Disappointment over Nvidia’s profits slashes the chip titan’s market cap by more than $200bn but the Dow continues in the green to post its 25th record session of the year. U.S. GDP and jobless numbers come in better than expected to ease market jitters and help reinforce hopes of a rate cut next month. U.S. Vice President Kamala Harris gives her first interview since securing the Democratic Party nomination to CNN. And in tech news, Apple and Nvidia are reportedly ready to fund OpenAI which would value the ChatGPT maker at more than $100bn.

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Nvidia shares fall in extended trade despite the A.I. chip giant posting a quarterly beat. Other Wall Street and Asian chip makers have been affected after hours but Nvidia CEO Jensen Huang remains bullish. CNBC learns that artificial intelligence start-up in talks for a new round of funding that could see it valued at more than $100bn. And Warren Buffet’s Berkshire Hathaway becomes the first company outside the tech sector to be valued at $1tn.  

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The S&P 500 manages to claw back all its losses this month thanks to positive U.S. consumer and jobless data which calms investors about the health of the country’s economy. Japan’s Nikkei follows suit to record its best trading week in four years. Alibaba shares are up despite the e-commerce giant missing Q2 expectations while quarterly profits at JD.Com almost double. And the WHO declares a global public health emergency over the Mpox virus – the second time in two years.

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U.S. producer prices come in soft, rising just 0.2 per cent and alleviate some jitters about persistent inflation. The Nasdaq posts a new fresh high with Apple leading the way. The iPhone maker enjoys its best day in nearly a year while Amazon hits a new record high. Shares at Morgan Stanley plunge after reports that the bank’s wealth management arm is under investigation by multiple regulators. German industrial titan ThyssenKrupp warns it may cut steel production by up to 20 per cent with job cuts also looming at a key plant.

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‘Perilous point’: UK Prime Minister Boris Johnson imposes a new round of lockdown restrictions that could last up to 6 months as cases rise. At a virtual UN General Assembly, tensions rise as President Trump slams China for its role in the Covid-19 outbreak. Chinese President Xi Jinping says he is not seeking a cold war, nor a hot one. US indices break their losing streaks with tech stocks once again leading the pack. In retail news, sportswear giant Nike’s shares are set to hit a record high on strong Chinese demand and surging online sales.

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Markets on both sides of the Atlantic plunge on heavy losses for banks and travel stocks. The Dow falls 500 points, the S&P 500 posts its first four-day losing streak since February and the Stoxx 600 sees its worst day since June. In the UK, Prime Minister Boris Johnson is expected to impose a new round of Coronavirus restrictions including a 10pm pub curfew and rolling back returns to work. TikTok negotiations continue with Beijing accusing Washington of bullying behaviour. An op-ed in a government-backed Chinese newspaper blasts the social media app’s deal with Oracle and Wal-mart, raising concerns that Beijing may not support the agreement. And President Trump has vowed to nominate a replacement for the late Supreme Court Judge Ruth Bader Ginsburg this weekend. NBC News has learned that Judge Amy Coney Barrett is the frontrunner.

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Shares in HSBC fall to their lowest level since 1995 in Hong Kong as the bank is implicated alongside Barclays, Deutsche Bank, JPMorgan and others in a series of leaked documents detailing alleged suspicious fund transactions. The White House grants Chinese social media group TikTok one more week to seal a deal with Oracle and Wal-Mart. President Trump has given the deal his nod, but says parent company Bytedance must create a $5bn U.S. education fund. Meanwhile, the U.S. presidential race sees heightened tensions following the death of Supreme Court judge Ruth Bader Ginsburg. Trump has vowed to fill the vacancy by next week.   

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Going public? TikTok considers a U.S. IPO as the Chinese-owned social media group looks to avert sanctions ahead of a weekend deadline set by the Trump administration. In Spain, Bankia and Caixabank join forces to create the country’s largest lender with up to €700bn in assets. Ratings agency S&P puts German finance company Grenke on negative creditwatch as it awaits the result of an accounting investigation. The company’s founder, Wolfgang Grenke has dismissed claims of fraud. And Britain is under pressure from Washington and Brussels over Brexit negotiations.

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The Federal Reserve promises to keep interest rates at record lows until 2023, pushing the S&P 500, the Nasdaq and Asian indices into the red. President Trump says he is concerned about TikTok’s Oracle plan, saying he does not want Chinese tech firm ByteDance to maintain control. He is also seeking payment for the U.S. government’s role in facilitating the deal. And cloud-computing firm Snowflake sees shares surge by more than 100 per cent on its first day of trading on the NYSE.

