Squawk Box Europe Express

The world’s largest brewer, AB InBev posts record FY revenue but overall volumes fall. Washington and Kyiv are reportedly set to sign an agreement over critical mineral resources in Ukraine in exchange for yet unspecified U.S. support measures. President Donald Trump has seemingly confirmed that Ukrainian President Volodomyr Zelenskyy will travel to Washington to sign the deal later this week. Tesla’s market cap slumps below $1tn as nearly all post-U.S. election stock gains have been cancelled out by a 25 per cent drop in share value. In Germany, Chancellor-in-waiting Friedrich Merz has said he will not tweak the country’s strict debt brake rules. We hear from Bundesbank president Joachim Nagel who says it is important to remain flexible. And the IIF warns that global debt levels have reached $318tn in 2024.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

President Trump has promised to launch sweeping tariffs on neighbours Canada and Mexico starting next week. JPMorgan boss Jaimie Dimon tells CNBC that most U.S. businesses will largely be unaffected. The U.S. 2- and 10-year Treasuries fall to their lowest point this year so far ahead of Friday’s PCE print. Markets remain jittery about stubborn inflation. In Germany, Chancellor-in-waiting Friedrich Merz considers tweaking the country’s debt rules as he seeks to form a coalition government. We speak to top union negotiator for IG Metall and Volkswagen, Thorsten Groger, who says a centrist coalition is vital to safeguard jobs. Tesla sees new car registrations slump by more than 50 per cent in Europe, this despite January showing an uptick for the EV sector.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Three years on from Russia's full-scale invasion of Ukraine and the conflict continues, both at home and abroad now with splintering support and a new US administration threatening to upend progress...So is this finally Europe's "wake-up" call?Can it still count on the United States for support?And is the continent actually ready to step up and provide its own collective defence?We pose those questions and more to Dmytro Kuleba - he spent four years working in President Zelenskyy’s administration as Minister for Foreign Affairs, and played a key role in international negotiations, until his resignation in September 2024See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Friedrich Merz is to become Germany’s next chancellor with the CDU taking 28.6% of the vote. The outgoing SPD crashed to its worst defeat in more than a century. The AfD doubles its votes to come in second and maintains it could still work in a coalition despite the German ‘firewall’ strategy. The hopes of German political stability boosts the euro. And on the three-year anniversary of Russia’s full-scale invasion of Ukraine, President Volodomyr Zelenskyy says he would be willing to step down if the country received NATO membership.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Standard Chartered announces it is launching a $1.5bn share buyback after missing Q4 bottom line expectations. The U.S. administration has reportedly refused to call Russia an ‘aggressor’ in a key communiqué following a week of difficult exchanges between U.S. President Donald Trump and Ukrainian President Volodomyr Zelenskyy. We speak exclusively to former Ukrainian foreign minister Dmytro Kuleba who says Trump is only focused on the United States. Alibaba shares surge after the Chinese e-commerce giant announces ‘aggressive’ investment in A.I. and reports its fastest revenue growth in a year. In Germany, campaigning is coming to a close ahead of this Sunday’s elections. The CDU’s frontrunner candidate Friedrich Merz says that Europe’s future is on the line.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Asian equities are in the red following a unsettled session on Wall Street as the Federal Reserve waits on more information about President Trump’s policies and the inflation forecast before moving to cut rates once more. President Trump slams Ukrainian President Volodomyr Zelenskyy, accusing him of duping the previous U.S. administration and of misusing military funds sent to the country. In aviation news, Airbus scores a quarterly net profit beat and ups its FY delivery target despite lingering supply chain concerns. Germany’s two main candidates square off in the last debate before Sunday’s election. Polls put CDU leader Friedrich Merz in a strong position to become Chancellor.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

President Trump is eyeing increased tariffs of 25 per cent on imports of cars, drugs and semi-conductors and he announced he would provide further details in April. Ukraine peace talks between the U.S. and Russia end in Riyadh with both sides pledging increased cooperation. President Trump slams Ukrainian President Volodomyr Zelenskyy’s call to be included in negotiations. In banking news, Europe’s largest lender HSBC announces cost cuts of $1.8bn over the next two years as well as a new $2bn buyback. The RBNZ slashes rates by 50bps for the third consecutive time in an attempt to resuscitate growth.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

