Squawk Box Europe Express

The global tech sell-off continues with U.S. memory and A.I. related companies firmly in the red as investors reassess the A.I. boom. Micron is set to deliver its results later today. Strait of Hormuz traffic returns to its highest level since the start of the conflict in late February and U.S. President Donald Trump accuses oil companies of not lowering gas pump prices in line with falling crude. Secretary of State Marco Rubio lands in the UAE to reassure Arab allies since the Iran deal signing. Bank of America forecasts a triple hike from the Federal Reserve this year – up from its previous guidance of no hikes in 2026. It has slammed the central bank of its ‘unambiguously worse’ problem with inflation.
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Britain will have a seventh prime minister in a decade following yesterday’s resignation by Sir Keir Starmer. Newly elected Makerfield MP Andy Burnham could be handed the keys to No.10 in less than a month time should no challenger step forward. SpaceX sheds almost half a trillion dollars of its market cap in Monday’s session with further sell-offs seen among other tech mega-caps. South Korea’s KOSPI triggers circuit breakers during the Asian session with Wall Street braced for more tech losses today. U.S. Vice President JD Vance hails peace talks with Iran in Switzerland as Washington waives sanctions on Iranian oil exports for 60 days. However, Tehran disputes claims it will be providing international nuclear inspectors access to its operations.
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Peace talks between the U.S. and Iran conclude in Switzerland for the time being with an agreement to reach a final deal within 60 days. The talks had been hampered by President Trump’s renewed threats to strike Iran and Tehran’s resealing of the Strait of Hormuz. Crude prices tumble following Iran’s announcement it would be resuming oil and petrochemical exports. Asian equities bounce on the news, led by Japan’s Nikkei index. Under-pressure UK Prime Minister Keir Starmer could announce his resignation as early as today with increasing numbers of Labour MPs calling for him to quit.
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Andy Burnham wins the Makerfield by-election, returning him to Parliament and setting up a leadership challenge against U.K. Prime Minister Keir Starmer. In geopolitics, U.S.-Iran talks today are called off after U.S. Vice President JD Vance cancels his trip to Switzerland, as the administration hits back at criticism of the deal from both sides of the aisle. Meanwhile, OPEC welcomes an interim agreement between the U.S. and Iran, pushing back on forecasts of a supply glut following the conflict. Secretary General Haitham Al Ghais tells CNBC exclusively that OPEC still has the power to manage the market.
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The U.S. and Iran both sign their MOU for their peace framework. Crude prices tumble with hopes growing that the Strait of Hormuz will now re-open. President Trump warns the U.S. will reserve the right to retaliate should Tehran violate the deal. The Federal Reserve holds rates steady during Kevin Warsh’s first decision as chairman of the central bank, but officials say hikes loom later in the year. Warsh said his key concern is to bring inflation back to its 2 per cent target. The CEOs of Anthropic, Google and DeepMind have led calls for a U.S.-led AI coalition for the sector. Tech executives and world leaders have convened at the G7 summit in Evian, France where French President Emmanuel Macron warned against nationalistic policies within the sector.
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