Squawk Box Europe Express CNBC International

We are live in Brussels where the European Commission top job is up for grabs. The EPP is demanding the presidency is split into two terms of two-and-a-half years. Wall Street enjoys a mega-cap rally with the S&P 500 notching a 30th record close this year. In aviation news, Boeing CEO Dave Calhoun prepares to face lawmakers on Capitol Hill over the plane maker’s recent safety record troubles. And Israeli Prime Minister Benjamin Netanyahu dissolves his war cabinet as discontent grows over the ongoing war in Gaza.

Chinese retail sales deliver but concerns remain over the property sector which drag on fixed asset investment. Minneapolis Fed Chairman Neel Kashkari signals a rate cut may happen in December as he calls for more evidence inflation is falling. Israeli Prime Minister Benjamin Netanyahu condemns his generals’ decision to allow for tactical pauses in fighting to permit daily aid to Gaza. Paris sees protests against Marine Le Pen’s National Rally party which has taken an early lead in polls ahead of next month’s snap election.  

G7 nations agree on a $50bn aid package to Ukraine, using frozen Russian assets to underwrite the deal. We are live in Bari for the latest where EU Council President Charles Michel tells CNBC that Russia must pay up for its invasion of the country. In Asia, the yen slides as the BoJ keeps rates on hold but signals that quantitative tightening is on the way. Tesla shareholders approve CEO Elon Musk’s $56bn pay package for the second time to make it the largest public company compensation in history. In the UK, the Labour Party unveils its election manifesto with pledges on the economy at its core. A new YouGov poll puts Reform in second place ahead of the incumbent Conservative Party.

The Federal Reserve leaves interest rates on hold at a record 20-year high and indicates it will make only one cut this year. Chairman Jerome Powell says the fight against inflation continues. Equity markets react to cooling inflation. The S&P 500 hits a fresh new high while Apple temporarily overtakes Microsoft as the world’s most valuable company. French President Emmanuel Macron holds a briefing to explain his decision to hold July’s snap election. Meanwhile, the EU is set to slap Chinese EVs with tariffs of up to 38 per cent. Trade Commissioner Valdis Dombrovskis tells CNBC the bloc deserves a level playing field. And we are live in Bari, Italy ahead of the G7 summit where the U.S. are to broaden sanctions against Russia with leaders aiming at using interest from frozen assets.   

Disappointing Chinese consumer activity keeps a lid on consumer prices in the world’s second-largest economy while manufacturing activity fell for the 20th consecutive month. The EU is set to more than double tariffs on Chinese-made EVs, risking further confrontation. Apple posts its best daily performance since 2002 as investors turn bullish over its A.I. push while in the UK, the Conservative Party launch their election manifesto with financial security being a key tenet of the plan.

European equities are lower as they digest the weekend’s EU election results. However, the S&P 500 and the Nasdaq hit new record highs ahead of this week’s Fed meeting. In France, right-wing parties hold emergency coalition talks following President Emmanuel Macron’s snap election decision following his party’s poor result on Sunday. In tech news, Apple launches long-awaited A.I. features, announcing a partnership with OpenAI which would allow Siri to connect with Chat GPT. And in the UK, Prime Minister Rishi Sunak unveils his Conservative Party manifesto with a pledge to cut taxes. The opposition Labour Party has slammed the proposals as “the most expensive panic attack in history.”