Intel shares nosedive in after-hours trading as the U.S. chip maker issues disappointing Q3 guidance and postpones the launch of its next generation product. The S&P 500 breaks a four-day winning streak as big tech stocks sell off. Apple shares weigh particularly heavily as the Iphone maker faces an investigation into potential breaches of consumer protection laws. In Washington, the virus stimulus bill has been delayed until next week. Wrangling over unemployment insurance and direct cash payments have forced the stalemate between the Senate and the White House. Chinese assets are in the red as Beijing retaliates against the U.S. closure of its Houston mission by shutting down its counterpart in Chengdu. U.S. Secretary of State Mike Pompeo has slammed the Chinese Communist Party over alleged spying. He said the West’s tolerance of Chinese interference had created ‘a Frankenstein’.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Big tech dominates overnight trade…Microsoft shares tumble in after-hours trading as investors ignore the forecast-beating Q2 numbers and focus on the slowing growth of the software giant’s Azure unit, as the cloud business sees revenue growth dip below 50 per cent. Tesla posts a profit for the fourth consecutive quarter, countering factory shutdowns during lockdown with strong orders and cost cuts. The full year of profitability means the electric carmaker is now eligible to be listed on the S&P 500. Earnings are also front and centre in Europe. Swiss pharma group Roche sees profits and sales fall in the first half, but says a turnaround has already begun. German car giant Daimler’s sales plunge in the second quarter, amid a severe downturn in the autos market due to the pandemic. A potential Covid-19 vaccine deal and progress in virus stimulus bill talks in Congress push the Dow Jones above the 27,000-point level for the first time since June. However, Asian markets are down on news that President Trump may shut more Chinese missions following his order to close the Houston consulate over spying allegations.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

A change in tone…President Trump warns that the Coronavirus outbreak will get worse before getting better as the U.S. logs more than 1,000 daily deaths for the first time in more than a month. U.S. stocks dip on the warning, taking down the Nasdaq as well after it hit another record high while precious metals rally with gold reaching a peak not seen since 2011. On a visit to the UK, U.S. Secretary of State Mike Pompeo urges the world to stand up to China over its response to the Covid-19 pandemic as the DoJ says that Chinese hackers have attempted to steal vaccine research. And Snap shares tumble in after-hours trading as user growth slows and losses deepen.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Breakthrough in Brussels …EU leaders finally agree on a €750bn record virus recovery plan and a budget for the bloc after marathon five-day negotiations. The so-called ‘Frugal Four’ were swayed by increased rebates and a lowered €390bn in grants for the hardest-hit countries. Swiss lender UBS posts a higher-than-expected Q2 net profit, despite taking a hit in corporate and consumer lending. The bank expects credit loss expenses to be lower in the third quarter as market activity picks up. US indices are buoyed by a return from Big Tech stocks which add $290bn in market value. Amazon has its best day in two years, pushing the Nasdaq up by 2 per cent. And IBM shares also rally after the computer giant beats estimates for the second quarter on strong cloud performance.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Deadlock in Brussels…EU leaders fail to agree on the bloc’s virus recovery fund following three days of negotiations. The so-called ‘Frugal Four’ nations are insisting that grants handed to the worst affected countries should be reduced. The lack of resolve tempers broader Asian gains but the Shanghai Composite manages to move 2 per cent higher, as the Chinese central bank keeps its lending rate steady. A sharp drop in Japanese exports also weighs on broader sentiment in Asia. The WHO reports a record single-day increase in global virus cases with Florida logging a fifth day of more than 10,000 infections.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The Last Dance for growth… Netflix shares dive in extended trade despite the streaming giant adding more than 10m new subscribers in Q2. However, it warned growth would slow down to its weakest level in years as lockdown restrictions are eased. Moscow rejects U.S., UK and Canadian claims that a Russian hacker group has launched a comprehensive cyber-attack in an attempt to steal Covid-19 vaccine research. EU leaders attend their first physical summit in Brussels since the virus outbreak, hoping to approve the bloc’s €750bn recovery fund. And in auto news, Daimler is forced to suspend production of its saloon cars in the U.S. and Mexico as its speeds up cost-cutting and suffers a €1.7bn operating loss in the second quarter.