Squawk Box Europe Express

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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New Federal Reserve Chairman Kevin Warsh speaks to CNBC at the ECB Forum in Sintra that the U.S. central bank will be looking at overhauling how it conducts monetary policy but insists that bringing down inflation will be his primary objective. OpenAI has reportedly hinted it may give a 5 per cent to the U.S. government in a bid to curry favour with the White House. Oil slumps to four-month lows after negotiators claim indirect U.S.-Iran talks have progressed well in Doha. Further talks may proceed as early as next week. And we are live at Canary Wharf with Squawk On The Road. We hear from Canary Wharf CEO Shobi Khan tells CNBC that despite global turmoil and presumptive Prime Minister Andy Burnham’s plans to shake up Westminster, London still remains a haven of stability for business.
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Europe and Wall Street notch their best quarter since 2020 with tech and A.I. stocks leading the gains. The energy sector continues to suffer amid Middle East uncertainty. The euro zone’s largest economies see June inflation slowing but Bank of England governor Andrew Bailey tells CNBC he is frustrated the conflict with Iran is still keeping prices high. We are live at the ECB Forum in Sintra hosting a headline panel. New Federal Reserve Chairman Kevin Warsh is due to speak as well. U.S. peace envoys Jared Kushner and Steve Witkoff arrive in Doha for negotiations but direct talks with Iran remain off the agenda for now. Meanwhile, Tehran says it is selling oil with a 20 per cent mark-up following the reopening of the Strait of Hormuz.
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We are live at the Sintra Forum where ECB President Christine Lagarde has backed the central bank’s decision to hike rates in June as necessary to rein in inflation. However, Lagarde insists ‘unconventional instruments’ are no longer needed since the last inflation shock. The U.S. Supreme Court has ruled that President Trump does not currently have the power to remove Federal Reserve governor Lisa Cook over allegations of mortgage fraud but could be granted them in the future. The U.S. and Iran present mixed messages ahead of peace talks in Doha. President Trump has reiterated his claim that the war has been won.
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