key rate decision from the Federal Reserve. U.S. Treasury Secretary Scott Bessent says the central bank has been behind the curve and now expects movement from the central bank. Swiss food giant Nestlé’s chairman Paul Bulcke steps down after almost 10 years at the helm. Pablo Isa has been named his successor, just weeks after the sudden departure of CEO Laurent Freixe due to the revelation of romantic improprieties with a subordinate co-worker. 

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Google is the latest U.S company to unveil a UK investment as President Trump prepares to fly into the country for his historic second state visit. Trump is also due to speak to his Chinee counterpart President Xi Jinping on Friday following reportedly successful trade talks about TikTok’s ownership. With the FOMC convening, traders are anticipating a cut from the central bank as board of governors Trump nominee Stephen Miran is confirmed by the Senate. However, an appeals court rejects the President’s decision to fire Fed governor Lisa Cook over claims she committed mortgage fraud.  

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