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Bouncing back…Chinese GDP rises by 3.2 per cent from the first quarter, topping expectations. However, Asian equities remain in the red. Dozens of high-profile Twitter users’ accounts are hacked in a digital currency scam causing the platform’s shares to sink more than 3 per cent in extended trades. In energy news, Opec + agrees to unwind its record output cuts in supply. Resulting declines are tempered by the news that U.S. inventories are beginning to draw down. And shares in China’s SMIC chip maker soar by 240 per cent during its debut trade listing on the Shanghai STAR market.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Vaccine hopes. US. futures rally after a study shows Moderna’s COVID drug produces antibodies, with the biotech company saying all 45 participating people showed a “robust immune response” in the latest trial. The overnight market gains come after underperforming cyclicals and oil stocks lead U.S. averages higher, while big tech lags for a change. The biggest U.S. banks report earnings for the second quarter. Trading revenues surge, helping JP Morgan outperform, but ballooning loan-loss provisions weigh on results, dragging Wells Fargo to its first quarterly loss since the financial crisis. JPMorgan CEO Jamie Dimon warns the future path remains “murky.” Chinese markets trade in the red after President Trump signs an executive order suspending Hong Kong’s preferential status due to Beijing’s passing of a controversial security law.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Wild swings on Wall Street… The Nasdaq closes sharply lower despite earlier positivity around approval of Pfizer and Biontech's 'fast-track' vaccine candidate. JPMorgan, Citi and Wells Fargo kick off earnings season amid concerns that banks will have to set aside more money to weather the virus crisis. In China, June imports and exports surprise to the upside with the economy reaping the benefits of both domestic and international lockdowns being lifted. However, Hong Kong rolls back on easing restrictions following a spike in cases across the territory. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Risk-on appetite continues despite another record increase in global Coronavirus infections. U.S. case numbers alone rise to 3.3mn. The White House announces it will levy 25 per cent tariffs on French cosmetics and accessories if it fails to back down on its digital tax plan, but gives Paris 180 days to change its stance. In energy news, oil prices are under pressure on news that Opec+ could reverse their agreed record output cuts following an improvement in demand. And U.S. automaker Tesla decides to slash the cost of its recently released Model Y by $3,000 – this, despite the SUV earning the company its first profit in 17 years.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Wall street divergence... The Nasdaq hits another record high as investors continue to bet on big tech stocks. The Dow and the S&P 500, however, slip into the red following a volatile session. The U.S. government sanctions top-ranking Chinese officials over allegations of human rights abuses against Uighur Muslims sending Chinese stocks lower, while Chinese banks brace for more restrictions from Washington following the introduction of Beijing’s controversial security law on Hong Kong. U.S. Treasury Secretary Steven Mnuchin tells CNBC that the White House and Congress are working to pass a new COVID-19 relief package by the end of this month, but warns it will not be as far reaching as earlier bills. And elections make headlines in Europe and Asia, with Singapore holding its general election amid a looming recession in the city- state while the Eurogroup chooses a new president to replace Mario Centeno.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Back into the green … the Nasdaq leads U.S. indices with a new record close as Apple hits an all-time high along with other big tech sector gains. In Europe, SAP enjoys a cloud boost as software licensing falls by 18 per cent and the German tech giant also confirms its full-year guidance. Airbus deliveries recover in May but H1 sales still hit a 16-year low - this amid a stand-off with unions over huge cost-cutting measures at the French aerospace company. And Brussels has reportedly struck a deal with Swiss and German drug makers Roche and Merck to supply EU member states with Covid-19 treatment medicines.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

