Squawk Box Europe Express

Asian equities are mainly in the green at the start of the week with the dollar rally pausing after achieving multi-month highs. President-elect Donald Trump appoints Sean Duffy as transport secretary and there are reports of potential in-fighting in the transition team over a growing field of Treasury contenders. The U.S. DoJ is reportedly on the verge of forcing Google to sell its Chrome browser – the latest regulatory push to break up the company’s online search monopoly. We hear exclusively from Oaktree Capital Management’s Howard Marks who says he is positive on China’s trade relations with the U.S. over the next decade.

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In what is a major shift in policy, U.S. President Joe Biden has reportedly given Kyiv permission to use U.S.-supplied long-range missiles to strike deep into Russian territory. U.S. indices post their worst session in two weeks as the Trump trade falters. However, Europe still lags Wall Street by a record margin this year. President-elect Donald Trump continues to select his cabinet, naming Big Tech critic Brendan Carr as FCC head and Chris Wright as Energy Secretary. We hear from outgoing Energy Secretary Jennifer Granholm who tells us it would be “political malpractice” if Trump dismantled her administration’s green policies.   

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Markets pare back bets on a December Fed cut, with Wall Street losing ground following hawkish comments from Jerome Powell over the strength of the U.S. economy. Meanwhile in China, fresh data paints a mixed picture on the economy as recent stimulus measures boosts retail sentiment, but the country’s key industrial sector continues to lose steam. In the U.K., Chancellor Rachel Reeves delivers her first Mansion House speech, announcing intentions to target regulation as she warns that the nation cannot take its status as a global financial centre for granted. In the U.S., President-elect Donald Trump appoints Robert F Kennedy Junior to be his Secretary of Health and Human services, potentially giving the anti-vaccine activist a major role over America’s food and drug supply.

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President-elect Donald Trump makes a shocking pick for Attorney General, tapping controversial Florida Representative Matt Gaetz for the role. This as NBC News projects Republicans will maintain control of the House in a ‘red sweep’. Meanwhile the Trump trade eases as fresh U.S. inflation data that supports expectations for a December Fed cut. Hedge fund billionaire David Einhorn warns of further price pressure volatility at CNBC’s Delivering Alpha Investor summit. But the crypto rally gathers pace, with Bitcoin briefly topping $93,000 for the first time, and the Dogecoin doubled its price following Trump’s election victory. In Germany, expert advisors to Chancellor Olaf Scholz cut their growth forecast for next year, delivering another blow to the beleaguer economy as political parties shift into campaign mode ahead of the February elections.

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President-elect Donald Trump taps X owner and Tesla CEO Elon to take leadership of the new ‘department of government efficiency’, alongside taking his pick of the new defence and intelligence heads. U.S. market majors snap their post-election winning streak, while Treasury yields spike and the dollar index hits a 6-months high as investors brace for another Trump administration. Meanwhile, Siemens Energy raises its mid-term outlook after reporting a record order backlog of €123 billion, boosted by a turnaround at turbine unite Gamesa. In Lisbon, global tech leaders gather at the annual Web Summit with the prospect of looser regulations and heightened trade tensions under President-elect Trump. There, Microsoft President Brad Smith tells CNBC that Europe remains key for the company. Germany prepares for a snap election on February 23rd after the collapse of Chancellor Olaf Scholz’s governing coalition – with Economy minister Robert Habeck saying Berlin still remains a reliable partner.

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Donald Trump’s election victory continues to rally markets, with the S&P 500 topping $6,000 for the first time, and the Dow soaring by more than 300 points to close above the $44,000 mark. Momentum doesn’t stop there as investors jump on the crypto trade, with Bitcoin closing in on the $90,000 mark and Coinbase popping nearly 20%. Meanwhile, sources tell NBC that Senator Marco Rubio is the likely candidate to become Donald Trump’s top diplomat, with the President-elect also said to have tapped China hawk Mike Waltz as his National Security Adviser. In Asia, chipmaker stocks dip over mounting concerns of looming U.S. protectionist measures, prompting South Korea to release its own stimulus measures for domestic producers.

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The S&P 500 and the Dow are clinching their best week of the year in the wake of former President Trump’s secured return to the White House, and the prospect of looser regulation and tax cuts. Cryptocurrency Bitcoin follows suit, soaring above $80,000 as the Trump trade takes hold. This as the President-elect is confirmed to have won Arizona, completing a clean sweep of all the battleground states, with Republicans now closing in on control of the House. Meanwhile, Chinese consumer inflation hits its lowest level in four months as factory gate deflation deepens, despite China’s new set of stepped-up stimulus measures. In Germany, Chancellor Olaf Scholz says he’s open to moving up a parliamentary confidence vote, potentially paving the way for snap elections sooner rather than later, following the collapse of the nation’s three-way coalition.

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The S&P and Nasdaq attain fresh record highs after the Fed cuts rates for a second consecutive time. However, Fed chair Jerome Powell’s press conference was dominated by questions about his position at the central bank following the re-election of President Donald Trump. Trump rewards his campaign manager Susie Wiles with the position of chief-of-staff, the first key appointment to his White House team. Outgoing President Joe Biden promises to ensure a smooth transition of power. In the UK, the Bank of England cuts rates by 25bps while hiking the inflation forecast following Chancellor Rachel Reeves’ new budget. Governor Andrew Bailey says developments Stateside are being closely monitored. Following the collapse of the German coalition government, Chancellor Olaf Scholz is under pressure to hold snap elections. Chairman of the Supervisory Board at Siemens Energy Joe Kaeser tells CNBC that the German economy is crying out for political stability.

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Wall Street closes at record highs following Donald Trump’s historic win to become the 47th U.S. President. The Dow rallies by 1,500 points thanks to bank stocks after Democratic nominee Kamala Harris concedes the election. In Germany the fragile governing ‘traffic light’ coalition collapses as Chancellor Olaf Scholz fires Finance Minister Christian Lindner over major economic policy disagreements. The move paves the way for a January confidence vote and a likely snap election in March. The race for the U.S. House of Representatives’ majority remains finely poised. The GOP are just nine seats short of a clean sweep of Congressional power. And investors await rate decisions from the Fed, BoE, Riksbank and Norges Bank all due later today.

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Donald Trump and Kamala Harris make their final pitches to the U.S. electorate with rallies in the key battleground states of North Carolina, Pennsylvania and Michigan. Wall Street braces itself with global stocks flat while yields slip and the greenback wavers ahead of today’s poll. Boeing workers end their seven-week strike after accepting an improved pay deal. In energy news, Saudi Aramco sees a 15 per cent dip in the third quarter due to weak prices and decreased refining markets. The oil giant does, however, still top expectations and maintains its $31bn dividend. 

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