Squawk Box Europe Express

Millions of Americans head to the polls today in the biggest referendum on President Trump's second term as Republicans fight to maintain control of both the House and Senate. Elsewhere, Iran says it's prepared to respond forcefully after reports of a US strike on Qeshm Island, pushing crude prices higher. And Apple shares slide in extended trade as "unprecedented" memory chip prices put a squeeze on margins.
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The AI sell-off eases - US futures try to claw back after a brutal week for tech stocks sees more than 2 trillion dollars wiped off the Nasdaq. Elsewhere, Ryanair reports a 6 percent drop in quarterly profit and CEO Michael O'Leary tells CNBC passengers face higher airfares next year. Meanwhile, oil prices extend declines as Iranian officials continue talks in Doha, but Goldman Sachs warns Brent could surge to 140 dollars a barrel by next year. And the countdown is on - Democrats make their final push ahead of the midterms, hoping to flip the House and Senate this week.
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Nasdaq futures plunge as Alphabet's half a trillion dollar wipe out rips through the sector... And Intel shares look set to follow suit, eyeing a 20 percent drop at the open. Elsewhere, Binance suspends withdrawals after suspected state-backed hackers infiltrate a corporate laptop, draining 6-point-3 billion dollars in the largest digital asset heist on record. And, BP third quarter net income blows past expectations, coming in at almost 8-and-a-half billion dollars. The oil major says it will use the excess cashflow to address the remaining Deepwater Horizon liabilities in full.
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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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