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The dollar falls on expectations that the Federal Reserve will remain cautious on the outlook for the U.S. recovery. JPMorgan CEO Jamie Dimon tells CNBC that the central bank has so far done enough to prevent a financial crisis. We also hear from Standard Chartered boss Bill Winters who says that continued central bank easing is hurting banks’ profitability. In tech news, Microsoft ups its quarterly dividend by 10 per cent which sends shares higher. This, after TikTok rejected its takeover bid and the White House suggests that a partnership with Oracle is imminent. And Apple CEO Tim Cook unveils a range of new products including a virtual fitness platform, a new iPad and iWatch, as well as a service bundle.   

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The Nasdaq reverses a two-day losing streak as the U.S. Treasury says it will review the proposal for a tech tie-up between Oracle and TikTok. Chinese recovery improves with retail sales rising for the first time in 2020 and industrial production topping forecasts. UBS Chairman Axel Weber is reportedly drawing up a mega-merger plan with rival Credit Suisse to create a wealth management and investment giant. In auto news, FCA and PSA have revised the terms of their tie-up due to virus-related pressures. This will see the special dividend reduced and a planned spin-off delayed.  

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Time is running out… Oracle emerges as the apparent winner for TikTok’s U.S. assets as CNBC learns that ByteDance hopes a “technology partnership” with the American software giant will stave off sanctions. This, after the Chinese group rejected a full-sale offer from Microsoft. Softbank shares surge after agreeing to sell chip designer Arm to Nvidia for $40bn. There are reports the Japanese investor is looking to go private. U.S. biotech firm Gilead is acquiring cancer treatment developer Immunomedics for $21bn as it continues work on its Covid treatment drug Remdesivir. And in the UK, AstraZeneca is restarting trials for its Coronavirus vaccine candidate after last week’s pause over safety concerns, while rivals Pfizer and Biontech expand the scope of their late-stage testing.   

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The S&P 500 and Nasdaq are on track for their second week of losses. Market sentiment is dampened by the U.S. Senate voting down a GOP virus stimulus bill. London and Brussels are at loggerheads after the UK rejects the European Commission’s ultimatum and threats of legal action against the British government over its attempts to unpick the Brexit divorce treaty. Rio Tinto CEO Jean-Sebastian Jacques is stepping down after investors push for more accountability over the miner’s destruction of two Aboriginal sites in Western Australia. President Trump warns that he will not extend next week’s deadline for Chinese tech firm ByteDance to sell its TikTok assets in the U.S.  

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Tech turnaround… U.S. equities snap a three-day losing streak with the Nasdaq posting its best session since April. In Europe, the ECB is expected to hint at further stimulus measures to tackle weak inflation and a strong euro. CNBC learns that Chinese tech company ByteDance is in talks with the U.S. government to avoid a full sale of its video app TikTok, ahead of President Trump’s deadline next week. In luxury news, jeweller Tiffany sues LVMH for dropping its $16bn deal after the French government urged the conglomerate to delay the tie-up amid the threat of U.S. sanctions on French products. And, U.S. House Speaker Nancy Pelosi warns the UK government that there will be “no chance” of a trade deal between London and Washington should the Good Friday Agreement be undermined during the Brexit divorce treaty.

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U.S. equities sell off and futures dip as traders scale back expectations for a June rate cut on the back of hotter-than-expected inflation - now eyeing a first move in September. Chinese deflationary pressures point to the potential for more government stimulus, as CPI cools more than expected, and producer prices slide. The Swiss government strengthens its rules for the country's banking sector as it looks to prevent another collapse of banks that are “too big to fail”. And, the ECB gets set for its latest rate decision, with investors eyeing signs of divergence from the Fed.

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Tech wreck on Wall Street: a massive sell-off in U.S. tech shares wipes off $1tn from the market cap of the six largest firms. The Nasdaq is plunged into correction territory after losing a further 4 per cent. Tesla loses a fifth of its value in a single session, falling more than 20 per cent in its worst-ever trading day, after the electric car giant is left out of the S&P 500. Asian indices also see red as concerns are raised over Japanese investment titan Softbank’s tech bets. And in pharma news, AstraZeneca halts global trials of its potential Covid-19 vaccine after an unexplained illness during Phase 3 testing.

