European stocks seen lower after Trump criticizes the Fed
- In an exclusive interview with CNBC, Trump said he is “not happy” about rising interest rates.
- Fiat Chrysler has started the process to spin-off parts-maker Magneti Marelli, Reuters reported.
Shares in Europe are poised to open lower Friday following remarks from President Donald Trump about the Federal Reserve.
The FTSE 100 is seen off by 11 points at 7,678, the CAC 40 is set to open lower by 10 points at 5,401, and the DAX in Germany is set to start off by 41 points at 12,641, according to IG.
Asian markets were under pressure Friday morning, taking cue from a negative session Thursday on Wall Street. Stocks stateside dropped amid comments from President Trump that he was not “thrilled” about the policy the Fed has followed.
In an exclusive interview with CNBC, Trump said he is “not happy” about rising interest rates. “I am not happy about it. But at the same time I’m letting them (the Fed) do what they feel is best,” Trump said. In the same interview, Trump said if his dealings with Russian President Vladimir Putin don’t work out, Trump will become “the worst enemy he’s ever had.”
Meanwhile in Europe, the U.K. financial watchdog has told banks to prepare for “a range of scenarios” including for one where there’s no agreement between the U.K. and the European Union. The International Monetary Fund warned Thursday that the EU could suffer an economic impact of 1.5 percent of its annual output if Brexit happens abruptly. Prime Minister Theresa May is due to speak in Belfast Friday after visiting the Irish border — one of the most difficult issues for Brexit negotiators.
Investors will continue to monitor corporate results with data due from Hermes, Skanska and Thales. Fiat Chrysler has started the process to spin-off parts-maker Magneti Marelli, Reuters reported. The latter is reportedly registered in the Netherlands and listed on the Milan stock exchange.
On the data front, the calendar is quite thin with balance of trade numbers out in Spain at 9 a.m. London time.
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