SQUAWK BOX, FRIDAY 27TH MAY, 2022

U.S. markets are buoyed by retail stocks with department store giant Macy’s lifting guidance. In China, industrial profits plunge as Beijing's zero-Covid policies hurt manufacturers and supply chains. But tech giants Alibaba and Baidu beat earnings expectations to boost shares in Hong Kong. Staying with tech, Broadcom is set to snap up cloud computing firm VMWare in a $61bn deal. And, in the U.K., BP says it will review its North Sea investments after Chancellor Rishi Sunak unveils a windfall tax, giving hundreds of pounds to households in a bid to ease the cost-of-living crisis.