European allies are divided over a potential peace-keeping mission to Ukraine as U.S. and Russian officials meet in Saudi Arabia to discuss ending the conflict. We hear from French finance minister Eric Lombard who challenges Brussels to “get its act together” in the face of the new Trump administration. In Hong Kong, Chinese tech stocks continue their bullish run nudging the Hang Seng Tech Index to a three-year high. And in Germany, the top candidates for Chancellor are grilled in a town hall ahead of this weekends election. Investor Ann-Kristin Achleitner tells CNBC that the country’s business sector lacks ambition.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The U.S. is set for Ukraine peace talks with Russia while President Macron calls for an emergency summit of European powers in Paris. We hear from the German Foreign Minister Annalena Baerbock at the Munich Security Conference who says the West must step up to the plate and demonstrate unity on the war in Ukraine. Her comments follow U.S. Vice President JD Vance’s speech on the ‘retreat’ of European values at the MSC on Friday. In Germany, all four main candidates vying to become the next Chancellor clash in a heated televised debate. Friedrich Merz’s CDU leads the polls at around 30 per cent with the AfD in second on 20 per cent. And in tech news, Tencent shares surge on the news it is looking to integrate the Chinese AI firm DeepSeek model into one if its main apps.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

President Donald Trump has announced he is launching reciprocal tariffs against all U.S. trading partners which would be calculated on a country-by-country basis and would take both tariff and non-tariff barriers into account. U.S. markets have so far shrugged off the latest tariff threats while wholesale inflation shows signs of slowing. Europe’s largest lender, HSBC, is due to announce a new round of global job cuts which could amount to $1.5bn. Meanwhile, Santander denies reports of a potential sale of its UK retail arm to Natwest. And Italian luxury brand Moncler posts a robust top and bottom line quarterly beat, driven by strong demand in China.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Elon Musk has urged the U.S. government to scrap entire agencies to save up to $1tn as part of his DOGE bureaucracy revision. Markets are spooked after a hotter-than-expected U.S. inflation print with the 10-year Treasury yield nudging past 4.6 per cent. We hear from billionaire investor Ray Dalio who says he is concerned over inflated asset prices coupled with the threat of rising rates. President Trump has announced he held a lengthy phone conversation with Russian President Vladimir Putin about beginning negotiations to end the war in Ukraine. Commerzbank posts record Q4 profits which have surged by 6 per cent to €11bn. Siemens beats revenue growth expectations in the first quarter despite a slump in orders at the company’s mobility unit.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

U.S. President Donald Trump orders government agencies to work with Elon Musk’s Department Of Government Efficiency to make cut-backs. Musk slams critics of the project and says the American electorate has voted for the reforms. We are live in Paris at the AI Action Summit where the U.S. and UK have refused to sign up to an official communiqué as differences over regulation and governance continue. U.S. Vice President J.D. Vance says Europe’s approach to the sector is “excessive”. On Capitol Hill, U.S. Federal Reserve Chairman Jerome Powell touts the strength of the U.S. economy but refuses to comment on President Trump’s trade policies. The UK’s OBR has warned Chancellor Rachel Reeves may have to break her own fiscal rules following a disappointing first draft forecast. And Deutsche Boerse posts a 25 per cent Q4 profit rise but warns of headwinds later this year due to lower interest rates.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-s

UniCredit posts a record-breaking year and its 16th straight quarter of growth, as net profit comes in just shy of 10 billion euros despite more than 1 billion in extraordinary charges. CNBC spoke exclusively to CEO Andrea Orcel on the company’s earnings and Italian banking consolidation. U.S. President Donald Trump signs off a 25% tariff on steel and aluminum imports – and warns of further trade levies in the coming weeks. Gold hits a fresh all-time high, settling its record for the fifth time this year as tariff tensions push investors to the safe haven asset. Meanwhile Sam Altman brushes off an unsolicited $100 billion bid from Elon Musk to buy OpenAi as the billionaires’ bitter rivalry takes a new turn. In Paris, President Emmanuel Macron pledges to roll back European red tape at the AI Action Summit, as the bloc battles to keep up with the U.S. and China.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

