President Joe Biden begins the first presidential debate in Atlanta on the back foot, struggling to counter attacks from former President Donald Trump. In Brussels EU leaders renominate Ursula Von Der Leyen for a second term as European Commission President. Estonian PM Kaja Kallas and Portuguese PM Antonio Costa get the nod for foreign policy chief and EU council president respectively despite opposition from Italy and Hungary. The yen against the dollar is trading at its weakest level in almost 40 years as Japan names a new currency chief. And in retail news, Nike issues a large sales warning, with shares plunging 12 per cent in extended trade.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Prime Minister Rishi Sunak and Labour leader Sir Keir Starmer go head-to-head, trading tax accusations in the final televised debate ahead of next month’s UK general election. The yen has fallen to a new 38-year low against the greenback, triggering speculation the BoJ will intervene and raise interest rates in July. The Nasdaq is in the green, helped by Amazon breaching $2tn in market cap for the first time ever. Chip maker Micron sees revenues soar by 80 per cent but Q4 guidance fails to impress investors. Shares fall almost 8 per cent lower after yesterday’s close.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The leaders of France’s three main political blocs participate in a TV debate with Prime Minister Gabriel Attal and National Rally’s Jordan Bardella accusing one another over unrealistic budgetary plans. In Brussels, European Commission President Ursula Von Der Leyen looks set to win another term as negotiators have reportedly struck a deal ahead of the formal summit. Volkswagen pushes EV start-up Rivian shares 50 per cent higher in extended trade following its $5bn investment announcement in the firm. Chip maker Nvidia claws back recent losses to close yesterday’s session almost 7 per cent higher.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Nvidia’s record-breaking rally comes to an end with the stock price plunging 7 per cent. The fall erases $550bn from the A.I. semiconductor’s market cap since last week’s peak. At the so-called ‘summer Davos’ WEF meeting in Dalian, Chinese premier Li Qiang says he believes China can hit its growth targets this year, playing down trade conflicts with the EU. In aviation news, Airbus cuts its guidance and slows production of its best-selling A320 Neo craft as supply chain issues continue to hinder the plane maker. And fast fashion firm Shein is reportedly filing to go public on the LSE rather than on Wall Street, which would be the City’s biggest listing in more than a decade.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

European Union and Chinese officials are to hold talks about the bloc’s planned tariffs on Chinese EVs. Asian markets are mixed after a soft end to the week on Wall Street in the longest stretch of low volatility since the GFC. In France, President Emmanuel Macron’s centrist Ensemble alliance loses more ground in the polls, trailing Marine Le Pen’s National Rally ahead of next weekend’s electoral first round. Former U.S. President Donald Trump holds a rally in Philadelphia while Joe Biden prepares for this week’s presidential debate.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

We hear exclusively from IMF managing director Kristalina Georgieva who says Europe is on the right economic path but must take advantage of the single market or fall behind. The Nasdaq breaks its longest winning streak of the year as Nvidia shares pare back. However Wall Street is on course for a positive end to the week with energy stocks leading gains. The BoE signals it may cut interest rates in August after keeping them steady yesterday with a finely balanced decision. And in the Netherlands, Prime Minister Mark Rutte is on course to become the new NATO secretary-general after his only remaining rival, Romanian president Klaus Iohannis, withdraws from the race. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The BoE and Norges Bank are expected to hold rates steady today while the SNB looks set to make a second consecutive cut today. UK Prime Minister Rishi Sunak suffers another blow to his chances of re-election with one poll predicting the Tories are on track for its lowest ever seat total next month. In Brussels, Italian Prime Minister Giorgia Meloni’s ECR party overtakes Macron’s Renew bloc to become the third-largest party in the European Parliament. In autos news, Chinese automakers reportedly urge Beijing lawmakers to hike duties on ICE imports in retaliation for tariffs placed on EVs.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The world’s most valuable company Nvidia overtakes Microsoft in terms of market cap following a 170 per cent rally this year. Treasury yields fall following lower-than-expected retail sales numbers bolster hopes of a Fed rate cut later this year. Luxury trainer maker Golden Goose shelves plans to list on the Milan stock exchange blaming a deterioration of market conditions following the recent European elections. And in the UK, inflation looks set to return back to target – the last print before next month’s general election.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Europe's competition chief Margrethe Vestager will soon be ending her mandate in Brussels, after ten years of taking on Big Tech and others. In an exclusive conversation with Squawk Box Europe's Silvia Amaro, she addressed some of the ongoing investigations into Microsoft and Apple and offered a sobering perspective on Europe's place in the world.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

