SQUAWK BOX, FRIDAY 15TH SEPTEMBER, 2023
from Squawk Box Europe Express
Arm shares pop 25% in its debut session, giving the chip designer a market cap of $68 bn, with the CEOs of Arm and Softbank telling CNBC exclusively the group is here to stay. The blockbuster IPO boosts sentiment on Wall Street with the Dow rallying over 300 points – its best day since early August. Elsewhere Beijing steps up with more stimulus - cutting the RRR for the second time this year, as key economic data from the world's second largest economy comes in better than expected. The ECB hikes rates to a record high and suggests policy may finally be restrictive enough to stamp out inflation, prompting markets to bet the central bank has reached the end of its hiking path. And thousands of U.S. auto workers go on strike, hitting production at General Motors, Ford and Stellantis - as the UAW union president warns the group will not buckle.
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