Squawk Box Europe Express

Brent crude oil hits a war-time record of more than $123 per barrel after Axios reports U.S. President Trump is to be briefed on potential further strikes on Iran after rejecting Tehran’s offer to re-open the Strait of Hormuz. The ECB and BoE are both expected to hold rates steady later today, following on from the Federal Reserve’s decision to keep rates steady. Chairman Jerome Powell is likely to have held his final FOMC meeting which saw the highest level of dissent since 1992. U.S. futures are in the red but eh Nasdaq celebrates Big Tech earnings. Meta, however, hikes its capex guidance once more, planning an A.I. spending spree and reports its first-ever quarterly fall in active users. European equities will also start the day on the back foot with the FTSE spared the worst of the sell-off due to the rise in oil prices.
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Two of Europe’s key lenders enjoy stellar quarterly results on the back of market volatility. Deutsche Bank hikes revenue guidance after record profits while UBS notches a profit increase of 80 per cent to $3bn. CEO Sergio Ermotti said the Iranian conflict has not materially shifted client flows. The UAE shocks energy markets by announcing it is quitting Opec to free itself to ramp up production. However, energy minister Suhail Al Mazrouei tells CNBC that the country is committed to maintaining balanced oil markets.
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U.S. President Donald Trump voices displeasure at Iran’s proposal to postpone nuclear talks until after the conflict ends. Meanwhile, German Chancellor Friedrich Merz slams U.S. strategic aims in Iran. Swiss pharma giant Novartis misses quarterly sales targets, blaming generic drugs for its double-digit fall in operating profit. We hear from former NATO Secretary-General and currently Norwegian finance minister Jens Stoltenberg who says that while rising oil prices may have boosted his country’s coffers, other sectors of the economy may suffer from falling exports.
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President Trump says Iran can pick up the phone after cancelling his envoys’ negotiation trip to Pakistan. Axios reports Tehran is to table a new proposal to end the conflict and reopen the Strait of Hormuz should nuclear discussions be postponed. A gunman rushes a checkpoint at the Washington Hilton hosting the White House Correspondents’ Association dinner, raising criticisms of President Trump’s security arrangements. European futures are sanguine ahead of what’s set to be a full week of blue chip earnings as well as five of the Mag Seven companies. Rate decisions from the Fed, BoJ, ECB and BoE will also be in focus later this week.
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U.S. President Donald Trump hails a three-week ceasefire extension between Israel and Lebanon and that he is willing to wait until an appropriate deal is reached with Iran in order to re-open the Strait of Hormuz. EU leaders meet at an informal summit in Cyprus for a second day with the Gulf crisis, energy security and the bloc’s budget top of the agenda. Leaders also celebrated agreement on Ukraine’s €90bn loan. Siemens Energy hikes guidance while software giant SAP notches a Q1 beat but warned that cloud growth was dependent on geo-political events in the Middle East.
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