Squawk Box Europe Express

UBS posts a better-than-expected Q4 net loss of $279m. U.S. markets are in the red as the 2-years Treasury yield reaches a one-month high as strong services numbers pushes back expectations of an early Fed rate cut. In China, authorities move to mitigate a slump in the stock market helping both the Hong Kong and Shenzhen indices up. In pharma news, Novartis buys up cancer treatment firm MorphoSys while Novo Nordisk snaps up a key manufacturing sub-contractor for its obesity drug WeGovy. BoE chief economist Huw Pill says it is a matter of when, not if, the central bank moves to cut rates after retail sales slow in January.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.