U.S. markets see recent gains pared back as the tech rally begins to lose steam but gold holds at its highest level for 8 years. Investors turn risk-off after confirmed Covid-19 cases Stateside top 3 million. The WHO is set to update its guidance after evidence emerges that the Coronavirus could be airborne after all. In corporate news, logistics giant Deutsche Post DHL beats forecasts to deliver a 16 per cent jump in Q2 operating profit. And German lender Deutsche Bank is issued a $150m fine by the New York state department for financial services for its ties to Jeffrey Epstein. CEO Christian Sewing tells CNBC it was “a critical mistake” to take on the late convicted paedophile’s account.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

U.S. Covid-19 cases spike by 250,000 in five days but markets are undeterred, closing firmly in the green. White House health advisor Dr Anthony Fauci says there are increased numbers of young people affected by the virus and that immunity may be finite. Chinese markets also see five days of big gains but a U.S. government official says President Trump is preparing several executive orders which could hit Chinese manufacturing, immigration and jobs to “reset the balance” with the country. In France, President Macron completes a government re-shuffle in a bid to shore up the post-pandemic recovery as well as his 2022 re-election prospects. And in tech news, Samsung shares are down despite a 23 per cent jump in operating profit in the second quarter. Chip demand had reportedly offset weak demand for smartphones and televisions during the virus outbreak.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Chinese stocks rally to four-month highs with the CSI 300 marking its best day since February 2019 as investors bet on a re-opening boom following the COVID-19 pandemic. However, the WHO reports a record rise in infections, with the U.S. Sun Belt spiking and Spain re-imposing lockdowns in Catalonia and Galicia. In Germany, Commerzbank’s CEO and chairman both resign following a dispute with activist investors and unions. CNBC learns that an internal replacement is being considered. And in M&A news, Warren Buffett’s Berkshire Hathaway makes its first move since the onset of the pandemic – a $10bn bet on natural gas and storage assets at Dominion Energy.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Record highs…the U.S. sees a daily spike of more than 50,000 Coronavirus infections but President Trump says the June non-farm payroll numbers of 4.8 million new jobs proves the economy is “roaring back”. The Chinese services sector has expanded at its fastest rate in more than a decade as lockdown measures are eased across the country and consumer demand continues to inch upwards. In Germany, Deutsche Bank is coordinating with regulators to potentially bail out insolvent payment company Wirecard, with the aim of shoring up its banking unit. The search for a Covid-19 vaccine hits a snag on both sides of the Atlantic. French drug maker Sanofi says its arthritis medicine has failed against the virus while in the U.S., Moderna shares plunge after its trials are postponed.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Re-opening reversal. Some of the largest U.S. states are forced to review their lockdown easing measures, with Apple shutting more stores and McDonald’s postponing in-house dining, as cases spike by around 50,000 in one day. June private payrolls in the U.S. rise less than expected, with layoffs jumping more than 300 per cent for 2020, ahead of the non-farm payrolls data. However, both U.S. and Asian markets are up on hopes of a vaccine breakthrough following cautiously positive human trials by Pfizer and Biontech. In Europe, police in Germany and Austria raid Wirecard offices for alleged fraud with investigations potentially embroiling more senior executives.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The US records more than 47,000 Coronavirus cases, hitting a new daily record, as White House advisor Dr Anthony Fauci warns infections could reach more 'disturbing' levels. It’s a mixed start to the second half in Asian markets after closing out a bull-run in the previous quarter. Meanwhile, U.S. Treasury Secretary Steven Mnuchin promises to extend up to $140bn in crisis loans for the hardest-hit industries. In corporate news, FedEx delivers a bottom-line beat, sending shares sharply higher after-hours despite a 50 per cent drop in profit. The US shipping group says it will not provide an earnings forecast. And in aviation news, Airbus has announced that 15,000 jobs could be cut in the wake of the pandemic but unions are threatening a showdown with the French aerospace company.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Stocks look set to close the month firmly in the green, with the Dow Jones on pace to post its best quarter in more than two decades, while the Nasdaq sees its strongest quarter since 2001. Asian markets build on Wall Street’s gains on the back of encouraging PMI data out of China, which sees factory activity expand in June and improving trends in export orders. China passes the Hong Kong security bill in a move that has drawn international condemnation for imposing influence on the territory, but CEO Carrie Lam says "sanctioning doesn't scare us". Most of America's largest banks complete the stress tests with their dividend plans intact but Wells Fargo doesn't fare so well, saying it will have to cut its payouts.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

