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Squawk Box Europe Express

CNBC International

CNBC's flagship show in Europe sets you up with everything you need to know for the European business day. Anchors Steve Sedgwick, Karen Tso and Julianna Tatelbaum engage in unscripted and dynamic debate on the day's top stories. They are joined by leading business executives, policymakers, financial strategists, fund managers and other newsmakers to provide original points of view and instant analysis of the latest business news and key market themes.

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Friday · 30 min
OpenAI revenue report triggers volatile AI trade
CNBC confirms that OpenAI told investors its annualised revenue came in roughly $20 billion below that expected at the end of September, with the news pushing AI names including Nvidia, Oracle and Coreweave deep into the red. Meanwhile, Ray Dalio tells us the stock market's cushion against rising yields is shrinking - even amid expected strength in corporate earnings - warning there are not enough investors to meet funding requirements. And President Trump promises not to attack Iran until after November's mid-term elections, saying productive discussions are ongoing - despite Houthi rebels targeting Saudi airports, killing three and forcing hundreds of flights to be cancelled. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Thursday · 26 min
Fed minutes reduce October rate hike odds
The global bond rout eases as the latest Fed minutes dial back the odds of a rate hike this month - shifting expectations to December instead - while Wednesday's successful 10-year Treasury auction draws solid demand, bringing the yield down from a 24-year high. Meanwhile, France braces for further student protests today as Prime Minister Sébastien Lecornu admits anger over school conditions is not unprovoked, while he also moves to cap next year's public deficit at 5% to ease debt spiral fears. And, EU Trade Commissioner Maroš Šefčovič touches down in China for two days of trade talks, with Brussels eyeing a cap on hybrid car imports as the bloc’s trade deficit with Beijing balloons to more than €1 billion a day. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Wednesday · 30 min
S&P closes at record high, breaking 7,800 points
The S&P 500 shatters records to close above 7,800 points for the first time, propelled by a massive tech rally is masking a broader market sell-off. Beneath the surface, trouble is brewing. We dive into the bond market volatility pushing the 10-year Treasury yield back past 5.3% and unpack UBS CEO Sergio Ermotti’s urgent warning about France's debt crisis. Plus, we look at Mistral AI’s bold new model, "Le Chonk," and the Houthi attacks that have Brent crude surging back over $100 a barrel. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Tuesday · 27 min
Equities track higher despite soaring sovereign bond yields
As stock markets advance, so do bond yields, with the 10-year Treasury topping 5.3%, while investors continue to dump French paper, taking the spread with German bunds to its widest since the Eurozone debt crisis and the euro to a 17-month low. In the face of a looming debt spiral, former Bank of England chief economist Andy Haldane tells CNBC that governments must outline plans to curb spending. And, AI executives testify in New York and Sydney over safety fears and rogue agents, with OpenAI admitting that its actions and response to the Australian government hack were "not good enough". See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Monday · 30 min
U.S. dollar hits months-long high against euro on European concerns
The U.S. dollar hits a 17-month high against the euro as French debt worries and political risk shake European markets, even as soft U.S. jobs data prompts investors to scale back Federal Reserve rate hike bets. Meanwhile, crude prices edge lower as Middle East exports recover, G7 nations release 100 million barrels of strategic reserves, and Iran sets its terms for the Strait of Hormuz. In M&A, French industrial giant Schneider Electric strikes a massive $22.6 billion deal to buy U.S. software group PTC to capture the industrial AI boom. Plus, we are live from London at the Goldman Sachs "10,000 Small Businesses - How Britain Can Win" conference, spotlighting U.K. growth and innovation with key guests. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
October 1 · 26 min
Treasury yields whipsaw as borrowing costs remain elevated
Treasurys get some short-lived relief after the 10-year yield hits levels not seen in nearly a quarter of a century - but borrowing costs tick higher again as investor attention turns to September's non-farm payrolls report. Meanwhile, Europe's borrowing costs also coming under heavy pressure, with the UK becoming the first G7 country to pay 6% on long-term borrowing since 2012, while fiscal uncertainty in France sees the euro tank against the dollar. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
