Squawk Box Europe Express

Alphabet shares tumble as an AI-driven spending spree rips a hole in the company's free cash flow - with the CFO flagging a significant capex increase to come next year too. Elsewhere, short-term yields fall as the Fed hits pause, despite a hawkish warning on inflation from Chairman Kevin Warsh. Over to the U.K. - Chancellor Healey leans on banks, property owners, and savers to fund a modest cost-of-living budget, though the OBR warns of a 'pretty grim' picture as household disposable income looks set to decline once again. And, Airbus maintains its full year guidance despite a 9 percent profit drop as supply chain challenges persist. CFO Thomas Toepfer strikes an optimistic tone, telling CNBC he's confident deliveries will rebound.
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Europe's banks lead the earnings charge with a standout performance from Stanchart; UBS meets expectations, but CEO Sergio Ermotti sounds the alarm over tougher capital requirements. Elsewhere, South Korean chip giant SK Hynix posts record quarterly revenues and a massive seven-fold profit surge. Over to Israel - it's too close to call in the country's parliamentary elections, with Netanyahu rejecting any potential coalition backed by Arab parties. And, we look ahead to U.K. Chancellor Healey's first fiscal budget later today.
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Anthropic files to go public in one of the most hotly anticipated IPOs of all-time, but it's not without controversy as the Claude-maker warn of an 'existential threat to humanity.' Elsewhere, Novartis narrowly misses net sales estimates but ups its guidance thanks to strong demand for its key cancer and multiple sclerosis drugs. And HSBC shares are under pressure despite a sharp jump in quarterly profit, as a slowdown in its wealth management arm disappoints investors.
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US stock futures try to claw back from last week's tech rout as traders eye a big week of central bank action. Elsewhere, Lula da Silva pulls off a dramatic comeback in Brazil -- winning a historic fourth term and defeating his far-right challenger, Flávio Bolsonaro, who refuses to concede. And President Trump reveals Audi is building a 4-billion dollar plant in the US - as it cuts thousands of jobs in Germany.
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The tech sell-off deepens, with Meta's 7 percent slide fueling fresh fears over spending, and sending the Nasdaq for its worst day since June. That's led to a major flight to safety, as investors pour back into bonds. And Kering's turnaround faces another test after third-quarter sales at flagship Gucci take a hit - sending U.S. listed shares down 12%.
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