Squawk Box Europe Express

UK Prime Minister Sir Keir Starmer survives another day in office after essentially challenging rivals to ‘put up or shut up’ during a key Cabinet meeting. A potential contender for Starmer’s job, Health Secretary Wes Streeting, is set to meet with the Prime Minister at Downing Street for talks ahead of the King’s speech later this morning. President Trump is on his way to Beijing for a high-stakes summit with Chinese President Xi Jinping with an entourage of top business leaders in tow. U.S. CPI data reaches a three-year high which raises speculation whether the Federal Reserve will hike interest rates next year.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

President Trump dismisses the Iranian response to a U.S. peace proposal as ‘totally unacceptable’. Brent crude prices nudge past the $100-mark on the news. Beijing prepares to welcome President Trump on a two-day visit later this week with the agenda focusing on multiple topics including Iran, A.I. policy as well as trade and rare earth restrictions. UK Prime Minister Sir Keir Starmer is due to deliver a crucial address this morning as cabinet members weigh up their chances in a leadership challenge following last week's local and regional election losses for the Labour Party.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Apple CEO Tim Cook steps down from the role with hardware chief John Ternus chosen to assume the helm from September. Cook, who oversaw a $3.6tn increase in the company’s market cap during his 15-year tenure will become executive chairman. Iran is reportedly due to send a delegation team to Pakistan for a second round of peace talks. The news lifts Asian equities and pushes crude prices down. European futures are also in the green ahead of today’s session. UK Prime Minister Keir Starmer insists he was unaware of Peter Mandleson’s failure to pass an enhanced vetting procedure during a two-and-a-half-hour session in Parliament. The sacked foreign office chief, Olly Robbins, will face MPs on the recommendation later today.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

A 10-day ceasefire between Israel and Lebanon comes into effect. U.S. President Trump says he sees the conflict with Iran ending soon. Bank of Israel governor Amir Yaron tells CNBC that he expects a deal to be done but maintains it is a ‘working assumption’. Investor hopes of peace in the Middle East rise with equities notching new record highs Stateside. The Nasdaq is on course to post its best week in a year while European bourses remain mixed. Spanish deputy PM Carlos Cuerpo tells CNBC at the IMF Spring Meetings he has no regrets over his country’s refusal to become involved in the Iran conflict while Banque de France governor François Villeroy de Galhau insists that the ECB must not act rashly on rates ahead of a crucial meeting in a fortnight.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

U.S. President Trump says peace talks with the Iranian regime could resume in Pakistan within days. Speaking to CNBC at the IMF spring meetings, Pakistani finance minister Muhammed Aurangzeb said he was optimistic for a diplomatic solution to the crisis. The IMF has slashed its global growth forecast outlining three scenarios – weaker, worse or severe. IMF chief economist Pierre-Olivier Gourinchas tells CNBC that even the best outcome would feature a ‘very significant downgrade’. Chip maker ASML hikes it FY sales guidance to €40bn on strong A.I. demand. Luxury giant Kering posts a narrow Q1 miss due to weaker Gucci sales and faltering demand in the Middle East.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Following failed U.S.-Iran peace talks in Islamabad over the weekend, Washington moves to blockade ships exiting or entering Iranian ports in the Strait of Hormuz. Oil prices surge on the news while Asian markets move into the red. President Trump says the blockade is aimed at eliminating Iranian crude exports from the market. Hungarian Prime Minister Viktor Orban is ousted after 16 years in power with Peter Magyar’s centre-right Tisza party winning a two-thirds super majority vote.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Iran accuses the U.S. of violating the new ceasefire agreed on Tuesday with Israel continuing to target Hezbollah sites in Lebanon. U.S. Vice-President JD Vance is to lead peace talks in Islamabad, Pakistan this weekend, saying early ceasefire ‘choppiness’ is expected. Oil prices rebound from yesterday’s relief rally optimism with Asian markets in the red. European futures are slightly negative. NATO Secretary General Mark Rutte is hosted by President Trump at the White House who voices his frustration with the alliance’s lack of support over action in Iran. Rutte said talks were ‘frank’ but remained friendly.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.