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Decoupling decisions…President Trump pledges to end America's reliance on China 'once and for all'. But in Beijing, Chinese Premier Xi Jinping says he supports multilateralism while standing ready to face external risks. Investors satisfy their thirst for liquidity, piling into debut trading of Hong Kong water giant Nongfu, sending shares over 80 per cent higher from its listing price. AB Inbev tells CNBC the drinks titan has no comment on a report that the search is under way for a new CEO, amid claims Carlos Brito is looking to step down after 16 years at the helm. And in Brussels, Brexit talks falter which weighs on sterling. However, the head of the EU’s ESM, Klaus Regling, tells CNBC that investors have never been so bullish on the bloc following its response to the Covid-19 crisis.

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China’s largest chipmaker, SMIC, sees its shares nosedive by almost 20 per cent on concerns the company could be blacklisted by the U.S. administration. In Washington, U.S. Treasury Secretary Steven Mnuchin says he expects a deal to fund the government until December to be agreed upon by the White House and Congressional Democrats by the end of this week. Japan’s investment giant Softbank’s shares slide after being branded the ‘Nasdaq whale’ for buying up massive bets on U.S. tech stocks. European Commissioner Paolo Gentiloni tells CNBC that Europe must find a way to counter American tech dominance. Meanwhile France sees a record surge in infection cases, as drugmaker Sanofi says its Covid-19 vaccine could be priced for as low as €10 a shot.

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Selling strikes Wall Street… The Dow sinks over 800 points in its worst day since June, as investors flee tech stocks in an abrupt end to the winning streak. Apple shares plunge 8 percent in the stock's worst day since March, as the tech giant loses $150bn in market value during the session. Asian equities see red, following US majors lower, as big technology firms across the region lead declines. And we are live at the Ambrosetti Forum on Lake Como where the mood among attendees remains cautious amid the market turbulence.

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The Dow Jones enjoys its best day since mid-July, soaring 450 points on the back of strong U.S. factory orders offsetting weaker-than-expected in private payrolls. In China, the Caixin PMI grows for the fourth straight month in August as the service sector sees a surge in hiring for the first time since January. The French government is set to launch a €100bn virus relief package as Covid-19 cases continue to grow. And in corporate news, German lender Commerzbank has announced it will be ditching EY as its auditor as the fallout from the Wirecard accounting scandal continues.

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Starting September with fresh record highs... The S&P 500 and Nasdaq touch new peaks as U.S. manufacturing activity rises to a 19-month high, with new orders jumping to levels not seen since 2004. In Japan, Chief Cabinet Secretary Yoshihide Suga is expected to throw his hat in the ring to fill the void left by outgoing Prime Minister Shinzo Abe. And in corporate news, Swiss pharma giant Roche unveils plans to launch a fast-track Covid-19 test in Europe with results available within 15 minutes.

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China’s Caixin manufacturing activity grows at its fastest rate in almost a decade, driven primarily by new export orders rising for the first time in 2020. It’s a mixed start to September for Asian indices with concerns that the rally seen in August is waning on higher volatility around the U.S. elections. CNBC learns that Chinese video app developer ByteDance has chosen its preferred U.S. bidder for Tik Tok after Microsoft, Wal-Mart and Oracle shares plunge on rumours that the deal may require the green light from Beijing. Zoom shares soar more than 25 per cent in extended trading after revenues rise by 350 per cent following increased demand for video-calling during global Coronavirus lockdowns.   

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Tiktok's sale of its U.S. operations could hit another roadblock after China's Commerce Ministry tightens its regulations on technology exports. Meanwhile, China’s official PMI points to a recovery spurred by demand with services in August growing at a higher rate than July. Chinese manufacturing activity continues to expand in August, but slightly under expectations. In Japan, Abe’s resignation does not deter Warren Buffett’s Berkshire Hathaway from buying stakes in Japan's five leading trading companies, sending shares higher. Asian stocks rise on the final day of trade for the month, after the Dow erases this year's losses and the S&P 500 looks set to have its best August in nearly 34 years. And Nestle makes an offer to buy food allergy prevention expert Aimmune for $2.6bn dollars, as the conglomerate looks to expand its health portfolio

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Japanese Prime Minister Shinzo Abe has resigned over his health. The news caused Tokyo stocks to slide, wiping out about $47 billion of market value, while pushing the yen higher. The Federal Reserve will allow inflation to temporarily overshoot its 2 percent target, in a major policy shift that it hopes will stimulate the U.S. economy. Chair Jerome Powell highlighted the risks to persistently low inflation in a move that is set to see interest rates stay lower for longer. President Trump has formally accepted the Republican nomination for president in the final day of the party's national convention. Trump delivered his speech from the White House, breaking with tradition by using the executive mansion as a political backdrop and defying pandemic guidelines addressing a packed and largely mask less crowd.