We are live in Brussels where the European Commission top job is up for grabs. The EPP is demanding the presidency is split into two terms of two-and-a-half years. Wall Street enjoys a mega-cap rally with the S&P 500 notching a 30th record close this year. In aviation news, Boeing CEO Dave Calhoun prepares to face lawmakers on Capitol Hill over the plane maker’s recent safety record troubles. And Israeli Prime Minister Benjamin Netanyahu dissolves his war cabinet as discontent grows over the ongoing war in Gaza.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Chinese retail sales deliver but concerns remain over the property sector which drag on fixed asset investment. Minneapolis Fed Chairman Neel Kashkari signals a rate cut may happen in December as he calls for more evidence inflation is falling. Israeli Prime Minister Benjamin Netanyahu condemns his generals’ decision to allow for tactical pauses in fighting to permit daily aid to Gaza. Paris sees protests against Marine Le Pen’s National Rally party which has taken an early lead in polls ahead of next month’s snap election.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

G7 nations agree on a $50bn aid package to Ukraine, using frozen Russian assets to underwrite the deal. We are live in Bari for the latest where EU Council President Charles Michel tells CNBC that Russia must pay up for its invasion of the country. In Asia, the yen slides as the BoJ keeps rates on hold but signals that quantitative tightening is on the way. Tesla shareholders approve CEO Elon Musk’s $56bn pay package for the second time to make it the largest public company compensation in history. In the UK, the Labour Party unveils its election manifesto with pledges on the economy at its core. A new YouGov poll puts Reform in second place ahead of the incumbent Conservative Party.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 leaves interest rates on hold at a record 20-year high and indicates it will make only one cut this year. Chairman Jerome Powell says the fight against inflation continues. Equity markets react to cooling inflation. The S&P 500 hits a fresh new high while Apple temporarily overtakes Microsoft as the world’s most valuable company. French President Emmanuel Macron holds a briefing to explain his decision to hold July’s snap election. Meanwhile, the EU is set to slap Chinese EVs with tariffs of up to 38 per cent. Trade Commissioner Valdis Dombrovskis tells CNBC the bloc deserves a level playing field. And we are live in Bari, Italy ahead of the G7 summit where the U.S. are to broaden sanctions against Russia with leaders aiming at using interest from frozen assets.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Disappointing Chinese consumer activity keeps a lid on consumer prices in the world’s second-largest economy while manufacturing activity fell for the 20th consecutive month. The EU is set to more than double tariffs on Chinese-made EVs, risking further confrontation. Apple posts its best daily performance since 2002 as investors turn bullish over its A.I. push while in the UK, the Conservative Party launch their election manifesto with financial security being a key tenet of the plan.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

European equities are lower as they digest the weekend’s EU election results. However, the S&P 500 and the Nasdaq hit new record highs ahead of this week’s Fed meeting. In France, right-wing parties hold emergency coalition talks following President Emmanuel Macron’s snap election decision following his party’s poor result on Sunday. In tech news, Apple launches long-awaited A.I. features, announcing a partnership with OpenAI which would allow Siri to connect with Chat GPT. And in the UK, Prime Minister Rishi Sunak unveils his Conservative Party manifesto with a pledge to cut taxes. The opposition Labour Party has slammed the proposals as “the most expensive panic attack in history.”See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