U.S. President Donald Trump adds a new front to his trade war, as he threatened 25% tariffs on all steel and aluminum imports, and promises further “reciprocal” levies in the coming days. Meanwhile Chinese retaliatory tariffs on around 14 billion dollars’ worth of U.S. goods take effect, while fresh data shows a pickup in consumer inflation in the world’s second largest economy. In Germany, Chancellor Olaf Scholz and election frontrunner Friedrich Merz go head-to-head in the first television debate – with the health of the economy dominating the conversation. Pressure mounts on BP as activist investor Elliot Management reportedly builds up a stake in the British energy producer. In France, President Emmanuel Macron pledges more than 100 billion euros worth of investment into AI, as top tech names descend on Paris for the AI Action Summit.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Amazon shares slip to the downside as the tech giant issues lower-than-expected guidance for the current quarter, but talks up its capex plans with spending to hit 100 billion dollars this year. Europe’s STOXX 600 closes at an all-time high, lifted by upbeat earnings as attention turns to today’s U.S. jobs report. Meanwhile, the Bank of England cuts by a quarter point, as it halves its growth forecast for the year, and flags fresh concerns over the government’s fiscal plans. French cosmetics company L’Oreal misses quarterly sales forecasts, with revenue rising at the slowest pace since the pandemic amid weakness in China and North America.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Chip manufacturers Qualcomm and Arm both top Q4 expectations after the bell but A.I. capex concerns push shares down. The Nissan-Honda merger is reportedly in jeopardy as Nissan shareholders’ “growing differences” could now potentially lead to the $58bn deal being scrapped. Société Générale enjoys a doubling of Q4 profits helped by a rebound in its retail banking arm. The French lender’s FY revenue tops targets and is also promising a share buyback. France’s new government survives two no-confidence votes in the Assemblée Nationale which will now allow Prime Minister Francois Bayrou to pass the country’s delayed budget. And in the UK, the Bank of England is expected to cut interest rates by a quarter point as well as issue a potential growth forecast downgrade.   See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

U.S. President Trump hosts Israeli Prime Minister Benjamin Netanyahu at the White House and announces potential plans to ‘take over’ Gaza and redevelop the territory. Chinese markets re-open after a week-long holiday and trim gains after Beijing’s swift retaliation against U.S. tariff increases prompts investors to cut risks. In tech news, investors prove wary of Alphabet’s A.I. $75bn investment in the sector which has exceeded forecasts. And we are live in Copenhagen where Novo Nordisk are due to report FY results amid recent signs of shareholder anxiety.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

China retaliates against U.S. trade restrictions, slapping duties onto wide-ranging U.S. imports. President Trump agrees to suspend tariffs with Canada and Mexico for after Ottawa and Mexico City vowed to strengthen border security to stamp out illegal immigration and drug smuggling. Swiss lender UBS posts a $770m Q4 net profit beat and confirms its guidance. And there are also earnings due in from BNP Paribas, OMV and Infineon.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

President Trump triggers a trade war which sends the dollar soaring and pushed Asian equities into the red. Mexico and Canada are hit with 25 per cent while Chinese goods are subject to a 10 per cent surcharge on existing tariffs. Trump has threatened that the EU could be targeted next. Both Canada and Mexico have vowed to retaliate. In M&A news, Italy’s Unicredit has disclosed a new stake in the country’s largest insurer, Generali, but has denied any strategic interest behind the move. German lender Commerzbank posts a record FY pre-tax profits while fending off interest from Unicredit.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Apple shares soar more than 3 per cent in after-hours trade boosted by strong revenue from services. However, iPhone sales disappoint, dragged down by poor Chinese demand. Canadian and Mexican imports into the U.S. will be hit with 25 per cent tariffs from tomorrow but President Trump says he is still undecided whether the measures will affect oil. The ECB slashes euro interest rates by 25bps. It’s the central bank’s fifth cut of the cycle amid growing concerns about sluggish growth throughout the bloc. President Christine Lagarde says that a larger cut was not on the table. And two black boxes have been recovered from the Potomac River in Washington D.C. following Wednesday night’s fatal mid-air collision between a regional American Airlines jet and a military Black Hawk helicopter. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.