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Hurricane Laura makes landfall on the Texas-Louisiana state border - now rated a Category 4 storm. Texas Governor Greg Abbott has warned that Laura’s storm surge is ‘unsurvivable’. Federal Reserve Chairman Jerome Powell is expected to signal a major policy change as global central bankers attend a virtual Jackson Hole symposium. The third night of the Republican National Congress sees a surprise visit to Baltimore by President Trump as renewed racial tensions rage in Kenosha, Wisconsin. Vice-President Mike Pence tells the RNC that Trump’s re-election is fundamental to maintaining law and order. And in media news, TikTok CEO Kevin Mayer has resigned, citing a changing political landscape following the U.S. administration’s moves to ban the Chinese video app for alleged threats to national security.

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Fitch downgrades its outlook on China to negative from stable, citing increasing risks to the country's public finances. Global equities oscillate as investors brace for today's key U.S. inflation print, looking for clues on the Fed's next move. The FAA also launches an investigation into Boeing's whistleblower claims, piling more pressure on the plane maker as jet deliveries more than halve. And, Accor CEO Sébastien Bazin tells CNBC the Paris Olympics is an opportunity for France to refresh its image for an international audience.

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Asian indices fail to follow the S&P 500 which hits a third consecutive high despite U.S. consumer confidence falling to a six-year low. The U.S. Gulf Coast braces for Hurricane Laura which is gathering strength towards Texas and Louisiana. Major oil facilities have been evacuated and Brent reaches a five-month peak. The second night of the Republican National Congress defies convention as First Lady Melania Trump delivers her speech at the White House and Secretary of State, Mike Pompeo, from Jerusalem on a diplomatic trip. Trade tensions between Washington and Beijing continue to wane but Mexico’s nominee to lead the WTO tells CNBC the basis of trust and cooperation between the world’s two largest economies has been severely eroded.   

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Asian markets near a two-year high, following the new record set by the S&P 500 on the back of Covid-19 vaccine optimism. Washington and Beijing both signal progress in renewed trade talks. The Dow closes above the 28,000-mark after a major reshuffle which sees Exxon Mobil, Pfizer and Raytheon Technologies substituted by Salesforce, Amgen and Honeywell. At the Republican National Congress in Charlotte, North Carolina, President Trump officially accepts the presidential nomination and warns that Democrats are aiming to ‘steal’ the election in November. And in a world first, there is confirmation a 33-year-old Hong Kong man has been re-infected with Coronavirus for a second time.  

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President Trump is reportedly aiming to fast-track AstraZeneca’s Covid-19 vaccine, bypassing safety standards as the FDA is set to award the British company and Oxford University ‘emergency use authorisation’ in October. In tech news, Microsoft backs Epic Games in its payment confrontation with Apple. The creator of Fortnite says Apple is unlawfully trying to stamp out any opposition, and the entire gaming industry could be affected. Washington and Brussels agree to a ‘mini-deal’ on almost $200m worth of tariff cuts amid growing signs of easing trans-Atlantic trade tensions. And in a historic scenario, the Gulf of Mexico braces for twin tropical storms Marco and Laura, which are set to make landfall later this week.

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Joe Biden formally accepts the Democrat presidential nomination and uses his speech to slam President Trump for allegedly failing in his most basic duties to the American nation. Putin critic Alexei Navalny is fighting for his life in Omsk, Siberia, after falling ill in a suspected poisoning. Reports suggest he may be transferred to Germany for treatment. In France, President Emmanuel Macron hosts Germany’s Chancellor Angela Merkel. The pair have vowed to avoid further virus lockdowns and border closures at any costs. And in auto news, a U.S. judge has thrown out parts of a lawsuit which claimed Volkswagen had misled its investors over the 2015 emissions scandal, but upheld SEC claims against former CEO Martin Winterkorn.

