SQUAWK BOX, MONDAY 5TH JUNE, 2023

Oil prices lift following Saudi Arabia’s pledge to cut supply by a further 1m bpd from July onwards. Speaking exclusively to CNBC, Prince Abdulaziz bin Salman said that the move was a precautionary measure. Friday’s Dow Jones session was the strongest since January, moving 700 points on news of a strong U.S. jobs report and President Biden signing the debt agreement into law. We also hear from IMF managing director Kristalina Georgieva in Dubrovnik who says that despite a stellar U.S. employment situation, it is still too early for the Fed to step back from its tightening cycle. ECB hawk and Croatian National Bank Governor Boris Vujčić echoes her words, saying that rate rises will only stop when the economic situation allows. We are also at the Shangri-La Dialogue in Singapore where German defence minister Boris Pistorius tells us that German weapons manufacturers are working non-stop to support Ukraine’s military endeavours against Russia.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.