SQUAWK BOX, FRIDAY 20TH MAY, 2022

The Dow is on track for its eighth consecutive week in the red – something not seen for 90 years – while the S&P 500 is close to bear market territory. The PBOC is to cut borrowing costs to help the Chinese housing market as Beijing wrestles with the fallout of its zero-Covid policy. The U.S. Senate approves $40bn in aid for Ukraine while G7 finance ministers meeting in Bonn, Germany, commit to almost $20bn in budgetary support for the nation. Credit Suisse CEO Thomas Gottstein receives the backing of the bank after major shareholder Artisan Partners calls for his replacement.