Squawk Box Europe Express

Millions of Americans head to the polls today in the biggest referendum on President Trump's second term as Republicans fight to maintain control of both the House and Senate. Elsewhere, Iran says it's prepared to respond forcefully after reports of a US strike on Qeshm Island, pushing crude prices higher. And Apple shares slide in extended trade as "unprecedented" memory chip prices put a squeeze on margins.

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The AI sell-off eases - US futures try to claw back after a brutal week for tech stocks sees more than 2 trillion dollars wiped off the Nasdaq. Elsewhere, Ryanair reports a 6 percent drop in quarterly profit and CEO Michael O'Leary tells CNBC passengers face higher airfares next year. Meanwhile, oil prices extend declines as Iranian officials continue talks in Doha, but Goldman Sachs warns Brent could surge to 140 dollars a barrel by next year. And the countdown is on - Democrats make their final push ahead of the midterms, hoping to flip the House and Senate this week.

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Nasdaq futures plunge as Alphabet's half a trillion dollar wipe out rips through the sector... And Intel shares look set to follow suit, eyeing a 20 percent drop at the open. Elsewhere, Binance suspends withdrawals after suspected state-backed hackers infiltrate a corporate laptop, draining 6-point-3 billion dollars in the largest digital asset heist on record. And, BP third quarter net income blows past expectations, coming in at almost 8-and-a-half billion dollars. The oil major says it will use the excess cashflow to address the remaining Deepwater Horizon liabilities in full.

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Alphabet shares tumble as an AI-driven spending spree rips a hole in the company's free cash flow - with the CFO flagging a significant capex increase to come next year too. Elsewhere, short-term yields fall as the Fed hits pause, despite a hawkish warning on inflation from Chairman Kevin Warsh. Over to the U.K. - Chancellor Healey leans on banks, property owners, and savers to fund a modest cost-of-living budget, though the OBR warns of a 'pretty grim' picture as household disposable income looks set to decline once again. And, Airbus maintains its full year guidance despite a 9 percent profit drop as supply chain challenges persist. CFO Thomas Toepfer strikes an optimistic tone, telling CNBC he's confident deliveries will rebound.

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Europe's banks lead the earnings charge with a standout performance from Stanchart; UBS meets expectations, but CEO Sergio Ermotti sounds the alarm over tougher capital requirements. Elsewhere, South Korean chip giant SK Hynix posts record quarterly revenues and a massive seven-fold profit surge. Over to Israel - it's too close to call in the country's parliamentary elections, with Netanyahu rejecting any potential coalition backed by Arab parties. And, we look ahead to U.K. Chancellor Healey's first fiscal budget later today.

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Anthropic files to go public in one of the most hotly anticipated IPOs of all-time, but it's not without controversy as the Claude-maker warn of an 'existential threat to humanity.' Elsewhere, Novartis narrowly misses net sales estimates but ups its guidance thanks to strong demand for its key cancer and multiple sclerosis drugs. And HSBC shares are under pressure despite a sharp jump in quarterly profit, as a slowdown in its wealth management arm disappoints investors.

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

US stock futures try to claw back from last week's tech rout as traders eye a big week of central bank action. Elsewhere, Lula da Silva pulls off a dramatic comeback in Brazil -- winning a historic fourth term and defeating his far-right challenger, Flávio Bolsonaro, who refuses to concede. And President Trump reveals Audi is building a 4-billion dollar plant in the US - as it cuts thousands of jobs in Germany.

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The tech sell-off deepens, with Meta's 7 percent slide fueling fresh fears over spending, and sending the Nasdaq for its worst day since June. That's led to a major flight to safety, as investors pour back into bonds. And Kering's turnaround faces another test after third-quarter sales at flagship Gucci take a hit - sending U.S. listed shares down 12%.

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Global equity markets take a sharp risk-off turn as investors continue to question AI spending and higher yields. Overnight, Meta's third-quarter revenue beats expectations with annual capex set to top at $145 billion, but Tesla shares are lower after hours despite higher gross margins as the company plans to scale back its own capital spending plans. In Europe, Nestlé beats expectations for third-quarter organic sales, we'll speak exclusively to CEO Philipp Navratil as a part of our Super Thursday of earnings, including the CEO of Barclays. And, Nvidia CEO Jensen Huang takes the stage in Berlin, urging Europe to produce AI, not just consume it - as he wraps up his tour with a flurry of new deals and investment pledges.

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Elon Musk hints at merging his two companies, Tesla and SpaceX, in the biggest corporate tie-up of all time, as SpaceX shares blast off in after hours trade on a 160-percent Q3 revenue jump, with AI-related sales surging almost 10-fold. Nvidia CEO Jensen Huang takes centre stage at the company’s GTC conference in Berlin today, as mounting concerns over AI spending and debt rattle investors. Despite those risks, SpaceX lifts the Nasdaq pre-market, with Europe also called higher, as Adidas raises its outlook on the back of a record third quarter operating profit. And U.S. envoy Steve Witkoff heads to St Petersburg to meet Vladimir Putin - reportedly with an updated Ukraine peace proposal... as the Wall Street Journal reports Elon Musk was behind the decision to restrict Ukraine's access to Starlink.