A morbid milestone: global coronavirus cases pass the 10 million-mark with growing numbers across the U.S. Sun Belt states. The surge has prompted Florida to close beaches and California to shut down bars. The news sends Asian stocks lower despite some signs of recovery in China with May industrial profits rebounding, rising 6 per cent on the year. In advertising, a growing group of multinationals including Coca-Cola, Unilever and Starbucks are boycotting Facebook amid a backlash over hate speech control on the platform. And in energy news, fracking pioneer Chesapeake is forced to file for Chapter 11 bankruptcy as it collapses under spiralling debts and the oil price crash.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. Federal Reserve has restricted banks from paying dividends, following the results of stress tests in the wake of the Coronavirus pandemic. Financials stocks fall in extended trading as a result. Disgraced German payments giant Wirecard has filed for insolvency prompting the country’s finance minister, Olaf Scholz, to call for an overhaul in financial regulation. In retail news, Nike sees shares fall after the sportswear giant missed sales forecasts with a 38 per cent fall in revenue. Online sales failed to offset the impact of store closures during the Covid-19 virus outbreak. U.S. secretary of state Mike Pompeo has agreed with EU foreign policy minister Josep Borrell to hold formal talks to tackle Beijing’s ‘predatory practices’.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

A surge in cases sparks a sharp sell-off. U.S. markets tumble with the Dow Jones falling by more than 700 points while the Nasdaq posted its first decline in nine sessions. This, as U.S. daily Coronavirus numbers soared to their highest peak since April with California logging a record 7,000 infections while cases in Florida spike above 5,500. Recession fears have also weighed on sentiment. The IMF has lowered its global growth forecast, warning that GDP will contract by nearly 5 per cent in 2020. The pandemic has pushed U.S. crude stockpiles to record highs and placed pressure on demand expectations, sending oil prices sharply lower. And in Germany, drug behemoth Bayer has announced it will spend up to $11bn to settle litigation cases over the alleged harmful effects of its weedkiller, Roundup, while Lufthansa receives some good news, with its biggest investor suggesting he will approve the airline’s bailout.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The spread of the outbreak quickens in the U.S., with Texas and Arizona seeing a spike in cases, in what top health official Anthony Fauci calls a “disturbing surge”. According to a document seen by the New York Times, the EU will reportedly prohibit American travellers from travelling to the bloc, listing the U.S. alongside Brazil and Russia for inadequate responses to the Coronavirus outbreak. In Munich, prosecutors have released Wirecard's former CEO on €5m bail. Markus Braun had been arrested over allegations he falsified accounts at the German payments company. And in tech news, Dell shares jump by more than 20 per cent on reports the computer company is exploring options for its $50bn stake in cloud services group VMWare, which include selling the holding or buying it outright.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Mixed messages: White House trade advisor Peter Navarro is forced to backtrack, saying the US-China trade deal is not over after his earlier comments suggesting the agreement was “off” hit markets. Apple plans to switch to its own chips for Macs, ending a 15-year relationship with Intel. The tech giant's CEO Tim Cook tells developers it's a huge leap in how the company powers its products. Meanwhile in Japan, Softbank sheds its shares in T-Mobile, selling 21 billion dollars worth of stock, as it divests two-thirds of its stake in a bid to raise funds for its buyback and debt draw-down plans. And finally in Europe, another deal attracts another investigation. The European Commission launches a 4-month anti-trust probe into LSE's 27 billion dollar bid for Refinitiv, amid competition concerns over the exchange mega-merger.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