A shock in France: President Emmanuel Macron takes a gamble, calling a snap parliamentary election after his party suffers a humiliating defeat in EU elections. The Centre holds but the Far-Right sees record support, unsettling the bloc's mainstream establishment. Germany's ruling coalition suffers its worst ever result as the rise of the right raises questions over the government's stability. And, Italian Prime Minister Giorgia Meloni comes out on top - solidifying her mandate and positioning herself as one of the most powerful figures in the European Union. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Chinese exports surge more than 7-and-a-half percent in May, but slower import growth points to signs of weakness in domestic demand. The ECB cuts rates for the first time since 2019, but persistent price pressures have markets pricing in just one more cut this year - while President Christine Lagarde refuses to commit to further easing. Exit polls in the Netherlands show the Labour-Green Left coalition in the lead - securing eight seats in Brussels, while Geert Wilders' anti-immigration PVV makes strong gains, just one seat behind. And Gamestop shares surge in extended trade after a near 50-percent pop in the session, as 'Roaring Kitty' schedules a YouTube livestream later on Friday.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The ECB is set to cut interest rates for the first time in nearly 5 years. We are live at the ECB head of today’s decision. Former ECB board member Peter Praet tells CNBC that markets are still adjusting to the central bank’s looser policy. The tech giant Nvidia’s market cap breaches the $3tn mark, overtaking Apple to take second position as the world’s most valuable public company behind Microsoft. The Nasdaq hits new highs as U.S. services activity gathers momentum. However, private jobs creation contracts in May, further fuelling speculation of a September rate cut. And in Normandy, world leaders gather to commemorate the 80th anniversary of D-Day.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

U.S. jobs numbers come in at their lowest level since February 2021. Wall Street remains in a holding pattern as investors await Friday’s non-farm payroll data. Indian equities steady after yesterday’s market cap loss of $371bn due to Prime Minister Narendra Modi failing to win a clear majority for his third term in office. U.S. tech giant Intel announces its latest generation of A.I. semiconductors, seeking to regain market share. CEO Pat Gelsinger tells CNBC foundry profitability is key. Tesla CEO Elon Musk confirms a CNBC report that he redirected thousands of Tesla-bound Nvidia chips to X and X-AI as he had no place to send them.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Indian prime minister Narendra Modi looks set to secure a third term in office with a narrower-than-expected parliamentary majority. We are live in New Delhi as the vote count continues. On Wall Street the Dow falls 100 points on the first trading day of June as U.S. manufacturing numbers indicate the economy is contracting. Gamestop shares rally following renewed social media activity by the investor known as Roaring Kitty. CNBC learns that Paramount and Skydance agree to merger terms after months of negotiations. Shipping giant Maersk hikes its guidance for the second time in just over a month as Red Sea tensions and soaring demand push freight rates higher.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The Nasdaq posts its best month of the year so far while the Dow enjoyed its best day since November on Friday as the Fed’s preferred inflation gauge hits expectations. Nvidia CEO Jensen Huang unveils the company’s next set of A.I. chips. Rival AMD hits back with its own range of A.I. processors. In India, Narendra Modi looks set to win a third term in a landslide election while in South Africa, the ruling ANC loses its majority for the first time. Speaking at the Singapore Security Summit, Ukrainian President Volodomyr Zelenskyy claims that Russia is using China to disrupt peace plans. Chair of NATO’s Military Committee Rob Bauer tells CNBC Beijing is holding a hypocritical stance towards Kyiv. And in IPO news, online fashion giant Shein prepares to list in London as early as this week with a valuation close to £50bn.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Donald Trump becomes the first U.S. president to be convicted of a crime, found to be guilty on all 34 charges against him in his ‘hush money’ trial in New York. Salesforce numbers help drag the Dow down by more than 300 points, putting it on track for its worst week in more than a year. Conversely, the Nasdaq is enjoying its best month since November. Chinese manufacturing data surprisingly contracts, causing further headaches for Beijing policy makers. And ahead of next week’s European parliamentary elections, Hungarian prime minister Viktor Orban backs France’s Marine Le Pen call to join forces with Italian prime minister Giorgia Meloni and for a right-wing super group within the bloc. We hear from Saxony minister-president, Michael Kretschmer, who says mainstream parties need to face up to voter grievances. 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 snaps a three-day streak in the green while the Nasdaq suffers its worst day in May with higher Treasury yields impacting Wall Street trade. Salesforce shares hit their worst level since 2008’s GFC as the company posts its first quarterly revenue miss in 18 years. CEO Marc Benioff remains sanguine about the numbers. We speak to Nestlé CEO MarK Schneider exclusively who dismisses fears over weight loss drugs threatening the food and drink industry. Activist investor Nelson Peltz has reportedly sold his entire Disney stake just weeks after losing his bid to gain two seats on the firm’s board. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The Nasdaq hits 17,000 for the first time off the back of a strong performance by Nvidia. The Dow, however, falls 200 points, weighted down by health stocks. The IMF readjusts its outlook for China, now believing the country will in fact achieve its 5 per cent growth target for 2024 following a stronger-than-expected Q1. In the Middle East, Israeli tanks advance into the centre of Rafah as international condemnation over Sunday’s deadly IDF airstrike on a refugee camp in the city continues to grow. And in South African polls have opened in what is seen as the most competitive election since the end of apartheid in 1994. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

