Squawk Box Europe Express

Oil prices whipsaw with Brent up almost 3 per cent following an Iranian missile and drone attack on a U.S. air base in Kuwait. The strikes were followed by the U.S. targeting of a ground control station in Bandar-e-Abbas just hours after optimistic peace talks comments from U.S. Secretary of State Marco Rubio had pushed crude lower. Federal Reserve governors Neel Kashkari and Austan Goolsbee warn CNBC rising inflation and price pressures are not easing. Global equity markets fall into the red again following yesterday's record session on Wall Street. The EU is reportedly looking to decrease its dependency on American technology and champion European companies. Mistral AI CEO Arthur Mensch tells CNBC he welcomes the bloc’s direction.
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SK Hynix becomes the latest company to be valued at $1tn due to investor enthusiasm for A.I.-linked semi-conductor stocks. Iran accuses the U.S. of breaching the ceasefire with President Trump set to hold a cabinet meeting with high-stake peace negotiations ongoing. New car registrations in the EU surge 5.1 per cent with high fuel costs prompting renewed interest in EVs. However, Ferrari share plummet as its first EV offering, the Luce, is widely criticized. BP ousts its chairman Albert Manifold after less than a year in the position amid concerns over his conduct, governing standards and oversight.
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U.S.-Iran peace talks remain undecided, keeping oil markets volatile. U.S. Secretary of State Marco Rubio is positive a good deal will be reached but settling all details will require more time. The UK market returns after the spring bank holiday while in Europe the Stoxx 600 hits its highest level in more than two months, clawing back losses since the start of the Gulf conflict. Ferrari launches its first ever EV, the Luce, which is co-designed by former Apple CDO Jony Ive. We speak to CEO Benedetto Vigna who says the move is a daring new direction for the Prancing Horse.
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European equities look set to enjoy a day in the green following the Dow’s record close yesterday. Bond yields also dip slightly after a volatile week. Crude prices inch up as Washington D.C. and Tehran remain at loggerheads over reopening the Strait of Hormuz and Iran’s nuclear enrichment programme. U.S. Secretary of State Marco Rubio slams reported suggestions of a permanent Iranian toll system in the Gulf which would make any diplomatic agreement ‘unfeasible’. Luxury cosmetics giant Estée Lauder sees shares surge in after-hours trade after merger talks with Puig collapse. The tie-up would have created a $40bn beauty titan. And the White House hits pause on an EO on A.I. as President Trump said certain aspects of the plan could hamper American leadership in the sector.
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Nvidia notches another stellar quarter with revenue soaring by 85 per cent to more than $80bn. The chip giant has also announced the same amount in share buy-backs. CEO Jensen Huang tells our colleagues Stateside that demand in the new era of A.I. is ‘sky-high’. SpaceX files its prospectus ahead of what will be the biggest listing of all time on Wall Street. The company is eyeing future data centres to be built in space and a million-resident colony on Mars. In further IPO news, OpenAI is also reportedly aiming at a listing as soon as next week in what could be a trillion-dollar offering. Stakeholder Softbank sees shares soar in the Asian session as a result.
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