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Tech stocks rebound on Wall Street as investors rush back into semiconductors and megacaps. But that resilience faces an immediate gut check with heavyweight earnings from Meta, Tesla, SpaceX, and Netflix ahead. Meanwhile, Asian markets buck the trend as heavy selling pressure hits AI and tech shares - pushing South Korea's Kospi into a bear market, while data center provider Elice craters on its trading debut. In Europe, geopolitical and economic anxiety is mounting. France imposes curfews and restricts public gatherings in major cities amid severe civil unrest. Wary investors seek safety, driving the French-German 10-year bond spread to nearly 150 basis points. Meanwhile, diplomatic efforts to end the Russia-Ukraine war are intensifying. Ukrainian President Volodymyr Zelenskyy is slated to meet U.S. envoys Steve Witkoff and Jared Kushner for peace talks in Norway today - while President Trump signals an openness to holding direct talks with Vladimir Putin and Xi Jinping to negotiate an end to the war.

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The Nasdaq looks set to open higher following its sharpest weekly drop since June, as Wall Street debates the sustainability of AI debt financing. Meanwhile, France reels from violent weekend protests that injured 1,000 and resulted in almost 2,500 arrests, prompting President Macron to warn that next year's election holds historic consequences. And, in geopolitics, Washington restores intelligence sharing with Ukraine, even as President Trump waives select Russian sanctions ahead of a rumoured trilateral summit with Vladimir Putin and Xi Jinping.

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Fed Chairman Kevin Warsh lauds the resilience of the global economy but refuses to give any hint on the rate path ahead. President Trump reportedly considers easing restrictions on so-called shadow fleets with ties to Russia and Iran, testing how far Washington’s rapprochement with Moscow will strain ties with Europe. Elsewhere, LVMH's Antoine Arnault pushes back against suggestions luxury names are in trouble, telling CNBC the sector is just in a difficult phase. And Tesla unveils its next-generation Roadster, using SpaceX technology that allows it to hover and drive upside down.

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

AI jitters roil markets, pulling tech stocks lower stateside, sparking a sell-off across Asian equities. U.S. inflation comes in hotter-than-expected, with a surge in energy prices accounting for half the rise. Elsewhere, Anthropic tells investors revenue hit almost 17 billion dollars in the third quarter as it lines up for a blockbuster IPO. And U.K. GDP in August comes in at 2.1% - growing at its fastest annual pace in almost 4 years.

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

ASML tops third quarter profit forecasts - Europe's largest company flagging order interest through to 2030 as it looks to boost capacity. Elsewhere, ECB President Christine Lagarde essentially rules out intervention by the central bank in France, telling Paris it will have to manage its own debt pile as thousands take to the streets in school protests. And, U.S. regulators hit Bank of America with a fine of more than 1.2 billion dollars, accusing the lender of breaking anti-money laundering and sanctions laws.

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Tech stocks sell off across Asia, with trade on South Korea's Kospi briefly halted following a fall in U.S. chip names. Elsewhere, the IMF hikes it outlook for global growth this year, as the AI investment boom offsets the impact of surging energy. Meanwhile, Ukraine accuses Russia of continuing to strike energy infrastructure, just a day after President Trump announces his 'energy ceasefire'. And it's more gloom for the luxury sector - LVMH misses third quarter sales forecasts as a slump in China hits flagship brands Louis Vuitton and Dior.

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Crude prices slip as President Trump claims an “energy ceasefire” between Russia and Ukraine days after announcing a controversial diesel deal with Moscow. The U.S. President has also said he's considering joining Saudi Arabia in its fight against the Iran-backed Houthis following strikes on Riyadh's main airport which killed 13 people. Elsewhere in markets, US and European futures point to gains at the open, in a week set to be dominated by bank earnings. And, China and the EU hold "intensive" talks on the auto trade amid concerns over market dumping.

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

CNBC confirms that OpenAI told investors its annualised revenue came in roughly $20 billion below that expected at the end of September, with the news pushing AI names including Nvidia, Oracle and Coreweave deep into the red. Meanwhile, Ray Dalio tells us the stock market's cushion against rising yields is shrinking - even amid expected strength in corporate earnings - warning there are not enough investors to meet funding requirements. And President Trump promises not to attack Iran until after November's mid-term elections, saying productive discussions are ongoing - despite Houthi rebels targeting Saudi airports, killing three and forcing hundreds of flights to be cancelled.

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The global bond rout eases as the latest Fed minutes dial back the odds of a rate hike this month - shifting expectations to December instead - while Wednesday's successful 10-year Treasury auction draws solid demand, bringing the yield down from a 24-year high. Meanwhile, France braces for further student protests today as Prime Minister Sébastien Lecornu admits anger over school conditions is not unprovoked, while he also moves to cap next year's public deficit at 5% to ease debt spiral fears. And, EU Trade Commissioner Maroš Šefčovič touches down in China for two days of trade talks, with Brussels eyeing a cap on hybrid car imports as the bloc’s trade deficit with Beijing balloons to more than €1 billion a day.

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The S&P 500 shatters records to close above 7,800 points for the first time, propelled by a massive tech rally is masking a broader market sell-off. Beneath the surface, trouble is brewing. We dive into the bond market volatility pushing the 10-year Treasury yield back past 5.3% and unpack UBS CEO Sergio Ermotti’s urgent warning about France's debt crisis. Plus, we look at Mistral AI’s bold new model, "Le Chonk," and the Houthi attacks that have Brent crude surging back over $100 a barrel.

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.