Squawk Box Europe Express CNBC International

Donald Trump becomes the first U.S. president to be convicted of a crime, found to be guilty on all 34 charges against him in his ‘hush money’ trial in New York. Salesforce numbers help drag the Dow down by more than 300 points, putting it on track for its worst week in more than a year. Conversely, the Nasdaq is enjoying its best month since November. Chinese manufacturing data surprisingly contracts, causing further headaches for Beijing policy makers. And ahead of next week’s European parliamentary elections, Hungarian prime minister Viktor Orban backs France’s Marine Le Pen call to join forces with Italian prime minister Giorgia Meloni and for a right-wing super group within the bloc. We hear from Saxony minister-president, Michael Kretschmer, who says mainstream parties need to face up to voter grievances.

The S&P 500 snaps a three-day streak in the green while the Nasdaq suffers its worst day in May with higher Treasury yields impacting Wall Street trade. Salesforce shares hit their worst level since 2008’s GFC as the company posts its first quarterly revenue miss in 18 years. CEO Marc Benioff remains sanguine about the numbers. We speak to Nestlé CEO MarK Schneider exclusively who dismisses fears over weight loss drugs threatening the food and drink industry. Activist investor Nelson Peltz has reportedly sold his entire Disney stake just weeks after losing his bid to gain two seats on the firm’s board.

The Nasdaq hits 17,000 for the first time off the back of a strong performance by Nvidia. The Dow, however, falls 200 points, weighted down by health stocks. The IMF readjusts its outlook for China, now believing the country will in fact achieve its 5 per cent growth target for 2024 following a stronger-than-expected Q1. In the Middle East, Israeli tanks advance into the centre of Rafah as international condemnation over Sunday’s deadly IDF airstrike on a refugee camp in the city continues to grow. And in South African polls have opened in what is seen as the most competitive election since the end of apartheid in 1994.

U.S. futures are up following the long Memorial Day weekend as investors speculate about the next inflation print. Israel launches an investigation into an airstrike that killed dozens of Gazan civilians in Rafah. Prime Minister Benjamin Netanyahu says the ‘tragic’ incident was caused by a technical failure. French President Emmanuel Macron has made a speech denouncing authoritarian regimes during a state visit to Germany ahead of next month’s European Parliament elections. In the UK, Labour leader Sir Keir Starmer receives a boost from business as 120 of the sector’s leaders throw their support behind his party while Lord Mayor of London Michael Mainelli tells CNBC the UK requires a business-friendly approach to immigration.

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.