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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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