Squawk Box Europe Express

U.S. inflation concerns ease with producer prices coming in unchanged for July, cutting the odds for a September Fed hike. South Korea’s KOSPI surges further following last month’s sell-off. European futures are in the green following an otherwise lacklustre week but the continent is poised for one of its strongest earnings seasons in years. The U.S. 30-year T-bill auction racks up the highest borrowing costs in 25 years – up at 5.2 per cent – as investors examine Washington’s spiraling debt pile.
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July’s U.S. inflation slows down to come in at 3.4 per cent with the core print falling to 2.5 per cent. Markets now expect the September rate decision to remain on hold. The CEO of Norway’s sovereign wealth fund says he is cautious about AI funding even though the fund’s gains are largely derived from tech. NBIM’s Nicolai Tangen tells CNBC he is still optimistic about economic resilience around the world in the long term. Shipping titan Maersk boosts its FY guidance on the back of a robust volume growth outlook . Rival carrier Hapag-Lloyd sees an increase in Q2 revenues due to higher spot rates.
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Coreweave shares surge after the AI cloud provider posts a beat on both the top and bottom line. Data centre infrastructure firm Super Micro is also up on positive forecasts. Investors await the latest U.S. inflation data with the headline number expected to be 3.4 per cent. There is no clear agreement about the Federal Reserve’s next move. Oil inches higher as attacks on shipping in both the Strait of Hormuz and the Bab el-Mandeb raise fears of escalation as well as increase concern over crude supply chains. A top Iranian security official doubles down on Tehran’s demands to re-open the Gulf.
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Nvidia makes a massive financing push, teaming up with top Wall Street bosses who pledge more than half a trillion dollars in capital. CEO Jensen Huang tells CNBC that his company’s chips platform will become its own asset class. Hopes of a new deal over the Strait of Hormuz fade with President Trump claiming the U.S. fully controls the waterway and that it should be Iran who pays the U.S. reparations for 50 years of ‘damage’. Crude inches higher and Asian equities remain mixed while futures in Europe and the U.S. are flat.
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Iran raises the price for reopening the Strait of Hormuz, demanding U.S. reparations under June’s memorandum of understanding. Yemen’s Houthi rebels hit a Saudi oil refinery just days after Riyadh signs a mutual regional defence pact with Turkey and Pakistan. Berkshire Hathaway’s Greg Abel pumps almost $20bn in investments in the second quarter, including almost $10bn in Alphabet.
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