SQUAWK BOX, WEDNESDAY 25TH MAY, 2022

Doom and gloom in Davos overnight after billionaire investor George Soros issues dour economic warnings about China’s zero-Covid policy and the potential for a civilisation-ending Third World War. We hear from EC President Ursula Von Der Leyen who says the bloc is ready to green-light a Russian oil embargo “within days”. She also urged every nation to help Ukraine with its reconstruction efforts, including the use of Russian assets. U.S. retailers, led by an outlook hike from Nordstrom, rebound, lifting Wall Street back into positive territory. Treasury yields are also down to their lowest level since April ahead of Fed minutes due today. Swiss miner Glencore is slapped with $1.5bn bill to settle bribery charges in three countries. And in autos news, Stellantis CEO Carlos Tavares has warned policy makers that car companies will struggle to meet demand for EVs due to continuing raw material shortages.