Squawk Box Europe Express

More hostages and prisoners are released as Israel and Hamas agree to extend the truce by a further two days. U.S. Secretary of State Antony Blinken is set to travel to the region - his third visit since the war began. NATO foreign ministers meet in Brussels looking to shore up support for Ukraine. We hear from NATO secretary-general Jens Stoltenberg who says he is confident Sweden’s access into the bloc will happen soon. Chinese fast fashion firm Shein is reportedly listing which could be one of the largest IPOs on Wall Street in a decade. Yesterday’s Cyber Monday is on track to be the biggest online shopping day ever as consumers snap up bargains ahead of Christmas. 

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Chinese industrial profits gain for a third straight month, but slow sharply in October as policymakers try to fight off softening global demand. Asian equities reverse early gains as China property stocks plunge amid a shadow banking probe, while US futures point lower after a stellar four-week run. And the Israel-Hamas cease-fire holds into a fourth day, with dozens of hostages freed as negotiators work around the clock to extend the truce.

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Asian equities are mixed on the back of accelerating inflation in Japan for the first time in four months. A four-day truce between Israel and Hamas takes effect. The first set of hostages are due for release at 1500 CET. In Germany, the ruling coalition has eased its foot off the debt brake to unveil a special budget following last week’s constitution court ruling which left Berlin’s spending plans in tatters. Barclays reportedly eyes a plan to cut as much as £1 bn in costs which could translate into 2,000 job losses.

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Populist Geert Wilders’ Freedom Party (PVV) is set to gain the most seats in the Dutch general election, but the anti-EU politician faces an uncertain coalition path to govern. OPEC+ members delay a key policy-setting meeting by 4 days due to an alleged disagreement over productions levels, sending crude prices lower. The Bundesbank President Joachim Nagel says that interest rates may have peaked and has ruled out a hard landing for the Euro Zone but speaking to CNBC, ECB Vice President Luis de Guindos warned against over-optimism. And in Germany, the coalition government has postponed talks to agree the 2024 budget following last week’s constitutional court ruling on spending.  

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Nvidia sees shares fall in extended trade with the company warning that export restrictions will seriously hamper China sales this quarter, even as overall revenue triples in Q3. Minutes from the Fed’s November FOMC meeting show officials have little appetite for rate cuts so far, but raise hopes that rate increases are now over. In crypto news. Binance boss CZ steps down and pleads guilty to money laundering charges. The world’s largest cryptocurrency exchange has been ordered to settle $4.3 bn with U.S. authorities. Israel and Hamas agree to a four-day humanitarian pause in order to release hostages and prisoners from both sides. The U.K. eyes a raft of tax cuts ahead of today’s Autumn Statement. We are live in Westminster ahead of this afternoon’s announcement. 

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The S&P 500 and Nasdaq indices are in the green for the fifth consecutive day, with Microsoft attaining a new all-time share high after Sam Altman joins the company. Following Altman’s ousting, more than 90 people at OpenAI signs a letter demanding his reinstatement. Microsoft CEO Satya Nadella tells CNBC the style of governance at OpenAI is unsustainable. U.S. Treasury Secretary tells this channel the Biden administration has made “considerable” progress in tackling inflation but that further steps remain. And Nvidia is set to report later today with analysts forecasting revenue growth of up to 170 per cent.  

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Sam Altman's hopes of returning as head of OpenAI are seemingly dashed following a series of last-ditch talks. CNBC confirms former Twitch boss Emmett Shear is set to be appointed interim CEO. U.S. equities are higher for a third consecutive week as cooling inflation buoys sentiment. In Japan, the Nikkei 225 hits a 33-year high. UK Chancellor of the Exchequer Jeremy Hunt promises not to add any inflationary tax cuts in this week’s Autumn Statement, but says that he is committed to bringing down the country’s tax burden. In the Middle East, U.S. -Israeli-Hamas negotiations reportedly inch towards a pause in the fighting in exchange for the release of Israeli hostages in Gaza. And in Argentina, newly elected Javier Milei wins the presidential run-off and promises shock therapy for the country’s economy. 

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Gap shares soar in extended trade as sales at its Old Navy division lifts spirits ahead of the holiday shopping season, but a cautious outlook at Walmart sends their shares lower. The Dow breaks a 4-day win streak, while crude prices slump to a 4-month low, putting pressure on OPEC+ ahead of a meeting in Vienna at the end of the month. Cleveland Fed President Loretta Mester holds the line, ignoring calls for an early rate cut, telling CNBC the battle against higher prices isn't over yet. Elsewhere Alibaba scraps plans to spin off its cloud business, sending shares lower in Hong Kong and wiping 20 billion dollars off the Chinese tech giant's market value. And Protesters take to the streets of Spain, rallying against a controversial amnesty deal as Prime Minister Pedro Sanchez secures a second term four months after an inconclusive snap election.

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US President Joe Biden and China's Xi Jinping agree to open high level military talks and create a presidential hotline, as the two countries vow to work together. Data optimism pushes Wall Street toward a third straight week of gains, after U.S. factory inflation declines at its fastest rate in three and a half years. Target shares post one of their best daily performances on record, after the firm notches its biggest earnings beat in two and a half years and sells down inventory – while traders eye Macy's and Walmart earnings out today. Siemens reports record sales growth for the full year, but cautions that revenues will slow in 2024. And, the U.S. Senate passes a stopgap funding bill to avert a government shutdown, sending it to the President's desk ahead of Friday's midnight deadline.

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Global markets enjoy softer-than-expected U.S. inflation data with consumer prices flat-lining in October. As a result, the S&P 500 posts its best day since April. In Germany, Siemens Energy locks in a €15bn rescue package from the government to secure it following poor performances from is wind turbine unit. The Chinese yuan is buoyed by positive factory and retail data for October as the PBOC injects more supportive measures. And in Washington, the risk of a government shutdown has been averted in the House with the stop-gap funding bill now heading to the Senate.  

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