A 3-way deal? President Trump says the U.S. Treasury should receive a significant cut of Microsoft’s bid for Chinese social media app TikTok, as he says the companies have until 15 September to reach an agreement. U.S. major averages start August in the green with the Nasdaq hitting another record high. Google parent Alphabet issues a record $10bn in corporate debt at a rock-bottom coupon price. And in Europe, German lender Commerzbank goes against the advice of its second-largest shareholder, private equity group Cerberus to appoint Hans-Jorg Vetter as chairman.

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SQUAWK BOX, TUESDAY 4TH AUGUST, 2020

Provisions eat into profit at HSBC after first half earnings miss forecasts, falling 65 percent as the bank sets aside more capital and warns of ongoing risks for the year ahead. French bank SocGen reports a €1.2 billion loss in the second quarter as the lender takes an impairment charge on its global markets business. President Trump reportedly gives China’s ByteDance 45 days to sell TikTok to Microsoft after the White House threatens the ban the short video app over security concerns. And: an historic moment for space travel as NASA astronauts successfully return from their mission to take the Crew Dragon to the International Space Station in the first mission from US soil in almost a decade.

SQUAWK BOX, MONDAY 3RD AUGUST, 2020

Technology giants lead the way on Wall Street with Apple, Alphabet, Facebook and Amazon adding $200bn to their combined value in after-hours trading. Apple posts the biggest quarterly revenue jump in its history. Facebook records its slowest-ever sales growth but still beats forecasts through double-digit advertising revenues, shrugging off a recent corporate boycott. Lockdowns around the world have helped Amazon mark its best quarterly profit as well as create 175,000 new jobs. And, despite suffering its first sales slump in 16 years and weak cloud performance, Alphabet is buoyed by a robust ad recovery for Google.   

SQUAWK BOX, FRIDAY 31ST JULY, 2020

Credit Suisse leads a slew of European earnings, reporting a 24 per cent increase in second quarter profit as CEO Thomas Gottstein announces a merger of the global markets and investment banking divisions. Standard Chartered reports a 25 per cent drop in first-half profits and warns it is bracing for a fresh wave of Covid-19 challenges. Revenues at Airbus fall 55 per cent as losses total €1.6bn for the French aerospace firm so far this year. And in energy news, Total unveils an $8bn writedown after taking a hit on its Canadian assets. 

SQUAWK BOX, THURSDAY 30TH JULY, 2020

Deutsche Bank posts a second quarter loss of €77m despite investment bank revenues rising 46 per cent, as cost-cutting measures weighed on the bottom line. Santander reports a record second-quarter loss of €11bn amid a slew of write-downs. French luxury group Kering sees sales fall by 44 per cent in Q2 and abandons its guidance, saying it does not predict a rebound in the second-half. However, there is more optimistic news for Starbucks which sees lower-than-expected declines in sales worldwide, boosting shares in after-hours trading. The coffee giant expects to be profitable again this coming quarter.

SQUAWK BOX, WEDNESDAY 29TH JULY, 2020

Republican lawmakers announce they have agreed on a $1tn virus stimulus bill with Senate majority leader Mitch McConnell saying the U.S. “has one foot in the pandemic, one foot in the recovery”. Market uncertainty keeps gold at record highs but just shy of the $2,000/oz. price. Spanish Prime Minister Pedro Sanchez slams the UK government’s blanket quarantine decision as ‘not justified’. London has extended the measures to include the Canary Islands and Balearics, prompting sweeping flight and package cancellations from travel operators. And in retail news, there are disappointing H2 earnings from Moncler as well as luxury giant LVMH which posted a near-70 per cent slump in operating profit.

SQUAWK BOX, TUESDAY 28TH JULY, 2020

Second wave caution… The UK sparks travel chaos with an overnight decision to reinstate quarantine measures against travellers from Spain. Madrid, airlines and travel operators hit out at the move. Gold hits a record high on the back of heightened U.S.-China tensions as authorities take over Washington’s consulate in the south-western city of Chengdu. In the U.S., Republican lawmakers reportedly agree on the next Coronavirus relief bill which would commit to direct cash payments as well as 70 per cent furlough measures. And in corporate news, German software giant SAP is planning to float consumer monitor firm Qualtrics, just two years after purchasing it for $8bn.

SQUAWK BOX, MONDAY 27TH JULY, 2020

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’.

SQUAWK BOX, FRIDAY 24TH JULY, 2020

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.

SQUAWK BOX, THURSDAY 23RD JULY, 2020

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.

SQUAWK BOX, WEDNESDAY 22ND JULY, 2020

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.  

SQUAWK BOX, TUESDAY 21ST JULY, 2020

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.

SQUAWK BOX, MONDAY 20TH JULY, 2020

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.  

SQUAWK BOX, FRIDAY 17TH JULY, 2020

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.

SQUAWK BOX, THURSDAY 16TH JULY, 2020

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.

SQUAWK BOX, WEDNESDAY 15TH JULY, 2020

CNBC's flagship show in Europe sets you up with everything you need to know for the European business day. Anchors Geoff Cutmore, Steve Sedgwick and Karen Tso 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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