U.S. futures are up following the long Memorial Day weekend as investors speculate about the next inflation print. Israel launches an investigation into an airstrike that killed dozens of Gazan civilians in Rafah. Prime Minister Benjamin Netanyahu says the ‘tragic’ incident was caused by a technical failure. French President Emmanuel Macron has made a speech denouncing authoritarian regimes during a state visit to Germany ahead of next month’s European Parliament elections. In the UK, Labour leader Sir Keir Starmer receives a boost from business as 120 of the sector’s leaders throw their support behind his party while Lord Mayor of London Michael Mainelli tells CNBC the UK requires a business-friendly approach to immigration.   See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Nvidia powers the Nasdaq to a fresh record high, and its fifth straight positive week but the Dow tails off, closing down more than 2 percent for the week. Chinese industrial profits bounce back to growth in April, providing a boost to policymakers as they try to reignite the world's second largest economy. G7 finance ministers hit out at China's trade policies, while edging closer to a deal that would see a fresh loan to Ukraine using seized Russian assets. And French President Emmanuel Macron kicks off a rare state visit to Germany, urging voters to reject the far right in European parliamentary elections.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

We are live in Paris at Vivatech where Tesla CEO Elon Musk slams President Joe Biden’s China EV tariffs, telling CNBC his company is very competitive in the country without them. French President Emmanuel Macron tells our U.S. colleagues exclusively that Europe is lagging behind the U.S. in the field of A.I. and that France should be leading the field in innovation. Nvidia shares pop on Wall Street but it’s not enough to reverse a losing session off the back of strong jobs and manufacturing data Stateside. On this side of the Atlantic, UK retail numbers disappoint, potentially heaping pressure on European equities. And speaking at the G-7 on the shores of Lake Maggiore, Italy, U.S. Treasury Secretary Janet Yellen calls for greater cooperation among the member countries in the face of Chinese overcapacity.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Tech giant Nvidia smashes Q1 expectations with record AI chips sales. The share prices soars beyond the $1,000 mark in extended trade. The Federal Reserve minutes reveal continuing concerns over lingering inflation which has impacted Wall Street. We hear from JP Morgan CEO Jamie Dimon in Shanghai who says the sticky inflation could still yield a hard landing. Miner Anglo American rejects BHP’s improved offer for a third time but also extends merger talks for a further week. UK Prime Minister announces the country will go to the polls on Thursday 4th July.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Microsoft holds its developer conference where CEO Satya Nadella hails the tech giant’s new A.I. software. However, Amazon says its decision to hold out and wait for Nvidia’s more powerful offering was a mutual decision between the two companies. Wall Street predicts Nvidia earnings could triple amid particularly choppy trade. U.S. equities once again hit fresh new highs on rate cut timing speculation. Our colleagues Stateside hear from Christopher Waller who urges patience and says he requires ‘several more months’ of favourable inflation data. And in the UK, headline CPI is due to fall close to the BoE’s 2 per cent target. Governor Andrew Bailey signals a rate cut is appearing on the horizon.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The Nasdaq hits a new high on the back of a stellar Nvidia performance, with investors predicting an out-sized impact from the chip titan’s earnings. JP Morgan CEO Jamie Dimon suggests he will quite the post within the next five years. He ruled out any additional buybacks at the lender whose stock remains at elevated levels. U.S. President Joe Biden slammed the ICC after prosecutors at The Hague threatened arrest warrants for Israeli Prime Minister Benjamin Netanyahu and three Hamas leaders for alleged war crimes. And we are live in Cambridge at the AstraZeneca Investor Day where the Swedish-British pharma giant is to unveil its medium-term strategy.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Iranian state television has confirmed President Ebrahim Raisi and Foreign Minister Hossein Amir-Abdollahian have died in a helicopter crash in the mountainous north-west of the country. Global equities rally on renewed interest rate optimism with Asian stocks hitting a two-year high, following last week’s Dow close above the 40,000-point level. Taiwanese President Lai Ching-te is sworn into office and calls for peace on both sides of the Taiwan Strait.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Chinese manufacturing figures beat expectations but retail and house price figures disappoint, exposing the country’s two-speed economic recovery. U.S. stocks rally with the Dow breaching the 40,000-mark briefly before falling back towards the close. ECB board member Isabel Schnabel plays down the chance of back-to-back rate cuts. The central bank’s vice-president Luis De Guindos tells CNBC the forecast beyond June is murkier. And in Hong Kong, shares in HSBC tumble on reports that its largest shareholder, Ping An Insurance, is considering reducing its stake in the lender.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

All three major U.S. indices rally to fresh highs as inflation Stateside comes in softer than expected. Core prices make their smallest gains in three years. Berkshire Hathaway reveals insurance and security giant Chubb is the mystery bet in its May 13F filings, causing shares to surge in extended trade. Israeli Prime Minister Benjamin Netanyahu tells CNBC exclusively he is standing firm on the Rafah offensive despite disagreements with the U.S. Chinese President Xi Jinping hosts Russian President Vladimir Putin in Beijing with both sides seeking to strengthen strategic ties.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

