Squawk Box Europe Express CNBC International

Chinese exports surge more than 7-and-a-half percent in May, but slower import growth points to signs of weakness in domestic demand. The ECB cuts rates for the first time since 2019, but persistent price pressures have markets pricing in just one more cut this year - while President Christine Lagarde refuses to commit to further easing. Exit polls in the Netherlands show the Labour-Green Left coalition in the lead - securing eight seats in Brussels, while Geert Wilders' anti-immigration PVV makes strong gains, just one seat behind. And Gamestop shares surge in extended trade after a near 50-percent pop in the session, as 'Roaring Kitty' schedules a YouTube livestream later on Friday.

The ECB is set to cut interest rates for the first time in nearly 5 years. We are live at the ECB head of today’s decision. Former ECB board member Peter Praet tells CNBC that markets are still adjusting to the central bank’s looser policy. The tech giant Nvidia’s market cap breaches the $3tn mark, overtaking Apple to take second position as the world’s most valuable public company behind Microsoft. The Nasdaq hits new highs as U.S. services activity gathers momentum. However, private jobs creation contracts in May, further fuelling speculation of a September rate cut. And in Normandy, world leaders gather to commemorate the 80th anniversary of D-Day.

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.

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.   

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.  

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.