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Asian markets plunge into the red on jitters over the U.S. pandemic recovery after the Fed paints a gloomy economic picture and hints at potentially more central bank measures to come in September. The Democrats’ choice for vice-president, Kamala Harris, officially accepts her nomination and tells the virtual DNC that the Trump presidency has left U.S. citizens in fear. Apple reaches a new milestone to become the first ever company to achieve a $2tn market valuation. This means the tech giant makes up to 7 per cent of the total worth of the S&P 500 index. And in Frankfurt, the DAX reshuffles its blue chips, pushing disgraced payment processor Wirecard out and letting Delivery Hero in, after the takeaway firm’s strong surge in performance during lockdown.

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A historic high for the S&P 500 as the index manages to recoup its entire Coronavirus losses with a 54 per cent jump from the lows of March. This marks the end of the shortest American bear market in history. U.S. Treasury Secretary Steven Mnuchin slams Democrats for delaying a fresh stimulus bill and tells CNBC that Main Street is greatly affected by the impasse. Joe Biden is formally announced as the Democratic Party presidential nominee. Key party figures vow Biden will end the ‘chaos’ of the Trump administration. And in Hong Kong, the Hang Seng morning session is cancelled as Typhoon Higos drenches the territory.  

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CNBC learns that U.S. software giant Oracle is challenging Microsoft for Chinese app TikTok’s North American assets. BHP has missed its full-year forecasts but keeps its dividend. The Anglo-Australian miner warns that most economies will continue to contract throughout the rest of the year but iron ore prices are set to rebound. In the U.S., a virtual Democratic National Convention has opened with former First Lady Michelle Obama focusing her ire on President Trump’s leadership. And in Belarus, a first sign of concession as President Alexander Lukashenko has reportedly said he would hold a new leadership referendum if the current anti-government protests cease.

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U.S. House Speaker Nancy Pelosi recalls lawmakers in a bid to resolve the mail-in voting dispute. CNBC hears exclusively from senior White House advisor Jared Kushner who defends President Trump’s handling of the Coronavirus pandemic. The U.S. leader piles more pressure onto Chinese firms by threatening to extend his ban on TikTok to include online retail giant Alibaba. Trade talks between Washington and Beijing have been delayed indefinitely. Warren Buffett’s Berkshire Hathaway dumps almost $13bn of shares with the investor selling down its bank stakes in Wells Fargo, JPMorgan and Goldman Sachs. France reports more than 3,000 Covid-19 cases in a single day, while Germany extends a travel warning for Spain’s Balearic islands as fears of a second wave of the virus sweep across western Europe.  

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Chinese retail and manufacturing data for July fails to signal a significant rebound for the economy, raising concerns about China’s rate of recovery. Asian equities have reacted to the downside. In the U.S., President Trump threatens to veto the virus stimulus bill should it involve postal funding for mail-in voting. The Senate is now adjourned until next month potentially causing further delay. Israel and the United Arab Emirates agree a U.S.-brokered peace deal, creating diplomatic ties between the two nations and suspending Israel’s annexation of Palestinian territories in the West Bank. UAE Foreign Minister Anwar Gargash tells CNBC the agreement could diffuse some threats to peace. And France has vowed to retaliate after the U.K. hits travellers with a 14-day quarantine on their return from the country.

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U.S. indices remain defiant in the face of stalled virus stimulus talks with the S&P 500 closing just under record highs. President Trump calls Democratic lawmakers’ demands ‘ridiculous,’ as negotiations for a rescue package remain gridlocked. Joe Biden and his running mate Kamala Harris make their first joint appearance, and the Vice-Presidential candidate immediately launches an attack at President Trump’s handling of the Coronavirus pandemic. The U.K. is considering adding France to its quarantine list where case numbers have soared by more than 2,500 in a day. The British government is wary, however, of repeating the mayhem sparked by its sudden measures against Spain. And German travel giant Tui secures a €1.2bn state aid package from Berlin to see it through the winter.

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US Treasury yields hit four-month highs as traders look ahead to Wednesday’s inflation print, while JP Morgan CEO Jamie Dimon warns inflation may prove more stubborn than expected. A subsidy war is also heating up as the White House awards chip giant TSMC over $6 billion in grants, with Samsung reportedly set to get a similar deal. Meanwhile, Ether prices post their biggest jump in more than a month over speculation the cryptocurrency could see ETF applications approved soon. And, prices of gold hit another all-time high, the 15th record close this year.