A record rise in global coronavirus cases keeps markets on edge, with the US logging its second-highest number ever, while Brazil's infections top 50,000 and Germany sees its rate spike because of an outbreak at a slaughterhouse. In the U.S., President Trump makes a lackluster return to the campaign stage, as his rally in Tulsa draws a smaller than expected crowd. The U.S. leader used the rally to attack Joe Biden and protesters, while spending little time addressing COVID. In Germany, Wirecard withdraws its first quarter and full year results, as the German payments company says the 1.9 billion euros missing from its accounts may never have existed. Meanwhile, sources tell CNBC Lufthansa bosses will meet with the ministry of finance and billionaire investor Heinz Herman Thiele today to try to reach a bailout resolution ahead of a shareholder meeting later this week.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

U.S equities head in different directions. The Dow closes slightly lower, as states like Arizona log record virus cases, diverging from the Nasdaq, which posts its first 5-day winning streak in a month. McDonalds plans to beef up its workforce this summer, with plans to hire 260-thousand people, as the fast food giant begins returning to normal operations in the US. Staying in America, the Supreme Court deals a blow to President Trump, declaring that his plan to end an Obama-era youth immigration protection plan is unlawful. Meanwhile in Germany, shares in Wirecard close down over 60 percent after the payments group admits 1 point 9 billion euros has gone missing, saying it believes a third party has tried to deceive its auditor.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Trade tensions return after the US government pulls out of talks with European countries over their digital tax plans, dashing hopes of a global deal and reviving the prospect of tariffs. Brussels launches an anti-trust probe into Fiat Chrysler and PSA's 50 billion dollar mega merger, citing concerns over their dominant market share in the small vans market. In Asia, markets trade lower, but JD.com rallies on the e-commerce giant's 3 point 8 billion dollar Hong Kong debut. And in the U.K., the Bank of England is expected to expand its bond buying plan but steer clear of negative rates despite Governor Andrew Bailey saying they are QUOTE 'under active review'.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

A retail rebound …. U.S. retail sales jump a record 17.7 per cent in May, beating expectations and helping the Dow close more than 500 points higher. But Fed chair Jerome Powell warns of significant uncertainty surrounding the timing and the strength of the US recovery, as he testifies before the US Senate, but plays down the central bank's latest push into the corporate bond market. Meanwhile, President Trump signs an executive order that reforms police practices as he also calls for calm from protesters, saying 'America wants law and order. The U.K. claims a drug breakthrough, fast-tracking approval for the use of a common steroid that reduces the risk of death for critical COVID patients by a third.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

A big comeback for stocks, as US futures surge after Wall Street swings back from a negative session and the Nikkei gains more than 4 percent. The Fed says it will begin buying individual corporate bonds on top of ETF purchases, in what is seen as another shift to more active market intervention. Meanwhile the WHO calls for an investigation into new coronavirus clusters, as the outbreak in Beijing grows and hospitalizations in Texas hit an all-time high. In the UK, Prime Minister Boris Johnson says a Brexit deal by the end of July is possible, after talks with EU leaders end with a positive tone despite key sticking points.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Asian stock markets and US Futures begin the week in the red, after the Dow posts its worst weekly performance since the middle of March. This as Chinese industrial output in May misses expectations as Beijing is forced to lock down more than 10 neighbourhoods following a Coronavirus outbreak at a local market, raising fears of a second wave in the country. In the U.S., infections also spike in the southern states of Florida, Alabama and South Carolina where record number of new cases a reported for a third day in a row. In Europe months of travel restrictions are eased and borders are reopened as EasyJet prepares to launch its first flight since March from Gatwick.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The worst moves since March... The Dow Jones falls by almost 7 per cent, breaking a three-week winning streak. The broad market sell-off means all the major U.S. averages suffer their worst performance in three months. The losses are led by the energy and technology sectors, with the biggest five tech names losing a collective $270bn in market value in just one day. The huge reversals have been prompted by a resurgence in U.S. Covid-19 cases amid a second spike. The IMF has estimated that global governments have already spent $10tn in fighting the pandemic. But, U.S. Treasury Secretary Steven Mnuchin tells this channel that the damage from a second economic shutdown is unthinkable. And following the death of George Floyd, President Trump is set to sign an executive order to invest more in law enforcement and improve policing standards, while Apple pledges $100mn to improve racial justice.