Squawk Box Europe Express CNBC International

Nvidia powers the Nasdaq to a fresh record high, and its fifth straight positive week but the Dow tails off, closing down more than 2 percent for the week. Chinese industrial profits bounce back to growth in April, providing a boost to policymakers as they try to reignite the world's second largest economy. G7 finance ministers hit out at China's trade policies, while edging closer to a deal that would see a fresh loan to Ukraine using seized Russian assets. And French President Emmanuel Macron kicks off a rare state visit to Germany, urging voters to reject the far right in European parliamentary elections.

We are live in Paris at Vivatech where Tesla CEO Elon Musk slams President Joe Biden’s China EV tariffs, telling CNBC his company is very competitive in the country without them. French President Emmanuel Macron tells our U.S. colleagues exclusively that Europe is lagging behind the U.S. in the field of A.I. and that France should be leading the field in innovation. Nvidia shares pop on Wall Street but it’s not enough to reverse a losing session off the back of strong jobs and manufacturing data Stateside. On this side of the Atlantic, UK retail numbers disappoint, potentially heaping pressure on European equities. And speaking at the G-7 on the shores of Lake Maggiore, Italy, U.S. Treasury Secretary Janet Yellen calls for greater cooperation among the member countries in the face of Chinese overcapacity.

Tech giant Nvidia smashes Q1 expectations with record AI chips sales. The share prices soars beyond the $1,000 mark in extended trade. The Federal Reserve minutes reveal continuing concerns over lingering inflation which has impacted Wall Street. We hear from JP Morgan CEO Jamie Dimon in Shanghai who says the sticky inflation could still yield a hard landing. Miner Anglo American rejects BHP’s improved offer for a third time but also extends merger talks for a further week. UK Prime Minister announces the country will go to the polls on Thursday 4th July.

Microsoft holds its developer conference where CEO Satya Nadella hails the tech giant’s new A.I. software. However, Amazon says its decision to hold out and wait for Nvidia’s more powerful offering was a mutual decision between the two companies. Wall Street predicts Nvidia earnings could triple amid particularly choppy trade. U.S. equities once again hit fresh new highs on rate cut timing speculation. Our colleagues Stateside hear from Christopher Waller who urges patience and says he requires ‘several more months’ of favourable inflation data. And in the UK, headline CPI is due to fall close to the BoE’s 2 per cent target. Governor Andrew Bailey signals a rate cut is appearing on the horizon.

The Nasdaq hits a new high on the back of a stellar Nvidia performance, with investors predicting an out-sized impact from the chip titan’s earnings. JP Morgan CEO Jamie Dimon suggests he will quite the post within the next five years. He ruled out any additional buybacks at the lender whose stock remains at elevated levels. U.S. President Joe Biden slammed the ICC after prosecutors at The Hague threatened arrest warrants for Israeli Prime Minister Benjamin Netanyahu and three Hamas leaders for alleged war crimes. And we are live in Cambridge at the AstraZeneca Investor Day where the Swedish-British pharma giant is to unveil its medium-term strategy.

Iranian state television has confirmed President Ebrahim Raisi and Foreign Minister Hossein Amir-Abdollahian have died in a helicopter crash in the mountainous north-west of the country. Global equities rally on renewed interest rate optimism with Asian stocks hitting a two-year high, following last week’s Dow close above the 40,000-point level. Taiwanese President Lai Ching-te is sworn into office and calls for peace on both sides of the Taiwan Strait.