The Santa Rally accelerates with the S&P 500 nearing a new record high and Dow soaring more than 200 points in what was its ninth consecutive session in the green. The U.S. and its allies consider airstrikes against Houthi forces as part of Operation Prosperity Guardian to protect merchant vessels in the Red Sea. Maersk CEO Vincent Clerc tells our colleagues Stateside the security of his crews is paramount. In Europe, new car registrations pick up almost 7 per cent in November with French and Italian data offsetting a slump in Germany. And in logistics news, weak demand prompts Fedex to slash its FY guidance, causing the share price to tumble.

SQUAWK BOX, WEDNESDAY 20TH DECEMBER, 2023

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U.S. futures are up following the long Memorial Day weekend as investors speculate about the next inflation print. Israel launches an investigation into an airstrike that killed dozens of Gazan civilians in Rafah. Prime Minister Benjamin Netanyahu says the ‘tragic’ incident was caused by a technical failure. French President Emmanuel Macron has made a speech denouncing authoritarian regimes during a state visit to Germany ahead of next month’s European Parliament elections. In the UK, Labour leader Sir Keir Starmer receives a boost from business as 120 of the sector’s leaders throw their support behind his party while Lord Mayor of London Michael Mainelli tells CNBC the UK requires a business-friendly approach to immigration.

U.S. futures up following holiday weekend

Nvidia powers the Nasdaq to a fresh record high, and its fifth straight positive week but the Dow tails off, closing down more than 2 percent for the week. Chinese industrial profits bounce back to growth in April, providing a boost to policymakers as they try to reignite the world's second largest economy. G7 finance ministers hit out at China's trade policies, while edging closer to a deal that would see a fresh loan to Ukraine using seized Russian assets. And French President Emmanuel Macron kicks off a rare state visit to Germany, urging voters to reject the far right in European parliamentary elections.

Nvidia powers the Nasdaq to a fresh record high and its fifth straight positive week

We are live in Paris at Vivatech where Tesla CEO Elon Musk slams President Joe Biden’s China EV tariffs, telling CNBC his company is very competitive in the country without them. French President Emmanuel Macron tells our U.S. colleagues exclusively that Europe is lagging behind the U.S. in the field of A.I. and that France should be leading the field in innovation. Nvidia shares pop on Wall Street but it’s not enough to reverse a losing session off the back of strong jobs and manufacturing data Stateside. On this side of the Atlantic, UK retail numbers disappoint, potentially heaping pressure on European equities. And speaking at the G-7 on the shores of Lake Maggiore, Italy, U.S. Treasury Secretary Janet Yellen calls for greater cooperation among the member countries in the face of Chinese overcapacity.

'I'm not in favour of China tariffs,' says Musk

Tech giant Nvidia smashes Q1 expectations with record AI chips sales. The share prices soars beyond the $1,000 mark in extended trade. The Federal Reserve minutes reveal continuing concerns over lingering inflation which has impacted Wall Street. We hear from JP Morgan CEO Jamie Dimon in Shanghai who says the sticky inflation could still yield a hard landing. Miner Anglo American rejects BHP’s improved offer for a third time but also extends merger talks for a further week. UK Prime Minister announces the country will go to the polls on Thursday 4th July.

Nvidia shares top $1,000 on stellar Q1 results

Microsoft holds its developer conference where CEO Satya Nadella hails the tech giant’s new A.I. software. However, Amazon says its decision to hold out and wait for Nvidia’s more powerful offering was a mutual decision between the two companies. Wall Street predicts Nvidia earnings could triple amid particularly choppy trade. U.S. equities once again hit fresh new highs on rate cut timing speculation. Our colleagues Stateside hear from Christopher Waller who urges patience and says he requires ‘several more months’ of favourable inflation data. And in the UK, headline CPI is due to fall close to the BoE’s 2 per cent target. Governor Andrew Bailey signals a rate cut is appearing on the horizon.

SQUAWK BOX, WEDNESDAY 20TH DECEMBER, 2023

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