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Lower for longer…the U.S. Federal Reserve promises to keep rates near zero until at least 2022 to support the economic recovery in the wake of the Coronavirus pandemic, with chair Jerome Powell emphasising that policymakers are “not even thinking about thinking about raising rates.” The central bank has also issued its first economic forecasts since the outbreak, saying the U.S. economy could contract by 6.5 per cent this year. The Dow and S&P both dip after an unsteady Wednesday session with Asian indices and U.S. futures also trading firmly in the red. The Nasdaq diverges again, closing above the milestone 10,000-point mark for the first ever. In M&A news, Just Eat takeaway gobbles up its U.S. rival GrubHub in a $7.3bn all-stock deal. In Hong Kong, internet giant Netease sees its shares rally during its first trading session as Chinese companies face greater scrutiny over their U.S. listings. And in the wake of racial tensions in America, Amazon has frozen police use of its facial recognition technology.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Big tech breaks out… FAANG stocks help the Nasdaq briefly pass through the 10,000-point mark for the first time, while the Dow suffers its worst day in three weeks, snapping a six-day winning streak. Investors focus on the Fed, as the central bank prepares to release its first economic forecasts since before the pandemic. Morgan Stanley CEO James Gorman tells CNBC he believes that the worst of the Coronavirus fallout for the U.S. economy has now passed but warned the government not to be over-confident following the recent market rally. Chinese producer prices fell at their steepest rate in four years in May, which has raised the prospect of further easing by the PBOC. And in Hong Kong, HSBC comes under fire from U.S. Secretary of State Mike Pompeo who has accused the lender of ‘kowtowing’ to Beijing and investor Aviva says it’s also concerned about its support for a controversial new security law.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

U.S. markets surge with the Nasdaq closing at a record high and the S&P 500 turns positive for 2020 as investors wait on this month’s Federal Reserve rate decision. Veteran hedge fund manager Stanley Druckenmiller tells CNBC that the current market rally and Fed moves caught him by surprise. President Trump has announced that he will not defund police departments after Democrats called for law enforcement reform in the wake of the alleged killing of George Floyd. In energy news, Saudi Arabia has said that it will no longer cut additional oil supplies following the latest OPEC+ one-month extension. And BP is set to slash 10,000 jobs despite rising oil demand.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Something to work on… Asian markets rise on an unexpected jump in U.S. employment but questions linger over whether misclassifications kept the unemployment rate lower in May. In energy news, oil rallies following an OPEC+ agreement to extend output cuts. Chinese exports for May fall unexpectedly, while imports plunge in their sharpest decline in four years. Protests continue across the U.S., with Washington D.C. seeing the largest Black Lives Matter demonstration to date. And in the UK, British Airways, EasyJet and Ryanair make a legal challenge against the government’s 14-day Coronavirus quarantine policy.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Big Bazooka…Italian bond yields fall after ECB President Christine Lagarde announces an almost €600bn extension to its pandemic support package in order to help offset the sharp growth contraction throughout the eurozone. In Asia, markets edge higher as U.S. averages break a four-day winning streak. Unemployment in the States, however, is set to near 20 per cent in today’s jobs report. We hear exclusively from Nissan CEO Makoto Uchida, who says that the shock of the Coronavirus outbreak will serve to accelerate tech changes within the autos sector. And we are live at Lingfield Race Course in Surrey as horse racing – worth £4bn yearly to the British economy – becomes the first major sport to restart following the UK lockdown.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Markets undeterred… the S&P 500 posts its longest winning streak since February. This, despite the ongoing unrest across the U.S., as well as divisions over the response within the White House. The ECB is reportedly ready to expand its asset purchase programme as the central bank looks set to release gloomy growth projections for the eurozone. Meanwhile, Berlin announces a €130bn stimulus package to help kickstart consumer demand and bolster Germany’s economy. In energy news, Saudi Arabia and Russia look set to agree on extending oil output cuts for a further month but compliance issues mean OPEC is yet to confirm today’s producer meeting. Tensions simmer between the U.S. and China after the Trump administration blocks Chinese carriers to the country in a bid to pressure Beijing into lifting its own ban on U.S. airlines. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