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A stalemate in talks between Democrat and GOP lawmakers over a multi-trillion dollar stimulus package helps end a week-long rally for the Dow Jones and S&P 500, outweighing optimism over a Covid-19 vaccine. This, as Russia announces it has granted approval for its Sputnik V drug. Presidential candidate Joe Biden chooses Kamala Harris as his running mate – the first black woman to be chosen on a major party ticket. President Trump is swift to attack Harris’s record as a former rival to Biden in the Democrat primaries. And in a bid to make stocks more accessible, electric car maker Tesla offers a 5-4-1 share split, sending valuations soaring in after-hours trading.

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Asian markets rally, following U.S. stocks into the green with the Hang Seng and Nikkei leading the pack. Investors opt out of the tech sector and move towards cyclical stocks. U.S. lawmakers remain divided over the virus relief package, but Treasury Secretary Steven Mnuchin tells CNBC that President Trump’s strategy will yield results in reviving the economy. In Lebanon, the government resigns following last week’s massive port explosion and ongoing protests. Outgoing Prime Minister Hassan Diab blames endemic corruption for the tragedy. And German drug developer Curevac hopes to raise $245m to fund a potential Covid-19 vaccine by listing on the Nasdaq.  

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President Trump signs executive orders to extend unemployment assistance after virus stimulus plans collapse between Republican and Democrat lawmakers. Twitter has reportedly made a move for Chinese video app TikTok, which is seeking to sue the Trump administration over the U.S. ban. In Lebanon, Prime Minister Hassan Diab says he will request an early election in a bid to quell ongoing protests following last week’s port explosion in Beirut. And in energy news, Saudi Aramco sees Q2 profits nosedive by 73 per cent, but CEO Amin Nasser says the worst is over, sending shares higher in early trade today.

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Asian indices slump into the red after President Trump signs an executive order banning U.S. companies from working with Chinese apps TikTok and WeChat. Trump has branded both mobile applications as a “threat” to U.S. national security and economy. Mixed Chinese trade data for July sees exports rising by 7 per cent, but imports fall by 1.4 per cent due to depressed demand. Uber’s Q2 revenues fall by almost a third as the ride-sharing app’s pivot to delivery services fails to offset a dearth in passengers during global lockdowns. And we hear from BoE governor Andrew Bailey who tells CNBC that negative rates are “in the toolbox” but that the central bank had no immediate plans of implementing them. He also denied accusations the BOE was too optimistic about the speed of the recovery following the Covid-19 pandemic.

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U.S. markets close higher, shrugging off dismal ADP jobs numbers as Democrats continue their opposition to proposals in a fresh virus stimulus package. U.S. airlines shares respond to the upside following GOP Senators’ backing of a $25bn aid package for the industry. Bosses of the largest carriers warn that demand will take years to rebound. Siemens makes changes to its managing board as it beats Q3 forecasts, but the German industrial giant expects the pandemic to weigh on profits in the fourth quarter. And in London, the BoE prepares to issue its latest decision. There is speculation that policy makers will dash hopes of a V-shaped recovery for the UK.   

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A massive chemical explosion in Beirut leaves more than a hundred dead and thousands wounded. President Trump suggests the blast may have been intentional. Chinese service sector growth retreats from a decade-high, as new localised lockdowns blunt the country’s post-pandemic recovery. In media news, shares in Disney rally despite a poor Q2, as investors pin hopes on a new streaming strategy potentially offsetting theme park losses of 85 per cent on the year. And Virgin Atlantic files for bankruptcy protection in the U.S. as it scrambles to secure a rescue plan to ward off creditors.

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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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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.

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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.   

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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. 

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The US jobs report beats expectations, sending equities higher and tempering expectations the Fed will start easing in June. Meanwhile, the UBS CEO Sergio Ermotti calls on Europe to create more competitive banks, telling CNBC at the Ambrosetti Forum the integration of Credit Suisse is a case study for the continent. US Treasury Secretary Janet Yellen threads the diplomatic needle as she urges China to rein in excess capacity, but China's commerce minister pushes back at accusations of overcapacity during a visit to Europe, rebutting claims the country's EV industry has benefited from unfair subsidies. And, Europe's largest travel group Tui gets set to ring the opening bell in Frankfurt, upgrading to the Prime Standard market after ditching its London listing.

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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.

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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.

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