Squawk Box Europe Express

Asian stocks are mixed following a rocky Wall Street session ahead of Wednesday’s Fed rate decision. U.S. Treasury Secretary Janet Yellen tells CNBC that she expects the economy to experience some delayed monetary policy impact. Online grocery firm Instacart prices its shares at the top of its range, valuing them at almost $10bn. In Detroit, the UAW threatens more strikes, urging the Big Three automakers to improve their proposals with latest offer from Stellantis potentially causing the closure of 18 facilities. In oil news, prices hit 10-month highs with Brent breaching $95 per barrel. Saudi Arabia’s energy minister Abdulaziz bin Salman insists supply cuts are not simply a means of forcing prices up. The ECB is reportedly considering asking lenders to raise reserve requirements in order to clamp down on excess liquidity.  

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Wall Street ends a rocky week in the red ahead of Wednesday’s Fed decision. Washington and Beijing hold “candid, substantive and constructive” discussions about trade in a bid to ease tensions between the two countries. The IMF urges China to increase domestic consumption. Online grocery delivery firm Instacart is increasing its prospective IPO price range to $10bn in the wake of Arm’s blockbuster listing. As a result of that IPO, Softbank CEO Masayoshi Son is now reportedly eyeing up an investment in Open AI. And strikes at Detroit’s Big Three automakers continue for a fourth day as the White House is set to send a delegation to Michigan to attempt to break the impasse.

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Arm shares pop 25% in its debut session, giving the chip designer a market cap of $68 bn, with the CEOs of Arm and Softbank telling CNBC exclusively the group is here to stay. The blockbuster IPO boosts sentiment on Wall Street with the Dow rallying over 300 points – its best day since early August. Elsewhere Beijing steps up with more stimulus - cutting the RRR for the second time this year, as key economic data from the world's second largest economy comes in better than expected. The ECB hikes rates to a record high and suggests policy may finally be restrictive enough to stamp out inflation, prompting markets to bet the central bank has reached the end of its hiking path. And thousands of U.S. auto workers go on strike, hitting production at General Motors, Ford and Stellantis - as the UAW union president warns the group will not buckle.

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Arm prices its blockbuster IPO at $51 per share, giving the chip designer a valuation of over $54 bn, with the stock set to debut on Wall Street today. US inflation rises by the most of any month this year while core prices also come in hotter than expected, pushing the Dow to its second straight negative session. It's a close call for the ECB - the central bank weighs up a potential hike that would take rates to a record peak, alongside a likely increase to the regional inflation outlook. And Elon Musk, Mark Zuckerberg and Bill Gates join tech leaders and senators on Capitol Hill to discuss safeguards for artificial intelligence, with the Tesla CEO telling CNBC authorities must get out in front of the technology, warning of “severe consequences” if AI were to go wrong.

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

BP boss Bernard Looney resigns after failing to reveal the full extent of past relationships with colleagues, with the executive tasked with transforming the energy giant lasting less than four years in the role. The Nasdaq leads declines on Wall Street as Oracle shares steer tech stocks into the red, but focus now turns to today's inflation print with DoubleLine Capital's Jeffrey Gundlach forecasting a Fed cut next year. Arm will reportedly price its blockbuster IPO at the top of its range or just above, as the world's largest chipmaker TSMC confirms it will invest up to 100 million dollars in the listing. And The US IPO market really picks up the pace, as German footwear maker Birkenstock files to list in New York - the second major European company to seek an overseas listing this month.

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Chip designer Arm reportedly looks to close the books early on its blockbuster IPO, amid reporting the listing is now more than 10x oversubscribed. Tech stocks fuel a Wall Street rally with equities seeing back-to-back gains, while Tesla shares accelerate 10% off the back of an analyst upgrade. But JPMorgan Chase CEO Jamie Dimon isn't buying the optimistic view of Wall Street, urging caution and warning that despite the positive sentiment, he still has major concerns on the U.S. consumer. And the EU cuts its growth outlook and forecasts an annual recession in Germany as higher energy prices hit the industrial powerhouse.

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

President Biden insists the US is not trying to hurt China and is focused on getting the relationship right, amid reports Beijing tried to challenge Washington's 2026 presidency of the G20. The G20 communiqué faces criticism for watering down its condemnation of Russia, while the US, EU, India and Saudi Arabia strike an infrastructure deal in a blow to Beijing's push for influence over the Global South.The Chinese economy exits consumer price deflation in August as CPI ekes out a marginal gain, but prices at the factory gate continue to tumble with PPI falling 3 percent on the year. And Arm reportedly considers raising the price range on its highly anticipated IPO due later this week, amid reports the chipmaker's listing is up to 6 times oversubscribed.

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Apple shares take a big hit, losing $200 billion in market value in two days as reporting gathers pace that Chinese government workers have been banned from using iPhones. Shares in Apple supplier Qualcomm drop over 7%, leading U.S. chipmakers lower and weighing on Wall Street, while a fall in jobless claims triggers concerns over higher rates and stubborn inflation. Goldman Sachs CEO David Solomon defends his time in the top job, telling CNBC he doesn't recognise the recent "caricature that's been painted", while pinning his hopes on a rebound in IPO activity. And global leaders descend on New Delhi for the G20 summit, but the absence of Chinese President Xi Jinping remains a key talking point as tensions continue with the U.S.

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Chinese trade surprises to the upside but continues to contract with monthly exports falling by almost 9 per cent. Wall Street closes in the red with the Nasdaq leading losses as very resilient services sector data increases concerns that inflation may need to rise further for longer. We hear exclusively from EU Internal Market Commissioner Thierry Breton who marks out six tech titans as ‘gatekeepers’ under its Digital Markets Act. Breton has warned the group it has 6 months to comply with new rules clamping down on anti-competitive practices. Bank of England governor Andrew Bailey has said that the end of the rate-hiking cycle is nearing, causing sterling to plunge to a three-month low.

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The Dow loses 200 points as risk assets retreat during a shortened U.S. trading week with Asian stocks following suit. U.S. Treasuries are lower as Federal Reserve Governor Christopher Waller signals to CNBC that rates may be paused in September as good data has given the central bank some breathing space. Brent is up to more than $90 a barrel after Opec+ nations agree to extend supply cuts by a further 3 months. And in tech news, UK chip designer ARM Holdings is set to launch its IPO in New York next week, pricing it at $52bn in what could be the largest listing in the past 2 years. 

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.