Squawk Box Europe Express

U.S. Treasury Secretary Scott Bessent downplays concerns as the global bond sell-off deepens with the U.S. 10-year treasury yield hitting a 20-month high. The G20 summit in North Carolina leaves European officials astonished at the Russian Finance Minister’s attendance, but Bessent says there will be no sanction relief until the war in Ukraine is over. Shein struggles in its Hong Kong IPO, as the valuation of the fast-fashion giant falls by some three-quarters since its private market peak in 2022.
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Markets await U.S. Federal Reserve Chairman Kevin Warsh’s debut keynote speech at the Jackon Hole Symposium later today. We hear from Cleveland and Kansas City Fed presidents Jeff Schmid and Beth Hammack about their concerns regarding U.S. consumer inflation and the interest rate path. Nvidia notches the second-largest market cap move on record – almost $500bn on the Nasdaq – pushing its share price up by almost 9 per cent following stellar quarterly results. Prospective presidential candidates in France clash in the election cycle’s first debate with the centrist parties trailing both sides of the political spectrum.
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Nvidia posts another quarterly earnings beat, predicting a 70 per cent surge in sales growth for 2027 and shrugs off concerns over circular financing. CEO Jensen Huang tells CNBC, A.I. growth is accelerating and finally becoming productive. CNBC hears from sources that Anthropic has struck a $45bn cloud deal with Nscale while there are reports Nvidia is set to take over Hugging Face who’s platform was briefly hacked by OpenAI’s rogue agent several weeks ago. As global bond market volatility continues, all focus turns to Jackson Hole, Wyoming where U.S. Federal Reserve Chairman Kevin Warsh will deliver his debut keynote speech to the symposium later today.
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Nvidia earnings are in focus as the AI giant hopes to prove the bears wrong about its $500bn AI financing push. There are expectations of a 100 per cent quarterly surge for the company. OpenAI’s chief of data centres, Chris Malone, has quit the company to become the third high-profile departure this month as IPO speculations abounds. Canada imposes tariffs on up $20bn of U.S. goods, escalating the trade war between the two neighbours.
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U.S. Treasury Secretary Scott Bessent has warned of secondary sanctions on any third parties attempting business with the Islamic regime, including China. Bessent also insists the Treasury’s auction schedule would continue apace even amid the department’s buybacks. Germany’s finance minister Lars Klingbeil has blamed the global spike in bond yields on the conflict in the Gulf. In crypto news, Bitcoin surges past $80,000 for the first time since mid-May on the back of increased inflows of spot Bitcoin ETFs.
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