U.S. tensions continue with the Pentagon moving 1,600 troops to the Washington D.C. area in anticipation of more violence following the police killing of George Floyd. The U.S. government launches a probe into nine countries which are threatening to impose digital taxes on tech firms. Trade Representative Robert Lighthizer has warned that the U.S. will “take appropriate action to defend U.S. business”. In luxury news, LVMH is reportedly reconsidering its $16bn takeover of U.S. jeweler Tiffany, prompting shares to sink almost 10 per cent. In China, service sector growth has roared back, with the PMI hitting its highest level for a decade. However, unemployment also continues to rise. And in the UK, sterling rises on reports that London will compromise with Brussels on trade rules ahead of upcoming Brexit talks but concerns remain over financial access to continental markets.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

President Trump vows to send in the army should state governors fail to quell the violent protests raging across U.S. cities following the police killing of George Floyd. Some Facebook employees stage a virtual walkout, demonstrating against the social media platform’s failure to act on President Trump’s “when the looting starts, the shooting starts” post. In Hong Kong, CEO Carrie Lam hits out at Washington, accusing it of double standards over its reaction to its own protests, while S&P hints at downgrading the territory. And in the UK, Prime Minister Boris Johnson is reportedly set to meet with European Commission President Ursula von der Leyen ahead of the final round of Brexit talks.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Anger in America… protests and looting rage on across the U.S. following the police killing of a black man in Minneapolis. Curfews have been imposed and the National Guard is called in to quell the violence. Retailers Walmart, Target and Apple are forced to shut due to the unrest and Amazon restricts deliveries. In Asia, the Hang Seng shrugs off President Trump’s announcement that Hong Kong has lost its special status, amid relief he stopped short of re-igniting the trade tensions with China. In aviation news, Lufthansa agrees to revise conditions for its €9bn bailout, accepting the loss of certain runway slots at key German airports.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Talking tough… Asian equities fall, with the Nikkei retreating from three-month highs as President Trump says he is “not happy” with Beijing following its approval of a controversial Hong Kong security bill. The U.S. President also promises to weaken a law protecting social media firms, saying they have breached their “unchecked powers”, while Facebook founder Mark Zuckerberg tells this channel that social media platforms have no right to fact-check users’ posts. France and the UK have unveiled further measures to ease the pandemic lockdown. Paris relaxes travel restrictions and will allow restaurants to reopen next week, while Prime Minister Boris Johnson permits larger social groups to gather. In autos news, Renault announces 15,000 job cuts aimed at stemming losses from plunging sales. And European market sentiment is buoyed by the news that coffee company JDE Peet’s aims to raise over €2bn in Europe’s biggest IPO so far this year.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Autonomy in question: The U.S. government declares it no longer considers Hong Kong autonomous from China in a decision that could end the territory's special trade status and further raises tensions with Beijing. The Dow crosses the 25,000 mark for the first time since March, as back-to-work stocks boost U.S. averages. In Brussels, EU Commission President Ursula von der Leyen unveils a €750bn recovery fund of grants and loans to help the bloc fight the unprecedented Coronavirus crisis.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Crossing key levels… U.S. stocks rally with the Dow briefly topping the key 25,000-level and the S&P 500 surpassing 3,000 for the first time since March. Banks lead the strong moves higher, after JPMorgan CEO Jamie Dimon says the lender is “very valuable” at this price and also saying there is a good chance of an economic recovery in H2. The ECB says that soaring public debt levels will put pressure on sovereign bonds but the central bank’s vice-president Luis De Guindos tells this channel that the alternative would be much worse, as Eurozone governments have no other choice but to introduce large stimulus packages in the wake of the pandemic. In corporate news, Commerzbank issues up to €3bn of co-co bonds to shore up its virus-hit balance sheet . And we are live in Hong Kong where tensions continue as lawmakers debate a bill which could criminalise disrespect and criticism of the Chinese national anthem.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

