Squawk Box anchors discuss Chinese manufacturing numbers which have suffered an unexpected drop in April as growth momentum cools. Meanwhile in the US, the S&P 500 hits an intra-day record peak off the back of rising consumer spending in March and increased optimism for a US-China trade deal. Alphabet Q1 earnings miss forecasts, causing shares to slide after hours, with increased advertising competition behind the slump in performance. And a mixed picture for aviation as Airbus backs its FY outlook after posting a rise in Q1 core earnings but over at Boeing it’s a case of damage limitation following the fallout from the 737 Max crashes in Ethiopia and Indonesia.

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