Squawk Box Europe Express

U.S. Federal Reserve Chairman Jerome Powell reiterates to the House Financial Services Committee that the central bank is not yet ready to begin slashing interest rates. Powell said he required more data to be confident inflation would continue falling before dialling back on restrictive policy. Chinese trade numbers beat expectations for the first two months of 2024. Foreign Minster Wang Yi has hit out at ‘lengthening’ U.S. economic restrictions on his country. In Frankfurt, the ECB is expected to keep rates on hold for a fourth consecutive month while in the UK, Chancellor of the Exchequer Jeremy Hunt cuts National Insurance contributions by a further 2 per cent.  

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Former U.S. President Donald Trump dominates the GOP Super Tuesday races. NBC News projects he has won almost all of the 15 states voting in the primary contest. Wall Street stumbles for a second straight day with tech stocks weighing. The Dow is down ahead of Federal reserve Chairman Jerome Powell’s testimony on Capitol Hill. We are live in Westminster ahead of Chancellor Jeremy Hunt’s UK budget later today. Personal tax cuts set to top the agenda. And in IPO news, Swiss-American dermatology company Galderma plans to list in Zurich, aiming to raise $2.3bn. 

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We are live in Beijing at China’s annual parliamentary session where the country has set a growth target of ‘around 5 per cent’ for 2024. Premier Li Qiang has sought to diffuse economic tensions but warned of a tricky path ahead. Tesla sees Chinese sales fall to the their lowest level since December 2022, with increased domestic competition as well as a slowdown in demand weighing on the EV maker. Brussels has slapped Apple with a €1.8bn fine for alleged abuse of its market position within the music-streaming space. And in the U.S., the Supreme Court has ruled that individual states cannot remove former President Donald Trump from the ballot for his alleged involvement in the January 6th 2021 storming of the U.S. Capitol. Delegates in 15 states are due to vote for presidential nominees this Super Tuesday.  

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China hosts its annual legislative sessions with an aim to deepening economic reform. Beijing is grappling with the four issues of deflation, demographics, debt and de-risking. In Japan, the Nikkei 225 hits the 40,000-point level for the first time on the back of strong tech stock performance. Stateside, the Nasdaq, Dow and S&P 500 also hit fresh highs. Hamas delegates are in Egypt hoping to negotiate a Ramadan truce in Gaza. U.S. Vice-President Kamala Harris calls out Israel over the humanitarian situation in the territory. Saudi Arabia has decided to extend its voluntary oil supply cut until the end of Q2. Russia performs its own cuts as Opec+ nations attempt to steady the market.  

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The recent optimism around A.I. helps push the Nasdaq to its first record high in more than 2 years. The Dow and S&P 500 also mark their best start to the year since 2019. Consumer prices Stateside are their slowest rate of increase in six years, raising hopes of a June rate cut. In banking news, shares of NY Community Bancorp plunge by 20 per cent in extended trade on the news that the lender has removed its CEO due to internal control matters. Chinese manufacturing activity is down for a fifth-straight month ahead of next week’s annual legislative meetings where broader policy moves may be on the agenda.  

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U.S. markets are set to notch their fourth monthly gain but investors turn wary on tech stocks ahead of today’s inflation data. There is a tentative deal on Capitol Hill as lawmakers scramble to avert a government shutdown. Long-serving Senate Republican leader Mitch McConnell has announced he will be stepping down from his position after the U.S. election this November. Chinese equities rebound sharply despite recent volatility with the Shanghai Composite is now on track for its best month since November 2022. In tech news, Apple has teased it will be making a major A.I.-related funding announcement later this year. And luxury Italian fashion house Moncler posts a 17 per cent revenue spike due to a strong performance in China.  

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Global markets toe the line ahead of key inflation data coming out of the U.S. The recent troubles experienced by Boeing have sent U.S. durable goods orders to their steepest monthly fall since April 2020. In U.S. politics, President Biden wins the Democratic primary in Michigan while former President Donald Trump easily notches his fifth state victory ahead of Super Tuesday. Following President Macron’s comments about potential NATO boots on the ground in Ukraine, Western leaders push back but speaking to CNBC, former Ukrainian president Petro Poroshenko urges unity and strength in the face of Putin’s aggression in his country. In tech news, Apple reportedly ditches plans for its EV to instead focus on its generative A.I. unit. We have continuing coverage from the Mobile World Congress in Barcelona where Honor enters the high-end smart phone space with its first foldable flip phone. Cisco CEO Chuck Robbins tells CNBC that A.I.’s impact will soon become very visible and transformative. 

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JPMorgan Chase CEO Jamie Dimon has played down suggestions that the U.S. economy may still enjoy a soft landing, saying investor optimism is mis-placed. With A.I. dominating the agenda at the Mobile World Congress in Barcelona, we hear from Microsoft President Brad Smith who says the new technology is transformative and here to stay. In Japan, January inflation slowed which affected the BoJ’s 2 per cent target and supported the case for the central bank to end negative interest rates in the coming months. Chinese fast fashion company Shein has signalled it may list in London rather than on Wall Street following increased SEC concerns about the firm in the U.S. In Paris, French President Emmanuel Macron hosts Western leaders, pledging to support Ukraine and also not ruling out the possibility of European boots on the ground.

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We are live at the Mobile World Congress in Barcelona where A.I. is dominating the agenda. Deutsche Telekom CEO Tim Höttges tells CNBC that Europe is lagging in the digital world. Berkshire Hathaway posts a record 28 per cent jump in Q4 earnings bringing the company’s cash pile to $167bn but CEO Warren Buffett warns that a repeat performance in coming years is not guaranteed. Donald Trump comfortably defeats Nikki Haley in the GOP primary in her home state of South Carolina to cement his lead as the Republican presidential nominee frontrunner. Haley, however, has vowed to fight on. Russia’s invasion of Ukraine drags into a third year as a U.S. Congressional impasse continues to hold up military aid for the country.  

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