SQUAWK BOX, WEDNESDAY 3RD MAY, 2023

Italian lender Unicredit reports Q1 profit of €2.1bn as revenues grew by 56 per cent. French bank BNP Paribas beats expectations by posting a Q1 income of €2.8bn with CFO Lars Machenil telling CNBC that European banks are robust enough to handle the sector’s recent turmoil. In the U.S., several regional banks lead with losses after JPMorgan’s rescue of First Republic Bank fails to stem the sell-off, pulling Wall Street into the red. German chip giant Infineon launches its new €5bn factory in Dresden benefiting from EU funding. Its CEO Jochen Hanebeck says that Europe must learn to fend for itself against global competitors.