September 30 · 31 min
Treasury yields seen at generational high
Treasury yields hover around levels not seen in nearly a quarter of a century as lenders taper their Fed hike forecasts. Meanwhile crude prices are whipsaw, even as supply concerns ease, while Kpler says oil flows through the Strait of Hormuz reached pre-war levels this week. And tech CEOs have reportedly rounded on Anthropic CEO Dario Amodei amid growing fears over the safety of AI. - for pod. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
September 29 · 28 min
Trump hails 'morally binding' AI deal
President Trump has hailed what he calls a 'morally binding' document on AI guardrails in the face of growing safety concerns - and has signed an executive order to rename the technology after a luncheon with tech leaders at the White House. Meanwhile OpenAI CEO Sam Altman tells CNBC that the firm needs to improve its models safely and confidently before it goes public. And another day, another new high for yields: The yield on 30-year U.S. paper hits its highest in nearly 25 years, as the global bond sell-off continues - with September one of the worst months for sovereigns in years. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
September 28 · 28 min
Anthropic reportedly warns of 'existential risks' as it eyes $2 trillion valuation
Existential risks to humanity – that is what Anthropic has reportedly said in its prospectus, seen by Reuters and the FT, despite still eyeing a $2 trillion valuation. That news comes after OpenAI pulls its latest model over safety concerns, while Mistral AI CEO Arthur Mensch tells CNBC the current AI slowdown debate in the U.S. is a cover for the “negligence” of some rivals. In markets, bond yields continue their inexorable march higher as President Trump rejects a proposal that would reopen the Strait of Hormuz. And in the U.K., speculation mounts that Andy Burnham could signal an end to the totemic 'triple lock' on U.K. pension payments - as he prepares to address Labour's party conference for the first time as Prime Minister. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
September 27 · 27 min
Crude gains as Trump rejects Iran plan
Crude prices gain after President Trump rejects an Iranian proposal aimed at ending the Middle East conflict and reopening the Strait of Hormuz. In tech, OpenAI pauses training on its most advanced models after yet another agent escapes from an internet-free environment. And in Liverpool, U.K. Chancellor John Healey is preparing to unveil a "new age of industrialisation" later today when he addresses delegates at the Labour Party Conference. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
September 24 · 28 min
Trump hosts Xi at state banquet
President Trump hosts Chinese President Xi Jinping at a state banquet at the White House along with some of America’s top corporate bosses. Talks between the two leaders focused on the A.I. race and the conflict in the Middle East. The global bond rout continues with the U.S. 30-year note rising to its highest level since June 2004 as investors consider the Federal Reserve’s rate path. Crude extended losses on the news of talks progressing between Iran and the US at the United Nations. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
September 23 · 27 min
Yield pressure ratchets up as perfect storm in bond markets brew
The 10-year Treasury yield spikes to its highest level since July 2007 in its biggest one day move in nearly 18 months. The 5 and 30 yields are also at levels not seen since before the financial crisis. The U.S. and China extend their trade truce by two months as Chinese President Xi Jinping touches down in America. Another OpenAI agent goes rogue, this time gaining unauthorized access to an Australian government website, with Prime Minister Anthony Albanese raising his concerns directly with Sam Altman. Global debt surges by more than $10 trillion in the first half of the year, surpassing $365 trillion, according to the IIF's latest report. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
September 22 · 25 min
U.S.-Iran meeting at the UN
Crude prices retreat after a three-hour meeting between U.S. officials and the Iranian delegation at the UN, even with President Trump saying he needs to make a “big decision” over the next step. China's President Xi Jinping prepares to travel to Washington for talks with Trump, but uncertainty is abound over if the Chinese leader will bring a delegation of corporate leaders with him. AI takes centre stage at the UN today with OpenAI CEO Sam Altman and Anthropic CEO Dario Amodei expected to address the Security Council, as the debate over safety ramps up. France steps up support measures as spiking energy prices weigh on the economy, as we discuss the outlook with the CFOs of the country's two biggest banks. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