U.S. producer prices come in hotter than expected ahead of today’s CPI data. Federal Reserve Chairman Jerome Powell says that rates will have to remain elevated for longer. Magnificent 7 stocks help push the Nasdaq to a new record high. Alphabet CEO Sundar Pichai tells CNBC colleagues Stateside that A.I. still has a lot of momentum for the company. U.S. President Joe Biden slaps China with $18bn of new tariffs, targeting EVs, solar cells and steel. We hear exclusively from the U.S. ambassador to the European Union, Mark Gitenstein, who says Biden is sending a clear message to Beijing. And Swiss eyecare group Alcon posts a record profit for the first quarter with CEO David Endicott telling CNBC the company maintains a robust pipeline.   See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The Dow’s eight-day winning streak is over as inflation concerns persist and U.S. producer price data is released later today. This ahead of tomorrow’s key CPI print. The meme stock craze is revived from a single post on social media with GameStop short positions reportedly losing close to $1bn in yesterday’s session. In commodities news, AngloAmerican shares fall more than 2 per cent in London after the miner turns down an improved $34bn takeover bid from rival BHP. OpenAI unveils both a new A.I. model as well as a desktop version of ChatGPT as it seeks to secure its position as market leader in generative artificial intelligence.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The Dow posts its best week of the year – its eighth straight session in the green ahead of this week’s U.S. inflation data release. In China, consumer inflation is on the up but credit demand shrinks for the first time since 2017. Russian President Vladimir Putin reshuffles his cabinet, ousting defence minister Sergei Shoigu and installing a civilian economist in his place. Israel orders residents of Rafah to evacuate the city as the Gaza death toll reaches 35,000. U.S. Secretary of State Antony Blinken tells NBC News that Washington requires more clarity on an exit and post-war strategy from Israel.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The Dow surges by more than 300 points, climbing for seven consecutive sessions. Softer than expected jobless claims data is once again fueling speculation of rate cuts later this year. In London, the BoE keeps the interest rate steady in a 7-2 split of the MPC. Markets have no upped their bets of a cut in June. BoE Governor Andrew Bailey tells CNBC the central bank’s judgments will not be swayed by the upcoming UK general election. Chinese EV maker Zeekr prices its New York listing at the top of its range. The IPO could be the biggest listing of a Chinese company Stateside in almost three years. Israeli PM Benjamin Netanyahu defies President Biden’s warnings not to invade Rafah and says the country will fight on alone if necessary.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Chinese trade data beats expectations in April to show signs of stabilisation as demand improves both home and abroad. British chip designer ARM sees shares tumble almost 9 per cent in after-hours trade following gloomy revenue guidance which has fueled concerns of a slowdown in A.I. demand. President Joe Biden warns Israel the U.S. will pause weapons deliveries if the IDF invades Rafah. Markets are split ahead of the BoE rate decision later today over a potential rate cut forecast for June.   