SQUAWK BOX, THURSDAY 4TH APRIL, 2024

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.