SQUAWK BOX, MONDAY 13TH JUNE, 2022

French President Emmanuel Macron's bid for an outright majority comes under threat, as the Left surges in the first round of National Assembly elections. Credit Suisse is reportedly placed on a watchlist by the U.K.'s FCA as the financial regulator says the Swiss bank has not done enough to address risk controls. Asian stocks and US futures move sharply lower, as inflation and recession fears push the two-year Treasury yield to a 14-year high, prompting some banks to forecast a 75 basis point Fed hike this week. In China, Beijing officials warn of an "explosive" Covid outbreak, while Shanghai starts yet another round of mass testing for the city's 25 million residents.