Squawk Box Europe Express

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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The U.S.-Iran peace deal falters over the weekend but a U.S. official tells CNBC hostilities have abated with talks set to resume in Doha tomorrow. European and U.S. futures are up on de-escalation hopes but crude prices hover around the $70 per barrel mark. In autos news, Volkswagen announces it will cut 100,000 jobs. We hear from the CEO of Germany’s state-owned bank KfW Stefan Wintels who says the country is undergoing an industrial transformation. And in the UK, prime minister-designate Andy Burnham is to outline his economic outlook in Manchester today with devolution and a restructuring of Westminster to be top of the agenda.
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European equities end the week as Asian markets continue to sell off sharply. Apple and Microsoft announce price rises as the A.I. race constrains chip supplies and prompts concern over higher inflation. The UN’s International Maritime Organisation suspends vessel escort operations through the Strait of Hormuz following an attack on a container ship in the Gulf of Oman. U.S. officials have blamed Iran as the peace deal comes under early pressure. Following the resignation of UK Prime Minister Sir Keir Starmer, we hear from UK opposition party leaders who cast doubt on whether a potential Burnham-led government can turn around the country’s economic fortunes.
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Equities in Asia are boosted by the chip sector through positive earnings from Micron and SK Hynix’s announcement it plans a $30bn listing on the Nasdaq. Brent dips to levels last seen before the conflict in the Gulf as the Strait of Hormuz reopens. Futures indicate the world may soon be facing an oil glut. UK Prime Minister in waiting Andy Burnham is reportedly planning an overhaul of No.10 and the Treasury as part of his economic reform agenda. He is also seeking to overhaul the Bank of England’s mandate to push more demand on growth.
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