See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Theme park concerns weigh on Disney shares which tumble 10 per cent despite streaming service Hulu posting its first quarterly profit since launching in 2019. Social media platform Reddit sees its shares pop up by more than 15 per cent in extended trade, helped along by stronger-than-expected ad revenues as it posts its first results since going public. Chinese social media giant TikTok sues the U.S. government, saying that a potential ban of the app in America would violate the First Amendment. Former U.S. Treasury Secretary Steven Mnuchin tells our colleagues Stateside that he remains purchasing or investing in the business. Global debt soars by up to $1.3tn to a fresh record high of $315tn in Q1.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

UBS posts a $1.8bn beat in Q1 on both the top and bottom lines. The Swiss lender says its integration of Credit Suisse is on track. In Spain, Banco Sabadell rejects rival BBVA’s €12bn takeover bid for significantly undervaluing the bank as well as its growth potential. Chinese president Xi is hosted by French president Emmanuel Macron in Paris but sticks to a familiar diplomatic line, meeting in talks with Macron and European Commission President Ursula Von Der Leyen. And in the Middle East, Hamas agree to a ceasefire, but Israel rejects the deal which it says falls short of its demands, with the IDF targeting eastern Rafah.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Berkshire Hathaway’s cash pile balloons to $189bn. Warren Buffett uses the company’s AGM in Omaha, Nebraska to signal how it should be run once he passes. Wall Street closes the week in the green following a weaker-than-expected jobs print. This raised hopes that the Federal Reserve may consider cutting interest rates soon. Chinese President Xi Jinping arrives in Paris on the first leg of his European tour. His host, President Emmanuel Macron is to press him on trade relations and Ukraine support. And in the UK, Prime Minister Rishi Sunak admits to the challenges facing the Tory party following a bruising third-place finish in last week’s local elections. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Apple launches the largest share buyback in U.S. corporate history after beating Q1 expectations, despite a 10 per cent fall in iPhone sales. U.S. markets have rallied strongly ahead of today’s jobs report with investors anticipating signals about the Fed’s next policy moves. In the UK, local and mayoral election vote-counting is under way. We are live in Blackpool where Labour has regained the Red Wall constituency of Blackpool South, a significant blow to Rishi Sunak and the Conservative Party. And in mining news, Glencore launches its own bid for Anglo American which may trigger a bidding war following last week’s approach by rival BHP.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 leaves rates unchanged with its fight against inflation faltering. Chairman Jerome Powell has signalled any return to rate hikes would be ‘unlikely’. Asia-focused bank Standard Chartered beats expectations to post a 5.5 per cent increase in Q1 pre-tax profit, benefiting from higher trading income. Qualcomm shares are up in extended trade as Chinese demand fuels an earnings beat. Meanwhile, Apple is expecting a double-digit decline in China sales when it reports later today. And in currency news, the yen soars to its strongest level in a fortnight before paring gains back, prompting further speculation the BoJ will intervene.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

