Squawk Box Europe Express

The tech rout Stateside looks set to continue into a third day with giants such as Oracle, Palantir and Salesforce all suffering double-digit losses for the week. The gloom is contagious in the crypto space with Bitcoin briefly plunging below the $61,000 mark. UK Prime Minister Keir Starmer offers an apology to victims of Jeffrey Epstein for his appointment of Peter Mandelson as U.S. ambassador, despite being aware of his close ties to the late, convicted paedophile. We hear from BoE governor Andrew Bailey who says the upheaval seen in Westminster is being felt globally. And in e-commerce news, Amazon posts its first quarterly miss in more than three years and announces $200bn for capex spending for 2026. Shares plummeted 11 per cent in after-hours trading as a result.
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The Nasdaq suffers back-to-back losses of more than 1 per cent for the first time since April following a massive tech sell-off that sees almost $1tn wiped from tech stocks as A.I. related concerns reverberate around markets. Alphabet posts FY revenue of more than $400bn for the first time and signals it is prepared to more than double its A.I. investment. UK Prime Minister Keir Starmer is set upon by Labour backbenchers and forced to release documents about the vetting process of former peer Peter Mandelson for the post of U.S. ambassador and his links to the convicted paedophile Jeffrey Epstein.
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UBS posts quarterly profit of $1.2bn and hikes its dividend by 22 per cent and reaffirms its forecasts for the year. The Swiss lender says it is on track to fully integrate Credit Suisse later this year but CEO Sergio Ermotti says clients remain wary due to geo-political considerations. Pharma giant Novo Nordisk sees U.S.-listed shares plunge after warning of disappointing sales due to competition to its flagship obesity drugs. CEO Mike Doustdar believes the GLP-1 market will only get bigger. And in tech news, Anthropic’s new ‘Claude’ model causes a wider sell-off in enterprise and cloud software as the threat of A.I. disruption looms over white-collar sectors.
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Global equity markets bounce back with South Korea’s KOSPI notching its best session in almost six years and the Nikkei closing at a record high. Metals prices also stabilise and claw back some of the losses from a two-day rout. The U.S. moves to slash tariffs on New Delhi from 50 to 18 per cent, nudging Indian assets higher. President Trump says the country has now agreed to halt all purchases of Russian oil. In France, lawmakers finally agree on a budget following four months of intense wrangling. Prime Minister Sébastien Lecornu hailed the agreement after gaining support from the Socialist party through a slew of concessions and defeating a vote of no confidence at the Assemblée Nationale.
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Gold and silver spot prices continue to plunge following Friday’s rout which saw the worst one-day decline since 1980 as investors digest President Trump’s decision to nominate Kevin Warsh as Federal Reserve Chairman. Crude prices ease back from multi-month highs after Trump says the Iranian regime is engaging in “serious” talks with Washington to avert U.S. military strikes and to strike a deal on its nuclear programme. In Asia, equities kick off the new week deep in the red. South Korea’s KOSPI leads the regions losses and has triggered brief pause in trading. And the U.S. government enters a partial shutdown despite a late Senate deal on DHS funding. House Speaker Mike Johnson says the House will vote by the end of tomorrow.
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