European equities react negatively following hawkish comments from ECB President Christine Lagarde who warns not to expect interest rate cuts until the summer. In Davos we hear from outgoing Dutch Prime Minister Mark Rutte who says centrist parties in Europe must be clearer on tough issues in the face of populist party challenges. We also speak to UK Shadow Chancellor Rachel Reeves who is positioning Labour as a pro-business party, with no plans to increase income tax. French President Emmanuel Macron issues a rallying cry for the EU project but bemoans the bloc’s fragmentation. Tech giant Apple will remove a blood oxygen feature from Apple watches after an appeals court reinstates a U.S. sales ban following an I.P. dispute with med-tech firm Masimo.

SQUAWK BOX, THURSDAY 18TH JANUARY, 2024

CNBC's flagship show in Europe sets you up with everything you need to know for the European business day. Anchors Steve Sedgwick, Karen Tso and Arabile Gumede engage in unscripted and dynamic debate on the day's top stories. They are joined by leading business executives, policymakers, financial strategists, fund managers and other newsmakers to provide original points of view and instant analysis of the latest business news and key market themes.

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Chinese manufacturing figures beat expectations but retail and house price figures disappoint, exposing the country’s two-speed economic recovery. U.S. stocks rally with the Dow breaching the 40,000-mark briefly before falling back towards the close. ECB board member Isabel Schnabel plays down the chance of back-to-back rate cuts. The central bank’s vice-president Luis De Guindos tells CNBC the forecast beyond June is murkier. And in Hong Kong, shares in HSBC tumble on reports that its largest shareholder, Ping An Insurance, is considering reducing its stake in the lender.

Mixed Chinese data

All three major U.S. indices rally to fresh highs as inflation Stateside comes in softer than expected. Core prices make their smallest gains in three years. Berkshire Hathaway reveals insurance and security giant Chubb is the mystery bet in its May 13F filings, causing shares to surge in extended trade. Israeli Prime Minister Benjamin Netanyahu tells CNBC exclusively he is standing firm on the Rafah offensive despite disagreements with the U.S. Chinese President Xi Jinping hosts Russian President Vladimir Putin in Beijing with both sides seeking to strengthen strategic ties.

U.S. CPI sees smallest gain in 3 years

U.S. producer prices come in hotter than expected ahead of today’s CPI data. Federal Reserve Chairman Jerome Powell says that rates will have to remain elevated for longer. Magnificent 7 stocks help push the Nasdaq to a new record high. Alphabet CEO Sundar Pichai tells CNBC colleagues Stateside that A.I. still has a lot of momentum for the company. U.S. President Joe Biden slaps China with $18bn of new tariffs, targeting EVs, solar cells and steel. We hear exclusively from the U.S. ambassador to the European Union, Mark Gitenstein, who says Biden is sending a clear message to Beijing. And Swiss eyecare group Alcon posts a record profit for the first quarter with CEO David Endicott telling CNBC the company maintains a robust pipeline.

Powell signals rates to stay higher for longer

The Dow’s eight-day winning streak is over as inflation concerns persist and U.S. producer price data is released later today. This ahead of tomorrow’s key CPI print. The meme stock craze is revived from a single post on social media with GameStop short positions reportedly losing close to $1bn in yesterday’s session. In commodities news, AngloAmerican shares fall more than 2 per cent in London after the miner turns down an improved $34bn takeover bid from rival BHP.  OpenAI  unveils both a new A.I. model as well as a desktop version of ChatGPT as it seeks to secure its position as market leader in generative artificial intelligence.

Dow snaps winning streak

The Dow posts its best week of the year – its eighth straight session in the green ahead of this week’s U.S. inflation data release. In China, consumer inflation is on the up but credit demand shrinks for the first time since 2017. Russian President Vladimir Putin reshuffles his cabinet, ousting defence minister Sergei Shoigu and installing a civilian economist in his place. Israel orders residents of Rafah to evacuate the city as the Gaza death toll reaches 35,000. U.S. Secretary of State Antony Blinken tells NBC News that Washington requires more clarity on an exit and post-war strategy from Israel.

SQUAWK BOX, THURSDAY 18TH JANUARY, 2024

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