U.S. stocks see out April in the red – their worst monthly performance in seven months with tech earnings leading the losses. Amazon posts a Q1 beat on the back of solid cloud growth and A.I. demand. However, guidance is softer than expected and CEO Andy Jassy warns of higher capex to come. Tesla CEO Elon Musk shuts down his supercharger team, costing two executive positions and hundreds of job losses as the EV maker struggles with waning demand and competition from China. A surprise fall in same-store sales at Starbucks prompts the coffee chain giant to slash its outlook. Shares have slumped to a 21-month low as a result. And Spanish luxury beauty giant Puig aims for the top of the price range ahead of its near €14bn IPO – the largest in Spain in almost a decade.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

HSBC CEO Noel Quinn is to retire after a 5-year tenure at the UK lender which is eyeing a further $3bn in buybacks following a Q1 beat. Santander is buoyed by its European retail banking sector, posting an 11 per cent rise in Q1 net profit. It has also confirmed its full-year targets. Wall Street is on track to break a five-month winning streak despite an upbeat session yesterday. Tesla shares saw their best performance in three years. We speak to IMF managing director Kristalina Georgieva who says she is concerned about global central bank divergence as Europe is making quicker progress in the fight against inflation than the U.S.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Tesla CEO Elon Musk makes a surprise visit to China, meeting with Premier Li Qiang. Beijing has moved to cut back on certain restrictions on Tesla vehicles made in the country. Rate cut expectations have been further dampened after another sticky inflation print out of the U.S. However equities Stateside still finished last week in the green, enjoying their best week since November. The yen/dollar trade remains volatile, briefly dropping below the key psychological level of 160. U.S. Secretary of State Antony Blinken travels to Riyadh while a Hamas delegation prepares for ceasefire talks in Cairo. We hear from Egyptian foreign minister Sameh Shoukry who urges both sides to meet to end the conflict. And in banking news, Deutsche Bank warns that long-term litigation costs may leave a €1.3bn hole in its bottom line.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

New data out of the U.S. shows the economy growing at its slowest pace in almost two years, causing equities to tumble and Treasury yields to spike. Tech earnings Stateside beat expectations in extended trade. Google owner Alphabet announces its first dividend with CEO Sundar Pichai hailing the company’s next wave of A.I. innovation and adoption. In Japan, the BoJ holds rates steady pushing the yen to a new 34-year low. Traders are now concerned whether policy makers will choose to intervene. Airbus confirms its guidance and backs its higher delivery goals as it boosts production of its A350 to extend its lead over troubled rival Boeing. And in Sydney, BHP shares struggle following reports that mining competitor Anglo American is unimpressed by yesterday’s takeover offer.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Meta posts an earnings beat but shares tumble in extended trade as CEO Mark Zuckerberg sparks further concerns over excessive spending plans for A.I. Deutsche Bank sees Q1 pre-tax profits rise by 10 per cent as credit loss provisions shrink. There are also earnings from BNP Paribas with the French lender looking to increase cost-cutting. In commodities news BHP has made a bid for rival Anglo American in what could be a mega-merger for the world’s largest listed miner. And Spanish Prime Minister Pedro Sanchez steps away from public duties and threatens resignation after a court launches an investigation into his wife’s business dealings.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.