European stocks set to open in mixed territory as markets digest Trump tariff comments
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Good morning from London and welcome to CNBC's live blog covering all the action and business news in European financial markets on Wednesday.
Futures data from IG suggests regional markets will open in mixed territory, with London's FTSE 100 expected to open 0.2% higher, Germany's DAX 0.1% higher and France's CAC 40 up 0.5%higher. Futures tied to Italy's FTSE MIB were flat this morning.
Global markets have been seesawing this week, as traders digest the latest trade tariff news. Overnight, Asia-Pacific markets were mixed, while U.S. futures were little changed, after U.S. President Donald Trump ruled out a deadline extension on steep tariffs on 14 countries that are due take effect on Aug. 1.
Trump on Tuesday also announced a 50% levy on copper imports and signaled that more sector-specific tariffs will come soon. He also threatened to impose tariffs of up to 200% on pharmaceutical exports into the U.S., but said that he will "give people about a year, year and a half" until the duties go into effect.
— Holly Ellyatt
Anton Petrus | Moment | Getty Images
Markets will be keeping an eye on comments from the OPEC seminar in Vienna on Wednesday, as well as all the latest tech news from the RAISE Summit in Paris, where the outlook for artificial intelligence is a key focus.
Traders are also assessing the likelihood of more trade deals between the U.S. and partners as the initial deadline for reduced tariffs, Wednesday, is reached. The U.S. has already sent 14 countries "letters" telling them what trade duties they will be hit with on a later date, Aug. 1.
Investors in Europe are awaiting a U.S.-EU trade deal, with speculation that an agreement could be imminent.
There are no major earnings or data releases Wednesday.
— Holly Ellyatt
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