September 21 · 28 min
Nasdaq posts record close driven by AI trade
The Nasdaq closes at a record high, driven by the AI trade as Meta posts its best day since April 2025. JP Morgan boss Jamie Dimon discusses the technology's potential impact on inflation. Oil gains slightly as U.S. President Trump prepares to meet with Gulf leaders at the UN General Assembly, where Iran's president will lead a delegation today - amid renewed hopes for a diplomatic solution to the conflict. Shares in Novo sink over as the Danish drugmaker lays out its post-Wegovy growth strategy. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
September 20 · 29 min
U.S-China AI Dialogue
U.S. Treasury Secretary Scott Bessent and the Chinese Vice Premier He Lifeng agree to set up a “U.S.-China AI dialogue” for security incidents from artificial intelligence. This comes in the lead-up to this week’s Trump-Xi summit in Washington. Exit polls spell "disaster" for German Chancellor Friedrich Merz's CDU party after a drubbing in the weekend's state elections. Oil prices hit a one-week low despite weekend attacks by Houthi rebels on Riyadh, as markets hope diplomacy prevails when leaders meet on the sidelines of this week’s UN General Assembly. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
September 17 · 28 min
Bank of Japan Hikes to 31-year High
The bank of Japan delivers a quarter point hike, taking rates to the highest level since 1995. But two dissenting votes raise doubts around further normalization, driving the Yen and JGB yields lower. The Bank of England stands pat but warns rates will likely go up, with Governor Andrew Bailey flagging energy costs as a key threat. The S&P 500 sees its best day since early August as crude prices and treasury yields pull back, with tech stocks driving the charge on Wall Street. Researchers reportedly hack into OpenAI using Anthropic tools, as King Charles convenes AI leaders in Scotland to stress the importance of safety. Palantir CEO Alex Karp tells CNBC the technology must have “reasonable guidelines”. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
September 16 · 26 min
First Fed Hike Since 2023
The Fed hikes for the first time in over 3 years, with the Dow shedding over 600 points while the 10-year Treasury yield holds stubbornly around the 5% mark. The rate hike provokes U.S. President Donald Trump, who once again demands looser monetary policy, calling the FOMC “hostile”. Across the pond the Bank of England looks poised to deliver a hold as long-term borrowing costs hover near their highest in nearly 30 years. And the EU's offer for Canada to become its first-ever associate member also draws the ire of President Trump, who threatens further trade restrictions on the bloc if those plans progress. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
September 15 · 31 min
Today's Fed decision with first hike in three years priced in
All eyes are on the Federal Reserve decision today, as America’s central bank is all-but certain to have its first hike in over 3 years with the expected move will likely strain ties with U.S. President Donald Trump. Meta’s Mark Zuckaberg is weighing in on the AI safety debate, favoring independent evaluation rather than a slowdown in development, but Nvidia’s Jensen Huang and OpenAI CFO Sarah Friar come down on opposite sides of the conversation. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
September 14 · 27 min
Hardware software split and Trump decries "Hoax"
Chip names sell off on both sides of the pond amid investor pullback after warnings from AI giants. Software stocks, however, catch a bid, putting the two baskets at a huge divergence. Trump intervenes, calling warnings over the technology a “sick” “hoax,” and telling AI leaders not to kill the “golden goose”, going as far as calling up Jensen Huang during a podcast recording. The 10-year Treasury yield hits its highest ever level in almost 20 years, with traders eyeing a near 95% chance of a Fed hike as the FOMC starts its two-day meeting today. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
September 14 · 25 min
AI safety fears top the agenda
AI safety fears have dominated the sphere as Anthropic chief Dario Amodei's proposals to rein in development manage to unite bitter rivals Elon Musk and Sam Altman in support. However, U.S. president Donald Trump disagrees. Trump’s relationship with Fed Chair Warsh is set for a new test as investors eye a more-than 85% chance the central bank raises rates at its meeting this week while the President says the U.S. should have the lowest interest rates in the world. Oil prices notch fresh gains amid new strikes on Saudi Arabia and the Strait of Hormuz, which force Saudi to temporarily shut its East-West oil pipeline. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

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