Squawk Box Europe Express

A global Cop28 agreement is on the brink of failure after the draft text removes a call to phase out fossil fuels. Wall Street records a third consecutive day in the green with the S&P 500 shrugging off declines from all of the ‘Magnificent 7’ tech stocks. Ukrainian President Volodomyr Zelenskyy is in Washington for talks with U.S. President Joe Biden and Congressional lawmakers to push for fresh funding in his country’s defence against Russia. Google loses an anti-trust legal case against Epic Games after a federal judge found the tech giant had intentionally imposed barriers against developers in its Android App Store. And in IPO news, Chinese fast fashion brand Shein is reportedly in talks with the LSE regarding a UK listing.  

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Wall Street posts its sixth week of gains as the economy grows by a further 200k jobs in November. The Fed is due to hold its last meeting of the year later this week. Chinese consumer prices fall at their fastest pace in three years in November while producer prices fall for the fourteenth consecutive month. EU finance ministers are set to hold an extraordinary meeting before Christmas after failing to agree on reforms to debt and deficit rules. EU lawmakers announce new regulations for the use of artificial intelligence – a first move in the West regarding the emerging technology. And Japanese telco firm Rakuten is to launch its own AI language model. CEO Hiroshi ‘Mickey’ Mikitani tells CNBC his company is well placed to succeed.

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A.I. stocks help the Dow and S&P 500 out of a three-day rut with positive announcements from Amazon and AMD helping Wall Street back into the green ahead of today’s non-farm payroll data. The yen hits a four-month high versus the dollar but the Nikkei is down on comments from the BoJ governor Kazuo Ueda who signalled that the central bank may start to unwind its ultra-loose monetary policy. In energy news, WTI rises above $70 per barrel but crude prices remain on track for their seventh straight week of losses. Saudi Arabia and Russia have urged other Opec nations to join them in deepening supply cuts further. And we are live in Brussels where euro finance ministers are convening. German Finance Minister Christian Lindner tells CNBC he is confident that a resolution to his country’s budget impasse is imminent.

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Chinese exports grow, snapping a six-month losing streak but jitters over the world’s second-largest economy persist, which pushes U.S. crude prices to below the $70 mark. In the U.S., private sector payrolls data is weaker than expected sending Wall Street into the red once more. However, Amazon CEO Andy Jassy tells our colleagues Stateside that consumer sentiment remains robust. Major bank CEOs testify on Capitol Hill where JPMorgan boss Jamie Dimon lashes out at cryptocurrencies, saying they enable various illicit activities and calls on the government to shut them down. We also speak to Muddy Waters Research founder Carson Block who shorts Blackstone Mortgage Trust, warning that commercial property owners will come under ‘significant strain’ next year.  

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Asian markets are in the green with Japan’s Nikkei leading the charge on strong chip stock performance. Bitcoin reaches $44,000 for the first time since April 2022 on hopes of a potential ETF. U.S. employment positions fall to a low not seen for two and a half years as rate hikes loosen the historically tight labour market Stateside. We hear from BofA CEO Brian Moynihan who says he is confident the economy activity will rebound as rates continue to ease. Apple shares are up 50 per cent this year, pushing the tech company’s market cap to more than $3tn for the first time since August. And in autos news, Brussels is set to delay EV tariffs between the EU and the UK as demand for the vehicles slumps while Danish Tesla workers join their Swedish counterparts in a sympathy strike, railing against the U.S. company’s economic ideology.

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Wall Street ends in the red with the Dow snapping a four-day winning streak as tech stocks falter. Services activity in China accelerates at its fastest pace in three months according to a private survey. This runs counter to government data which shows the sector in contraction for the first time this year. In Dubai, COP28 negotiators are reportedly considering a phase-out of fossil fuels. In banking news, Qatar’s sovereign wealth fund is said to be selling down up to $500m of shares in UK lender Barclays.

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UN Secretary-General slams COP28’s Net Zero charter but ExxonMobil CEO tells CNBC exclusively that technology will be key to eventually reducing global emissions. We also hear from U.S. climate envoy John Kerry who rails against COP28 President Sultan Al-Jaber’s claims that there is ‘no science’ for phasing out fossil fuels. U.S. Federal Reserve Chairman Jerome Powell’s dovish comments on rate hikes send gold spiking and helps the S&P 500 to close at a new record high for the year. Uber stocks rise more than 5 per cent in extended trade on the news that the ride-haling firm will join the S&P 500 following a string of successful quarters.  

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U.S. equities record their best month of November in decades to power a global stock market rally. Investors are now betting that the Federal Reserve is finally gaining the upper hand against inflation. Opec + nations move to cut supplies further in a bid to shore up the market but prices remain largely unaffected. In Asia, stocks slide following mixed economic data. However, Chinese manufacturing shows surprise growth. And in Gaza a seven-day truce expires with Israeli forces once again engaging Hamas.  

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We are live in Dubai where Egypt hands over the UN’s Cop28 conference keys to the UAE. This comes amid criticism over the new host country’s climate agenda. U.S. futures are in the green with all three major indices on track to post their best monthly performances in a year. In Hong Kong, stocks dip into a five-week low following Chinese manufacturing data falls deeper into contraction. And speaking to CNBC’s Andrew Ross Sorkin at the NYT/Dealbook summit in New York Elon Musk hits out at advertisers who decided to boycott X following the promotion of an anti-semitic post on the platform.  

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Asian equities are in the red following dovish commentary from the Fed which signalled a potential pivot in policy. Billionaire investor Bill Ackman believes a rate cut could come as soon as Q1 next year and warned of a hard landing should rates remain high. We are live at the NATO meeting in Brussels where Finland has closed all borders with Russia, accusing Moscow of deliberately pushing migrant into the country. Foreign Minister Elina Valtonen says her country has responded accordingly. Tributes are flowing following the death of legendary Berkshire Hathaway investor Charlie Munger, aged 99.

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