Squawk Box Europe Express

The U.S. and Iran exchange fire for a second day with President Trump threatening to increase the intensity of airstrikes. Kuwait and Bahrain suffer retaliatory attacks on U.S. bases while Qatar upgrades its security alertness. Speaking at the NATO summit, President Trump tells CNBC the conflict will not escalate into all-out war, insisting Washington’s objective is to prevent Tehran obtaining a nuclear weapon. Despite Trump’s declaration the MOU with Iran is over, markets remain sanguine. However, Brent nudges closer towards the $80-mark.
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The U.S. targets Iran with fresh airstrikes and revokes its license to sell crude oil after attacks tankers in the Strait of Hormuz. In response, Iran fires missiles at U.S. bases in Bahrain and Kuwait. We are live at the NATO summit in Ankara where President Trump again raises the Greenland question and threatens to pull all troops out of Europe over allies’ defence spending. However, NATO Secretary-General Mark Rutte tells CNBC Trump’s pressure on alliance members over funding has delivered big results. European leaders concur that spending into the bloc must be increased as the war in the Gulf has left the alliance on high alert while the Ukraine conflict nears a pivotal moment.
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We are live in Ankara where NATO leaders are gathering for the bloc’s annual summit. The focus is again on the U.S. commitment and allies’ increased spending. Secretary General Marc Rutte insists there is unity and coordination from all members. The U.S. Ambassador to NATO Matthew Whitaker tells CNBC Washington does want the organisation to succeed but allies’ defence spending must ‘keep pace’. Stellar preliminary earnings from Samsung send jitters through Asian markets, causing a circuit-breaker on South Korea’s KOSPI as investors sell off.
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Crude prices are stable following last week’s drop below pre-Iran war levels, as Opec+ nations agree to increase production. ECB Governing Council Member and Central Bank of Ireland Governor Gabriel Makhlouf tells CNBC fall in prices will not be felt though any relief inflation just yet. Speaking to CNBC at the Rencontres Économiques d’Aix-en-Provence, EU Industry Commissioner Stéphane Séjourné insisted the bloc must defend its strategic interests in the face of growing geo-political threats. EasyJet has reached an ‘agreement in principle’ with U.S. investment company Castlelake which is set to acquire the UK budget airline in a deal worth an estimated $5.5bn.
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President Trump sits down for an exclusive interview with out colleagues Stateside and defends the conflict in Iran, accusing Tehran of exploiting prior administrations over the past 47 years. Trump also said markets backed his intervention. U.S. jobs growth slowed in June with just 57, 000 non-farm positions added. U.S. and European markets have now downgraded expectations of a rate hike. Europe’s Stoxx 600 notches a fresh record high and futures also remain in the green for the end of the week.
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