Skip NavigationMarketsBusinessInvestingTechPolitics & PolicyVideoWatchlistInvesting Club
PRO
LivestreamMenu
- The top trade envoy for Europe, Maroš Šefčovič, is holding two days of trade talks in China.
- There is tension over hybrid car exports after Beijing reportedly rejected a call to reduce exports.
- Treasury yields are retreating after a solid 10-year note bond auction.
- France’s prime minister vowed to address student concerns amid widespread protests.
- President Donald Trump is set to award national medals to some of the biggest names in tech.
EU Commissioner Maros Sefcovic speaks at the EU trade ministers’ meeting. Ansgaar Haase | Picture Alliance | Getty Images
Hello, this is Leonie Kidd coming to you from London. Welcome to another edition of CNBC’s Daily Open.
Europe was once the engine of the global car market. But now it finds itself trying to close the floodgates on an industry that has already been fundamentally disrupted.
It’s a big task for two days of talks, but Europe’s top trade envoy will take this on as he visits Beijing for high-stakes negotiations.
Read on for more.
What you need to know today
The top trade envoy for the European Union, Maroš Šefčovič, is in Beijing for a series of talks with Chinese officials.
The backdrop is tense. Europe has called for China to voluntarily reduce hybrid car exports into the continent, but authorities in Beijing have already slapped down the request, according to the Financial Times.
The widening trade surplus between the EU and China will also be another point of contention, with Germany and France having called on Brussels to develop a “last-resort” trade instrument to address imbalances.
For more on the frictions in the international car market, check out CNBC’s Sam Meredith’s story here.
The Bond Report
A successful bond auction has seen U.S. 10-year Treasury yields retreat from their highs. The Treasury sold $39 billion of 10-year notes, with analysts noting strong demand.
Despite this, U.S. equities ended the day in the red, with futures pointing to a flat open on Thursday.
Tension in France
French Prime Minister Sebastien Lecornu addressed the nation on Wednesday night, to try and calm the student protests that have raged for more than two weeks.
He vowed to review the demands made by students, saying “What I want are concrete, quick and fully funded answers.”
France faces tough negotiations over the budget and spending over the coming weeks, with the uncertainty sending yields on French government debt to multi-decade highs.
Corporate Updates
There is a health check on the U.K. retail space this morning with updates from high street giant Tesco.
Tesco said it is raising its profit outlook for the year after revenue in the first half of the year rose 6.5%. This came despite an unusually hot summer impacting sales volumes across the industry.
Meanwhile overnight, South Korean tech titan Samsung is forecasting a record third-quarter profit of $80 billion.
National Medals
Technology and science will take center stage later today when U.S. President Donald Trump presents some of the biggest names in the space with national medals. Elon Musk, Jensen Huang and Satya Nadella are among the group expecting to be awarded on Thursday.
— Leonie Kidd
And Finally…
Elon Musk blames Indian ‘oligarchs’ for stalling Starlink launch
SpaceX founder Elon Musk has accused vested interests of blocking the launch of his company’s satellite internet service, Starlink, to protect their hold over consumers, calling it “a crime against the people of India”
The country’s telecom and internet service market is dominated by Reliance Chairman Mukesh Ambani’s Jio and Sunil Mittal’s Airtel, with both companies together holding over 80% market share.
“We are being blocked by certain oligarchs in order to maintain their monopolistic chokehold on the Indian people,” Musk said Wednesday stateside in a post on X, without naming his rivals. “You can guess who they are,” he said.
— Priyanka Salve
Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.Read More