A support system…the Nikkei rallies to a 10-week high after the Bank of Japan pledges to slash rates and increase asset purchases if needed, while the PBOC also vows to continue to support the Chinese economy. In Hong Kong, chief executive Carrie Lam says a new security law proposed by Beijing will not impose on the city's rights and freedoms after police used tear gas to break up weekend demonstrations over the controversial proposal. The World Health Organization temporarily halts trials of hydroxychloroquine over safety concerns, as a study suggests it increases the risk of death and heart problems. And in corporate news, Lufthansa shares soar in the close after the airline agrees a €9bn euro bailout deal that will see the German government take a 20 per cent stake in the flag carrier.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Hong Kong havoc…protests erupt in the territory after Beijing announces it will be imposing new security legislation at the beginning of the National People’s Congress. The tensions prompt the Hang Seng to fall nearly 5 per cent, weighing on other Asian markets. President Trump has vowed firm action if the law goes ahead. Also at the NPC, Premier Li Keqiang says the government has dropped its growth target for 2020, citing economic uncertainty due to the Coronavirus outbreak. Facebook founder Mark Zuckerberg has said that those working from home – up to 50 per cent of employees - will continue to do so permanently but those moving away from Silicon Valley would face pay cuts.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The Federal Reserve discusses using forward guidance and longer-term measures to support the damage to the U.S. economy, such as capping interest rates. However, Dallas Federal Reserve President, Robert Kaplan, tells CNBC that consumer confidence and a sense of safety will drive the recovery rather than monetary policy. In the UK, Bank of England governor Andrew Bailey changes the BOE’s policy stance and considers negative interest rates, as the UK government issues bonds at a sub-zero level for the very first time. China’s delayed NPC gets under way with the focus on a potential slower growth rate in the wake of the pandemic. Brazil becomes the new epicentre of the outbreak, as the Latin American country posts a new record number of daily Coronavirus cases. And in aviation news, Lufthansa says it is in advanced talks with the German government over a €9bn state bailout.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Mixed messages…Federal Reserve Chairman Jerome Powell and U.S. Treasury Secretary give different assessments of the post-Coronavirus recovery in testimonies to Congress. But both defend their monetary and fiscal stimulus measures, as lawmakers challenge them on giving preference to Wall Street over Main Street. The U.S. Congressional Budget Office has forecast GDP will plunge 38 per cent in the second quarter on an annualized basis, while the Treasury revives the long-defunct 20-year bond in order to help make up the shortfall of a record deficit. U.S. stock markets snap a three-day winning streak following questions over drug firm Moderna’s trial of an early Covid-19 vaccine. Big retail is also hit on Wall Street, as Home Depot’s higher costs eat into its net income while Walmart’s early gains don’t hold despite unprecedented online sales. And in more retail news, Facebook’s Mark Zuckerberg hopes to vie for business with Amazon’s Jeff Bezos, as he unveils a new shopping feature on the social media giant’s platforms.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

President Trump threatens to withdraw the U.S. from the WHO after accusing it of mis-handling the Coronavirus pandemic and being China-centric. However, Beijing pledges an additional $2bn in funding for the global health body. Asian stocks follow the Wall Street rally after the Dow soared more than 900 points on encouraging vaccine trial news from U.S. biotech firm Moderna. French President Emmanuel Macron and German Chancellor Angela Merkel have proposed a €500bn recovery pact to aid the hardest-hit EU members. China slaps Australia with 80 per cent tariffs on its barley following persistent demands for a probe into Beijing’s response to the virus outbreak. And in auto news, workers across Europe return to car plants ahead of the release of EU car registration numbers for April.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.